Risk can be defined as the effect of uncertainty on objectives (ISO 31000). There is no gainsaying that the COVID-19 pandemic has created a myriad of uncertainties. With thousands dead, businesses closed in many countries and people on lockdown the future has never been as uncertain as it is today. The only thing we are sure of is that sometime in the future this will become history. How that history will be written for our businesses depends on how we manage those risks today. Here are fifteen things you and your business can do to manage the risks and come out ahead.

1. Keep an eye on Key Financial ratios relevant to your industry or sector. – With so much going on, and so much to think about, ratios might be your early warning sign of emerging issues.

2. Develop Financial Scenarios – Create best case, worst case and most likely case scenarios for your business. Play around with assumptions. Carry out what-if-analysis and see whether you can find ways to cut costs or increase incomes.

3. Conduct a thorough risk identification and risk assessment given your current objectives and in the light of the current situation.

4. Revisit objectives in the light of risks that cannot be avoided, mitigated, transferred or accepted. Consider whether risks identified, present any opportunities that can be exploited.

5. Create a dashboard to keep an eye on measures and metrics that are important to your business.

6. Manage COVID related cyber risks especially mitigating risks created by remote access to IT resources while enabling staff work from home.

7. Manage employee related risks such as health and safety. Analyze roles and physical access requirements for business continuity. For staff who cannot work from home and must be onsite; consider transportation, accommodation near the office location, sanitization, feeding etc.

8. Scrutinize cost structure and cut down on controllable expenses that are not key to your revised objectives.

9. Communicate with lenders, bankers, creditors and landlords. Chances are that the pressure on cash and revenue might put the meeting of obligations at risk. Ensure to reach out to these group of people early and often keeping them informed prior of any payment delays.

10. Communicate with key customers. Find out from your customers the challenges they are facing and see how you can serve them at this time.

11. Communicate regularly with employees. Pass on relevant useful information about staying safe and how the business is responding to the challenges. In times of uncertainty staff are liable to become anxious. Regular communication, even if you have nothing to say or no new information to give, is still reassuring.

12. Conserve cash as much as possible. Postpone unimportant expenditures. Consider bartering, instead of paying cash for important expenditures. Match your liabilities and assets, currency wise, to avoid exchange losses.

13. Review your staffing model. Emphasize retention of key staff especially in a knowledge or technical business.

14. Monitor government responses and seek to apply for available reliefs.

15. Seek collaboration wherever possible. Collaborate with customers, suppliers, employees, creditors, advisers, bankers and even competitors.


  1. Türkçe Dublaj 1080p kalitesinde full hd film izleme sitesi. Türkçe dublaj filmlerimiz 1080p kalitesinde sizlerle. En hızlı serverlarda yüklü vaziyette. Rodney Gutknecht

  2. Filmizlesene ile hızlı film izleme fırsatını yakala, en yeni ve iyi filmleri Full HD 1080p kalitesiyle online ve bedava izle. Willian Hysell

  3. Filmizlesene ile hızlı film izleme fırsatını yakala, en yeni ve iyi filmleri Full HD 1080p kalitesiyle online ve bedava izle. Clinton Levett

  4. Filmizlesene ile hızlı film izleme fırsatını yakala, en yeni ve iyi filmleri Full HD 1080p kalitesiyle online ve bedava izle. Douglas Vannoy

  5. I and also my guys were analyzing the best tricks on the blog and so quickly came up with an awful feeling I had not expressed respect to you for them. Those young boys happened to be so stimulated to study them and now have seriously been tapping into them. Appreciate your simply being considerably considerate and for having variety of fantastic guides millions of individuals are really desirous to know about. My very own sincere regret for not saying thanks to you earlier. Kristofer Mcquilkin

  6. Great message. I find out something much more challenging on various blogs day-to-day. It will constantly be promoting to check out content from various other writers and also exercise a something from their shop. I?d favor to utilize some with the web content on my blog whether you don?t mind. Natually I?ll give you a web link on your internet blog site. Many thanks for sharing. Ronald Jaure

  7. I wanted to compose you a bit of remark just to say thank you once again just for the incredible solutions you have discussed at this time. This has been quite seriously open-handed of people like you in giving unreservedly all many individuals could have distributed for an e-book in making some cash for their own end, and in particular given that you might well have done it if you ever desired. These basics additionally served to provide a good way to fully grasp the rest have a similar desire just like mine to know a good deal more related to this issue. I believe there are thousands of more pleasurable instances ahead for people who see your blog. Brian Jumalon

Leave Comment

Your email address will not be published. Required fields are marked *