We've conducted the Founders' Resilience Survey earlier to better understand the challenges that founders are facing, here we've prepared the insights, pointers and a range of available relief measures that every employer should read.
Offline operations may not be feasible for some companies due to suspension by officials, quarantine of employees or with health and safety consideration in mind. Cash flow remains the top concern, with significant impact to retail and catering sectors in Hong Kong. Insufficient cash flow not only led to loss of profits but also affected the viability of business operations.
In response, some managers are temporarily setting up emergency teams to drive better customer values by connecting online and offline platforms. If cash reserves are insufficient to support the business in the short- to mid-term, then the priority is to reduce costs by renegotiating business contracts with parties including banks, suppliers and employees.
Examples of Hong Kong banks that have released relief measures to borrowers:
In addition to maintaining cash flow to protect the lifeblood of a business, founders and managers will also have to consider more enforceable measures to maintain the stable and smooth operation of the business, including business expansion strategy, seeking new profit growth points and balancing between investments and expenditures. Here are the top measures that founders are implementing right now:
Building a remote working system now will also benefit in the long term. This will require founders and managers to take the lead in making overall arrangements, such as effective communication across various departments and teams, smart remote online management, and reorganizing or establishing internal discussion and reporting mechanisms.
The government has rolled out a range of relief measures to support SMEs, here is a quick summary on the relevant measures:
Many companies are on their way to full resumption of work. It could be another tough battle to take prevention measures in the workplace and contain risks. Now more than ever, group medical insurance has become important as all employees are worried about how they receive health protection through insurance. As an one-stop solution provider, StartupCare Hong Kong offers SMEs a new form of digitalized group medical insurance that is equipped with following highlighted features to support you and enrolled employees in crisis as such: