We, at Prime-ordial, have been staying abreast with the latest developments surrounding the Coronavirus (COVID-19) situation in Ghana and its impact on our team, operations and more importantly, our service to our clients. We are relentless in ensuring your wellbeing and that of our team is carefully protected. Consequently, we have taken the following additional measures to protect our clients, stakeholders and team:
The following strategies may be helpful in mitigating the pandemic’s effect on personal and business risks:
A well-thought-through Crisis Response/Business Continuity plan is required to ensure the effective and efficient management of such incidents in order to minimise associated negative impacts on business. It is time to invoke existing Crisis Response/Business Continuity plans and put them to the test. If you do not have any, now is the time to develop one. We advise you to setup a Crisis Response team to oversee the following key focus areas:
Employee and Client Wellbeing
It is advised that you ensure your employees adhere to the strict health guidelines proposed by the Ministry of Health and World Heath Organisation. This includes thorough hand washing, frequent hand sanitizer use, as much as possible avoiding touching public surfaces and practicing social-distancing. Kindly ensure that the requisite logistics are put in place at your premises for the safety of both employees and clients. Review daily work schedules of employees and categorise employee groups into who needs to work onsite and those that can work remotely. For the latter group, plan, train and implement the new ways of working to ensure a seamless transition and delivery of projects as far as possible.
Operations and Service Delivery
Your clients cherish the value you offer them. It is critical to ensure minimum disruption to your service delivery. Review your supply chain resilience. In instances where your suppliers have been affected by the pandemic, consider enrolling alternative suppliers. In extreme cases, you may consider unaffected suppliers of alternative inputs/raw materials if possible. Leverage courier companies for delivery of physical products to clients. Payments of all kinds (salaries, vendor purchases and client purchases) should be done via electronic products provided by your bank, Mobile Money or Fintech service.
Demand would be affected in these times which may invariably affect revenues and ultimately your bottomline. It would be prudent to draw up various annual forecast scenarios; that is, best case, and worst case, depending on how long official reports suggest the crisis will last for. To effectively manage working capital, consider building efficiency into your budget. Seek out more efficient ways to manage your inflows and outflows being considerate of the impacts on your suppliers and clients. Where required, engage your bank for short term bridge financing on favorable terms. Consider offering extended repayment periods for your clients as they may be suffering impacts of the pandemic. Keep your shareholders, board, regulators and key stakeholders updated on these developments and the possible impacts on the year’s financials.
It is imperative to maintain full control over information emanating from your organisation to employees and clients, to avoid panic. Frequent and reliable information underpins both crisis planning and response and allows stakeholders to make informed decisions and rational decisions.
We remain accessible via any of the under listed channels should you have any queries or concerns.