Production Downturn Steps to Recovery for Businesses

Since the last few months the world has been shut down. As the Avengers had said "The Earth is closed today" for us it's been closed for a few months now. With all the critical cases of Covid-19 small businesses have been slow and some of them had to shut down. But how are the ones which are active processing in such times? During this production downturn what are the steps that a company must take in order to keep going. Your answers are mentioned below.

Many companies worry about how their business will fare in bad economic conditions, but sometimes opportune outcomes stem from times of economic uncertainty — especially for manufacturers.

Do not stop promoting yourself. We know it's a difficult task but keep reminding people that you are there. Reach out to your customers and see if they need you.

All businesses across all sectors will be affected, at least to some degree. A heavy impact is expected on the tech industry. From batteries, to ink cartridges to sponges, consumers can expect coronavirus shortages. Smartphone production, for example, is projected to decline 12% year-on-year this quarter due lack of labor and shortages of upstream components such as camera modules. Segments of the pharmaceutical industry may be impacted especially in regions such as India, which produces 20% of the world’s drug supply. The heavy impact on tourism and airline travel is already being experienced with the International Air Transport Association (IATA) estimating $ 30 B in losses for the industry. Even Facebook is canceling its Global Marketing Summit slated to take place in San Francisco citing coronavirus concerns.

Leadership needs to activate crisis management plans and procedures. These need to specify the ‘who’, ‘what,’ ‘when’ and ‘how’ of the crisis management plan. It is up to leadership to assign responsibilities and specify how ameliorative action will be taken, leading a command and control center. Chain of command needs to be clear, as well as roles, duties, and messaging.

Evaluate all risks on sources of supply, production capacity, delivery, and demand. Consider all options and analyze possible outcomes. Scenario planning is an excellent tool here.

Even though it ends, the damage is going to say. Therefore, planning for the coming times and being ready would be the best thing to do.