26 Mar, 2020
COVID-19 is having a serious impact on businesses and the economy. Whilst the economic shock could prove to be sharp and large, it should at least be temporary. In order to overcome the economic and health challenges posed by coronavirus, it is vital that businesses stand together.
The big names already working together…
Working in collaboration is invaluable through the hard times.
A number of big names like Dyson and Airbus are already working with the Government to make ventilators and ventilator parts to support the NHS but it’s not just the Government who are teaming up with businesses. Some are teaming up with each other too.
Tech giants such as Google, Facebook and Microsoft have joined forces to fight misinformation surrounding COVID-19 and our nation’s supermarkets to include Tesco, Sainsbury’s and ASDA are helping keep each other’s shelves stocked. However, beneath these big names are smaller ones who are helping too. Some businesses are loaning equipment like forklift trucks and delivery vans to the supermarkets or helping deliver vital emergency supplies like the personal protective equipment needed by those on the front line.
How can we do the same?
1. Share your supply chains
Supply chains are a network and one localised issue can soon have a larger impact worldwide. For example, some businesses are already having difficulty obtaining parts, can you recommend a supplier who can help? Could you share information and advice about your own supply chain which could help another business better plan ahead with their own?
2. Share your assets
Whilst many businesses are suffering at present, there are a select few who are doing well and these aren’t always the big names. Challenging times can create opportunities for small businesses too. They may be able to supply parts to help build ventilators, stock the supermarket shelves or even provide cleaning equipment. Are you in a position to rent or lend any equipment or workspace that can help them keep up with growing demand?
3. Reach out to your contacts, even your competitors
At a time when many businesses are working from home or slowing down, you might find it easier than normal to catch up with your contacts. Ask them how they’re finding business and share your own experiences. Through information sharing you might be able to solve a problem from your own experience or introduce contacts who can help one another.
4. Buy local
In times like these, small local businesses will need your support. Could you buy from a small, local supplier instead? Even if it’s just your lunch from the local corner shop.
5. Offer flexibility
If you have a client, who’s always been reliable but who have hit difficulties due to COVID-19, could you offer any support? Maybe you could offer longer payment terms or a short-term discount?
Remember, working in collaboration is invaluable and in order for us to recover from the economic and health challenges ahead quickly, we must stand together.
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