How strongly is the company affected by the economic impact of the current pandemic?

What urgent action is required to maintain the company's performance as well as its liquidity in the short term?

The SMP COVID-19 radar:
Risk assessment of corona virus COVID-19
– indicative –

General assessment

  • Current situation in Germany / federal state, e.g. Bavaria: emergency (16.03.)?
  • Already delays due to direct or other points of contact with the virus?
  • Acute problems in the value chain?

Assessment of procurement

  • Where are the suppliers located? Supplies from risk/restricted areas?
  • Strong dependencies within the supply chain?
  • Alertness and rapidity of feedback from suppliers?

Logistics assessment

  • Number of different forwarding companies?
  • Cross-border transports? Transport routes?
  • Border controls? Border closures?
  • Delivery bottlenecks?

Estimation of sales

  • Current and future sales development? Decline already recorded or from when onwards?
  • Financial effects to be expected from when onwards?
  • Current material reach? Sales crisis to be expected if no improvement of the situation in this period?

Assessment of internal personnel

  • The greatest risk is posed above all by defaults in the company's operative area.
  • Already infections in the company?
  • Employees with children? Home office possible? Physical separation in the office? Can video conferencing tools be set up for suppliers and employees?

Stakeholder management

  • Has information already been provided to all stakeholders and are they actively involved? Format for daily information flow defined? Consideration of all stakeholders such as shareholders, financiers, employees, etc.?

What distinguishes a powerful "Corona Task Force" consisting of cross-functional service providers?

  • Conducting daily meetings (e.g. via video conference) of the task force for ongoing evaluation of the current situation, deriving appropriate action needs and, if necessary, adjusting/updating the action plan.
  • Establishment of a digital "operations centre" (primarily web or cloud based), which manages all relevant topics and controls them with a simple, uniform "COVID-19 radar" as an evaluation and monitoring tool (> read the report here)
  • The core task of the task force is therefore to maintain operational procedures and continuously evaluate risk factors. It thus additionally serves as an instrument for ensuring and "objectifying" communication internally and externally to stakeholders. Communication with the workforce is particularly important due to the general uncertainty that prevails, for example with regard to childcare, consideration of the holiday situation and salary. This is where cross-channel communication must be established via homepage, telephone, e-mail, etc.

So what
has to be done?

Once you have recognized the seriousness of the situation you will want to act as quickly as possible in a solution-oriented and efficient manner.

But how do you best approach the issues in a structured and target-oriented way? Meetings should be avoided. Employees are working from home. Time is running out…

The solution is the clearly structured, easy-to-understand, web-based project management tool "ProChange", which allows you to set up individual projects quickly and easily, define sub-projects and work packages, assign tasks and define responsibilities and deadlines.

The tool can be used from anywhere and by several people simultaneously. The number of users is unlimited. In daily video or telephone conferences you can discuss the topics, define next steps and make updates according to new events together.

We have created a template called "Emergency Mode in Practice" and have already defined the most important projects and work packages at short notice - based on our experience in crisis situations - to make it easier for you to set up the project "ensuring survival in the COVID 19 phase". Individual, company-specific adjustments are of course possible without any problems.

We will provide the first 20 interested companies with the tool "ProChange" immediately for free use during the COVID-19 crisis phase. If desired, we can also provide operational support. And, of course, we will always be at your side.

Our colleagues will be happy to support you actively in setting up the project as well as in further steps. Just get in touch with us!

Your contact in the COVID-19 phase:

Georgiy Michailov
Managing Partner
Dipl.-Volkswirt, B.M. (TSUoE)
Email to Georgiy Michailov
T +49 (0)221 91 27 30 - 15

Your expert for „ProChange“:

Benjamin Klenk
Partner
Dipl.-Wirtsch.-Ing.
Email to Benjamin Klenk
T +49 (0)221 91 27 30 - 70

In this context, we would also like to recommend the following topics: