If you turn on the news at the moment or switch on your radio while in the car, you can guarantee one thing; you will hear stories about the coronavirus and how it is spreading at a rapid pace. While we do not know what the future holds in regards to coronavirus, one thing that you can control is how you mitigate the risks associated with it at your business. With that being said, read on to discover some useful tips for small businesses when it comes to managing their practices and their finances in a turbulent economy.

 

How Do Economic Risks Differ From Political Risks?

 

Consider allowing employees to work-at-home – The first step that needs to be taken in the face of the coronavirus is testing home-working technology and allowing employees to work without coming into your offices. Of course, this is going to be a lot easier said than done when it comes to some job roles. However, this highlights exactly why it is important to consider how your employees could work from home, what could be achieved, and whether you are going to need to invest in a certain type of technology or software to make this a viable proposition.

Understand your supply chain – If you have not assessed your supply chain, now is the time. A lot of companies rely on components or parts from China, and so you need to put a contingency plan in place should your supplier not be able to meet your demands in the near future. Now is the perfect time to revisit your business processes and relationships to see the potential impact of the coronavirus and what can be done to mitigate this.

Make sure communication is open – As a small business owner, it is likely that you only have a small number of people working for you. Because of this, hopefully, you will have built up good relationships with everyone in your workforce. Make sure they are aware of the importance of communicating with you if they have any health concerns. They may feel embarrassed about doing so, so it is up to you to ensure they feel secure. After all, they may be worried about losing their job if they are unable to come into work. If you create a feeling of trust and security, your workforce is going to be more likely to open up to you should someone contract the illness.

So there you have it: some of the different steps that you need to take when it comes to managing your business in the current economic climate. There is no denying that it is worrying times across the world at the moment. However, the worst thing you can do is be reactive. Don’t wait for the worst to happen. Instead, you need to get ahead of the game and make sure you put provisions in place to manage the risks that are associated with the coronavirus. We hope that the information that has been presented above will help you.

 

Political risks for business

How Do Economic Risks Differ From Political Risks?

As a project manager, you are going to have a lot to deal with during any project. There will be bumps along the road, and it is up to you to make sure that these bumps do not result in a complete disaster. One thing that you will often have to tackle is company politics. A lot of project managers underestimate just how much of an impact this can have. Below, we take a look at the different ways company politics can thwart your project, as well as providing some top tips on what to do about it.

 

Taking credit for someone else’s work

Credit grabbing is definitely something you are going to have to deal with at some point as a project manager. Employees feel irritated when someone else takes credit for their work, such as completing a CFD trade, or idea, like a new product. It is, therefore, your role to make sure you are abreast of all the work that is being done so that the appropriate individuals are rewarded. In a lot of cases, management can receive the credit for work that their employees have done, which can create an atmosphere of distrust.

 

Spreading gossip about other team members

You’d assume that gossip would have been left in the school playground. Unfortunately, that is not the case. If someone is spreading gossip about another member of the time, it can cause team relationships to fall apart. As a business project manager, you need to lead by example. It is up to you to state that lies and gossip will not be accepted and that you expect mutual support and respect amongst all team members.

 

Supporting those with self-serving goals or views

As a project leader, you need to avoid gravitating towards people who share the same opinions and views as your own. Of course, it is human nature to do this, but you cannot inject personal bias. In fact, the best results often come from differing views and experiences. You should make an effort to explore various approaches.

 

The blame game

Last but not least, we have the blame game. Senseless finger-pointing needs to be eradicated. From the start of any initiative or project, you need to set the tone and clearly communicate this. Of course, accountability is an important thing in any project, but you should make sure that there is no finger-pointing or laying the blame. This often leads to future cover-ups, mistrust, and embarrassment, as opposed to the improvement in results you may have been hoping for.

As a project manager, it is your job to make sure that company politics does not get in the way of your project. Of course, this can often be easier said than done. But, if you follow the tips mentioned above, you will give yourself a great chance of dealing with the issue efficiently and successfully. For further assistance, you could consider taking one of the available project management training courses. Project management training is a great way to learn about different methods and approaches for dealing with any potential conflicts that arise during your project.

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