How to respond to the effects of COVID-19 as an Impact Entrepreneur
19 March 2020 - Impact Hub

In the past weeks, Bill Gates’ TedTalk from 2015 circulated on the web in which he discussed the coming of the next pandemic and how unprepared we are for it.

The next crisis of some sort, kicking-in sooner or later was to be expected. Whether it is induced by a financial, economic or even environmental trigger, who would have expected that a crisis of a whole different order would come so soon and so severely? 

We don’t know what will happen, how severe it will be, and how long it will take. In times like this, we need to find the best in ourselves. We need to show authentic leadership. As impact entrepreneurs, you are positioned to give guidance and show leadership. You already have that focus on people, planet and profit. Impact Hub is here to help you on this journey to do whatever we can. This paper is set up to help you in managing this crisis at an early stage, to give you some food for thought and some practical support. 

Together we can pull through this crisis. 

No1 priority: Health and Safety

The first and foremost thing to do is to make sure you prioritize health and safety. Although we might not have the same situation in New Zealand as in Europe, we’d better make sure it stays that way. So, the priority is to ensure the health and safety of your customers, employees and yourself.

We advise you to take the most conservative guidelines available from leading global and national authorities. Explore how you can implement these while still keeping in mind that you want to continue running your business. Trust your instincts and use common sense. You could benchmark yourself with other companies on the measures you are taking and adjust accordingly. 

Communicate extensively. Communicate with your stakeholders, such as employees, customers, suppliers and funders. Keep everybody in the loop on how you want to guide your company through this time of crisis. Show compassion, and you shall receive in kindness in return. These are times for collaborations and new levels of connection.

 

Test Your Business Resilience

When the going gets tough, the tough get going. We know it will be tough, but we also know that entrepreneurs are a tight bunch, so let’s see how we can gear up and build our resilience. You might want to start with thinking through possible impact and actions on different parts of your business. Consider the following: (1) your employees, (2) your financial situation and liquidity, (3) your supply chain, (4) your marketing & sales and finally (5) All of the above that in your specific situation might affect your business operation.
 

  1. How will you be able to continue employment for your people, and what measures should you consider? Laying off employees or contractors are extreme measures and have a significant impact.  Before you do so, we recommend you to look at all available financial support. You might find the Government Stimulus package that might help you through the tough time (more details below)

 

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