6 steps to recovery for manufacturers
Use our infographic to guide you through the process and revert to it often as you move through the recovery phases.
1. Develop and communicate a policy for returning to work
Perform a walk-through of the premises to identify social distancing opportunities and possible contamination issues. Develop revised workplace practices and communicate them to employees. It is important to mitigate the risk of COVID, maximize an efficient return to work, and address concerns from employees.
2. Develop a workforce contingency plan
Review potential contingencies (inventory shortages, employee sickness) and prepare a plan to communicate to employees. It is important to ensure that infection risks are mitigated, and priority projects are minimally affected.
3. Communicate regularly with external service providers
Plan to conduct regular discussions with owners, bankers, accountants, lawyers, and key suppliers to allow them to assist when possible.
4. Leverage applicable government assistance
The government continues to offer various assistance programs. They are adapting and growing these programs and it’s important to ensure the company is taking full advantage.
5. Improve supply chain resilience
Build alternate supply sources for key materials and adjust inventory-carrying policies to provide a buffer for vital materials. Diversify product portfolio and sales channels to reduce dependence on fragile sales markets.
6. Adapt technology
Deploy robotics and automation to reduce shop floor resources. Rapidly adopting new technology during the respond and recovery phases could leave organizations at increased risk for cyberattacks. Every manufacturer should review and update their cybersecurity plan, and ensure their data and systems are secure.
How BDO can help
Reach out to our Manufacturing team for help with human resources, strategy, technology, risk, financial advisory, recovery services, and operations. We can tailor a solution to help you through the recovery.