A global COVID-19 crisis has devastated many businesses this year, mainly small- to medium-sized enterprises (SMEs). It seems like an endless pit of financial uncertainty meant for companies, with many SMEs regrettably not equipped to deal with this level of economic devastation.
If you are one of the having difficulties entrepreneurs during this pandemic, fear not, for there are strategies to ensure business continuity even in such an uncertain time.
How The New Normal Has Changed Consumer Habits
The pandemic provides required the enforcement of community lockdowns to prevent the particular spread of the virus. This situation hasn’ t been easy for everyone, including business owners exactly who had to find ways to revenue in other ways.
Patrons and potential clients can’ t simply walk into shops like any normal business day, and consumers will think twice, thrice, or more before spending their hard-earned pay on non-essentials. After all, nothing is certain, actually long-term jobs—belts have been stiffened, leaving many to gasp for air, hoping for items to go back as they were pre-pandemic.
Lockdowns aren’t as tight right now, however the threat of the coronavirus still hangs heavy in the air, quite literally. That’ s the reason why masks and face protects are this year’ s hottest essentials, along with 70% rubbing alcohol, disinfectants in different forms, and even UV lighting.
Manufacturers have also become ingenious by making products like door openers or even hooks to prevent direct connection with possibly-contaminated common surfaces. Almost all individuals have become hypervigilant concerning the things they touch, the stuff they bring into their homes, how to sanitize items, and maintaining cleanliness.
Businesses are starting to open up out of necessity and keep up with this global crisis’ h demands. Aside from cutbacks, resources have to be channeled towards COVID-19 response measures to address sterilization protocol and social distancing measures. They are also cutting back loss by looking for innovative ways to deal with unprecedented complications brought by the virus.
In addition to this extra expense to deal with the present situation, companies are not as profitable as they once were. A study upon COVID-19’ s impact on small businesses early this year projected that closures in the U. S i9000. alone could lead to over thirty-five. 1 million job failures if the crisis lasts with regard to six months, proving how devastating COVID-19 is to the economic health of the general human population.
Top survival tips for businesses to survive the particular COVID-19 crisis
As demand for products and services—especially non-essential ones—is not as high, companies should find new ways to revenue. What are some business success tips that you can adopt to keep your company afloat and protect your company finances in the time of corona?
1 . Master the 3 Es: Educate, Equip, and Empower your workforce
The particular pandemic has put the spotlight on inefficiencies and changes which have to be made to address growing health challenges. Creating your own business continuity plan to outline your processes and techniques should be done with the 3Es within motion:
a) Educating employees and customers on COVID-19 up-dates and protocols from genuine sources through your communication stations
Businesses are urged now more than ever to be responsible for disseminating information among their employees and clients. Get regular updates from legitimate and trusted news shops. Glean some practical, science-backed solutions from various sources, sorted according to key types available on the World Health Company (WHO) and Center pertaining to Disease Control (CDC) pages.
b) Equipping your physical offices or stores, along with your employees, with the right systems, infrastructure, and other customized resources to do work efficiently
This includes proper hygiene policies, visual cues, plus a commitment to be well-stocked with hygiene products like soap, wipes, tissue paper, and 70% rubbing alcohol. Distributing hygiene kits to workers who report for work also ensures that everyone may have something to use for keeping thoroughly clean, which is a top priority to prevent the spread of COVID-19.
c) Empowering your business by harnessing the power of various digital systems available
Promote your business heavily on socials and various digital platforms to feature your products. If you are running an ecommerce store, you can even do the entire operation through mobile ecommerce!
2 . Take care of your existing consumer base
Your present clients are your personal assistant. New sales will be more challenging to make, and your existing clients must be focused on at this point.
3. Communicate well and constantly with your teams
Resources for excellent crisis communications management are available. Substantiating policies or even protocols with facts through trusted sources like the WHO, CDC, and the local government with your work teams ensures that everyone’ s safety and wellbeing are the top priorities.
Checking in more frequently , perhaps daily instead of just once per week, is a great way to ascertain that your workforce is coping nicely. It doesn’ t have always to be a grand or structured videocall. Checking in could be done with a short text or call or by shooting an email. This new system will allow your team to communicate and address problems as needed in these unforeseen times.
four. See if a remote set-up suits the nature of your business
Assess when and how you could implement remote function set-ups in the office. Try to find methods to incorporate remote or versatile work arrangements for employees. This kind of arrangement these days can mean the difference between living and death until a vaccine is distributed worldwide, so consider making the shift and set-up meet your needs.
5. Make use of digital tools to elevate labor force productivity
Even small businesses can get organized to a whole new level with an array of free productivity tools on the internet, which also has paid versions for an extended range of functions.
G Collection is a popular choice not just to get SMEs but for big businesses, as well, because it saves on management costs. What’ s more, people who have access to files can upload and download details in real-time.
TMetric Time tracker will allow companies to monitor employee tasks’ quantity and quality. Data like work hours, breaks or cracks, attendance, and absences are usually recorded, along with times spent on specific tasks.
Slack offers seamless swap among teams within an corporation. Primarily a messaging program, it is also a secure system to search, filter, and share data files. Exchanging ideas in current is made possible with Slack, so timely communication is maintained.
Endure and thrive even during this crisis
Your organization can survive this pandemic. At the moment, economies are doing better since businesses resume operations. We still do not know a lot about the disease, but businesses are picking up on the right methods to deal with the situation.
Sticking to the 3Es, taking care of your existing clients, interacting well and constantly together with your team, implementing work from home or even flexible work arrangements, and maximizing the power of digital productivity tools and platforms will help your business thrive despite the ongoing crisis.