A Risk Mitigation Toolbox for COVID-19

About the client

Homewood specialises in handcrafted custom wood furniture for bedroom, lounge, study, entertainment, or outdoor dining area. Homewood is a member of the eThekwini Furniture Cluster (EFC), facilitated by B&M Analysts, and have been an active participant in the cluster’s COVID-19 Risk Mitigation and Business Recovery Support Programme.

Executive summary

An integral component of the cluster’s support during the COVID-19 crisis has been the development of risk mitigation support tools to assist firms to understand and implement strategies to reduce the most pressing risks associated with the pandemic.

How the Cluster helped

Three tools have been critical to Homewood’s endurance through the crisis. The Risk Self-Assessment tool assisted the firm to understand and unpack their risk profile and key areas of risk for business sustainability. After undertaking the assessment, the firm was given key action steps to address their most pressing risks in terms of recovery from and response to the COVID-19 crisis. B&M Analysts’ Forecasting and Continuity Tool (FACT) assisted Homewood to manage and improve cash flow and understand and plan financial scenarios in an environment of extreme demand uncertainty. Finally, B&M Analysts’ Production Readiness Toolkit included production visual performance management, checklists, trackers, and tips that assisted Homewood prepare for safe production post-lockdown and ensure daily adherence to protocols and procedures.

Results

Through the cluster and one-on-one support from B&M Analysts, Homewood was able to access these tools and respond to their most pressing business risks appropriately, quickly, and effectively.