While we may have had years of TV and movies that predicted global pandemics that exceed what we are experiencing with Coronavirus (COVID-19), the country is still in relatively uncharted territory.
Between emergency legislation and businesses trying to stay ahead of the latest mandates, it can be challenging to keep up with the demands you anticipated meeting a few weeks ago. For many businesses, COVID-19 is having a significant impact on fulfilling contracts.
These are some of the ways COVID-19 could affect your ability to complete contracts for your clients.
Inability to meet demand
The country as a whole is in a state of panic. People are buying more than they need when they can for fear of running out during a quarantine.
When there are too many people buying large quantities of specific supplies, it becomes difficult to predict demand. In a demand-contract, it may take a long time to adjust to the changes in how much you need to supply to fulfill the bargain.
Communicate with the other party of your contract. Remind them of the unpredictability of the situation on both of your parts. Let them know you will continue to make every effort to fulfill your duties.
There are some industries where the local governments decided that it was too dangerous to continue operations safely. These mandates are for the safety of both employees and customers.
Since this is new territory for many, it can be difficult to anticipate what will happen next. If you receive notice that you must suspend your operations, talk to your clients as soon as possible. Explain that you will resume serving them as soon as you can get back to business.
In cases where you are operating your business with reduced staff, remind your clients that you need to take care of your employees so that both of you can benefit. While there is currently no firm end date to many of the restrictions, encourage your clients to look forward to being able to operate at full capacity soon.