Communicate with relevant stakeholders

Clear, transparent and timely communications are necessary when creating a platform to reshape the business and to secure ongoing support from customers, employees, suppliers, creditors, investors and regulatory authorities.

  • Customers.ย Companies will want to keep customers apprised of any impacts to product or service delivery. If contractual obligations cannot be met as a result of supplier or production disruption, it is important to maintain open lines of communication to revisit timelines or invoke โ€œforce majeureโ€ or โ€œact of Godโ€ clauses. Such proactive action will help to mitigate punitive damages or liabilities associated with disrupted customer obligations.
  • Employees.ย For employees, communications plans should try to find the balance between caution and maintaining a business-as-usual mindset.
  • Suppliers.ย Companies need maintain regular contact with suppliers regarding their capability to deliver goods and services during the COVID-19 crisis and their recovery plans, so that the company can consider alternative supply chain options in a timely manner.

“We WILL get through this together.”ย 

  • Creditors and investors.ย Companies will want to review terms and conditions on loan contracts to identify sensitive debts and avoid vital technical debt breaches. These reviews will have the added benefit of giving companies a chance to proactively manage the dialogue and communications with creditors regarding any necessary amendments to existing terms or refinancing arrangements.
  • Government and regulators.ย When communicating with relevant stakeholders, companies will want to consult with their legal teams for advice on potential liabilities and with their business units regarding how to manage communications around ongoing breaches and collection of proof, if any.

All of these communications must be done strategically in line with many of the tips we have in this guide.

Follow Us on Social Media

Where do you go for answers?

Try It for Free

Our Learning Community is the one stop shop for the intelligence you need. Instead of countless hours searching for answers, we’ve organized what you need to know across all of the business and personal issues you face. You’ll get answers from 100s of learning modules, tools and templates, vendor reviews and a vibrant community of your fellow entrepreneurs. Try it for free!

Share The Lonely Entrepreneur