Experts of the Fund
RC-Investments that was established by the Roscongress Foundation have
prepared the «Business
Support Measures and Practical Recommendations for Companies during the
Pandemic» report. This document provides projections of
the coronaviruss impact on the state of economy in Russia as well as across
the globe, and includes useful guidelines for overcoming the crisis.
The ongoing COVID-19 pandemic
has become a global challenge for the healthcare system, as well as citizens
and Government of the Russian Federation.
It also severely impacted the countrys economy. Central Bank of the
Russian Federation anticipates that GDP in our country might drop as much as by
6%.
The authors of the research
identify the key pool of challenges that businesses have to face amid the
coronavirus outbreak, such as: shrinking revenues and growing customers
nonconfidence; risk of employees to get infected; disruptions in supply chain;
difficulties while interacting within the companies, as well as with clients
and partners due to the remote work setup. Uncertainty is increasing that
requires fast
decision-making.
In the context of the economic situation, the
Government of the Russian Federation is taking a wide range of measures aimed
to reduce the potential negative impact of the pandemic. For the sake of
convenience, all support measures are distributed depending on the type of
enterprises and their industry affiliation. The most severely affected sectors
of the economy receive special attention.
The companies can take advantage of fiscal
loosening, state-backed loans, deferred rental payment for commercial real estate, support
measures in the field of logistics and customs services and etc. Special
measures are put in place to support the SMEs. The Ministry of Economic
Development of the Russian Federation via its official website has launched a
new service for publishing infographics and analytical materials featuring a
list of systemically critical organizations of the Russian economy that can
also count on the state support.
However, it is not possible to overcome the crisis relying solely on
support from the government. Companies have to independently adjust their
operational and strategic priorities, as well as put in place fast
decision-making by the top-management teams. It is necessary to create a crisis
management team, set up a seamless supply chain operation, organize monitoring
of the state support measures and ensure safety of the employees.
To this end the report features the operational
checklists, separately for each economy sector, embracing the entire range from
retail and consumer goods manufacturing to the construction and aerospace
industry.
When switching the employees from a remote work setup mode, it is
required to rely on the best practices, namely, to bring the teams back in
several waves. Besides, it is possible to reduce the risk of getting infected
via streamlining of the workspace (warning signs, avoidance of small size
meeting rooms, distancing and use of antiseptics) along with implementation of
safety rules and procedures (wearing face masks, making regular tests and
frequent disinfection of premises).
In addition, the report emphasizes that in the
medium term it will be required to adapt the corporate culture and strategy to
the new business reality.
The complete report as well as other
research materials on possible ways to stabilize the economy under the pandemic
are available in special sections of Roscongress
info-analytic resources, such as StayHomeEconomy, Entrepreneurship and SMEs.
Both institutions, the Roscongress
Foundation and the Fund RC-Investment are also implementing a special project
aiming to attract more investments in the subordinate entities of the Russian
Federation. The investinregions.ru investment platform
of the Russian Federation regions acts as a unique information space and
communication environment that combines interests of the regions, project initiators
as well as investors.