Small Business Risk Management During the Covid-19 Situation

Small Business Risk Management

August 10, 2020

Covid-19 has taken most businesses for an unpleasant toss but now with the lockdown opening there is really nothing much we can do aside from safe practices and trying to pick up the pieces. There is an obvious risk in re-starting or in even running a business during this pandemic, however, it isn’t possible to simply lock the door and throw away the key for more reasons than one. While you are getting real head back to the workplace you can also consider taking some help for your Business Accounting to help ease the burden and get the most of the grants and schemes out there.

Where do you begin?

The first step towards proper risk management is getting a proper and updated view on your risk assessment so that you get a bird’s eye view of what risks the pandemic poses to the smooth flow of your business. Because if you work safely then you not only protect yourself and the workers with you but also, all those who come in contact with you. Aside from the practical measures that you can take like keeping to social distancing practices, perhaps ensuring there are staggered shifts and of course cleaning and sanitisation, you can also consider having a look at Accounting for Startups as a good accountant can help you on cash flow management etc.

Working on your Business Risk Assessment Profile

A Covid 19 risk assessment needs to be carried out because as an employer the risk needs to be managed by you. But it can be done by first zeroing in on what work or activity can actually lead to a possible transmission of the virus. You would also need to consider who exactly would be at risk and how likely it is for exposure to happen. If the activity or situation cannot be removed then you need to control the risk. In case your firm has less than 5 employees you need not put things in writing though this might prove useful even then. Also, when planning the risk assessment do remember that they are groups of people who are at greater risk than others. While you add in the practical measures you can also work on additional like giving additional areas where staff can wash hands.

Communication is the key

Two minds work better than one. So, while you docs on kick starting your business again have someone looking into the Business Accounting for you. When your workers come in, in fact if possible do this before; give them some information on how you intend to manage and mitigate the risks. It is possible they too may be able to provide you with invaluable inputs from the practical point of view.

Flexible working requests and working from home

Limiting exposure is perhaps the best way to deal with the present pandemic. Hence, if your business permits, try to encourage a work from home approach. In most cases all people need is a phone and computer to get things started. You can easily hold video conferencing team meetings or share information via email. And when you do talk to them see that it is as much about their well being as it is about work as the personal touch goes a long way in these trying times. Shielded, pregnant and vulnerable workers should be told to work at home as far as possible.

Getting Covid ready at the workplace

For those who cannot fit the work from home parameters you can try adapting the workplace to meet the current needs. Perhaps a bit of proactive social distancing with people sitting consciously apart or by keeping barriers in between could help. Apart from this, you would have to see that frequently touched surfaces like doorknobs and elevator buttons are kept clean, not to mention workstations. Furthermore, on the individual front, workers should be told to keep face masks on as a mandatory measure.

Apart from these, the introduction to sanitisers and such facilities too can help. However, with all this on your mind you might find it harder to focus on business. Thus, you could spend some time reading through Accounting for Startups or having someone go through your company’s accounts for you. Afterall, it has been a taxing year!