Internal communication is crucial for the smooth running of your business in these times. Employees need to be kept informed on how to look after their own well-being and what you, as a business, are doing to help.
From a governance and accountability perspective, the Coronavirus presents a big challenge.
- How are you keeping everyone, including key committees, informed of changes as they arise and the risk this may present to your customers and business strategy?
- How is the crisis affecting the decision-making within the business and how is this being communicated internally?
The board should be driving and overseeing the communication strategy, to keep it appropriate and effective. Conversely, boards and senior management committees are likely to require more regular updates from business functions. Effective and appropriate MI is the silver bullet here – you’ll need to be able to monitor, communicate, manage and mitigate any changes as quickly as possible.
Finally, a structured internal comms process is good practice, replacing in-person meetings with video or conference calls to keep the communication loop flowing, with continued feedback and action plans.
You’ll need to keep the regulator updated of any significant matters, such as financial issues. Firms, particularly large or critically important ones, should expect increased FCA interest, including additional information requests. So, retaining compliance resources to manage and co-ordinate responses will be important.
Supply chain communication
Keeping in touch regularly with your supply chain is the key to business continuity. You’ll need to know if they will be unable to continue to deliver expected service levels, including those related to customer communications and regulatory requirements. In particular, smaller firms relying on larger firms, service providers and platforms will need ongoing monitoring and should seek to be proactive.
The right levels of communication to all stakeholders will not only help you survive, but thrive in these disruptive times. Behind much of this is the need to maintain and direct your resources to where they’re needed most. This may mean reducing your capacity elsewhere.
But there’s no need to let crucial projects fall by the wayside or let business as usual lapse. We can provide resource to fill gaps where business lines have been impacted by sickness and absence. And we’ve skilled SME’s availale to take on important projects, freeing up your resource to be used elsewhere. Just get in touch.