How to effectively mitigate the impact of COVID-19 on business?
Government of Bosnia and Herzegovina together with other countries is adopting unprecedented measures to prevent further spread of the new coronavirus and collapse of the healthcare system. This naturally entails various restrictions that have a significant impact not just on our daily lives, but also on the operations of most organisations and businesses. An increasing number of employees stay at home due to quarantine or taking care of their kids whose schools have shut down. The situation gets even more complicated because it is not yet clear how long the measures will last or how extensive they will be. Unfortunately, the only thing that is clear is that as a result of global economic ties, the impacts of the crisis will be felt by many companies.
Regardless of how the situation develops, action steps have to be taken now to help mitigate the impact of COVID-19 on your company and prepare it for further crisis developments.
- Wherever possible, set up home office, and enable your employees to work actively from home
- Assess the impacts of the pandemic on your organisation from the operational and financial perspectives
- Manage cash flow across the supply chain
- Address the impact of the pandemic on obligations arising from contracts with your business partners
- Address key risks and ensure business continuity
How to reduce the impacts of COVID-19 on your business: overview on our website
Our special website contains an overview of key steps that need to be taken in order to mitigate impacts of the pandemic on the operation of your organisation. It also contains individual recommendations with contact details of our experts who will be happy to help you navigate through specific measures in accordance with the needs of your business. We will be updating the website regularly and will be adding additional information on an ongoing basis.
We find ourselves in the time of a pandemic, a time when the economy and businesses will suffer a heavy blow. All this will test the ability of companies to react adequately, the readiness of their processes and their overall resilience. Deloitte will support you in this respect – we are ready to help you mitigate the negative impacts of COVID-19 and contribute to making sure that we all get through these difficult times as successfully as possible.