Reacting to enquiries from businesses across Europe on the spread of the Coronavirus and some of the advice being given by MCA Member Firms, Tamzen Isacsson, MCA Chief Executive, said:
Businesses need to assess their crisis and business continuity plans and review any international travel and relocation, supply chain impacts, upcoming events and working from home policies. A lot of practical advice for firms is available on government and member websites and companies already experiencing a significant impact on their operations are using the extra capacity, technical knowledge and skills of specialist consultancies to ensure they have up-to-date robust business continuity plans. Remote working for some employees in many countries is now a necessity and it is important firms assess their IT infrastructure and networks to ensure they have the right technologies and policies in place to support their workforce to stay connected remotely. Businesses need to bear in mind that this epidemic could potentially last for months so consideration needs to be given as to how long businesses can cope with longer term changes. Many businesses are already seeing a fall in sales and footfall, with industries such as tourism, hospitality, retail and transportation affected and firms are assessing the longer term financial cost implications and must be prepared to speak to their lenders if they are already impacted.
Questions businesses should consider include:
International travel/relocation
- Review company travel guidelines
- Does relocation impact on tax and immigration rules?
- Could your supply chain be impacted? If it is already, has the supplier indicated a timeline?
- If stocks are falling quickly, can another supplier be sourced?
- If the virus spreads further, how many parts of the supply chain could be impacted?
Cancellation of events
- If you are planning to cancel events, check the information you are relying on and the source
- Are any parts of the event covered by insurance?
Employees
- Can you continue to provide a safe place for employees and visitors to work as intended?
- Review first aid plans and HR polices
- Communicate with staff on possible changes
- What are the procedures if staff must self-isolate and/or if premises need to close?
- Is there a policy if staff have to look after others i.e. if schools close?
- Remote work policies and technologies.
General
- Are sales being impacted and could they be in the future?
- Are you seeing a reduction in footfall?
- Have you spoken to your lender if sales are already impacted?
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Notes to Editors
Media Contact: Caroline Florence (Caroline.florence@mca.org.uk / Tel: 0207 645 7959)
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The MCA is the representative body for the UK’s leading management consulting firms. For over 60 years, the MCA has been the voice of the consulting industry, promoting the value of consulting to business, the public sector, media commentators and the general public. The MCA’s mission is to promote the value of management consultancy for the economy and society as a whole. The MCA’s member companies comprise over 50% of the UK consulting industry work with over 90 of the top FTSE 100 companies and almost all parts of the public sector. The UK consulting industry is amongst the best in the world and a vital part of the business landscape. See the full list of current MCA members.
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