Tips for Smooth Sailing of Your Business Amid COVID-19 Lockdown
Published On May 27, 2020 5:30 AM By Sakshi Aggarwal
Recover business from COVID-19 pandemic - India has been hit hard by the pandemic declared coronavirus (COVID-19). It is witnessing social distancing practices, followed by nationwide lockdown and now unprecedented economy slowdown.
With many people panicking, a lot of businessmen are also stuck in a dilemma of how to make their businesses survive during a crisis like this.
To learn a few tips on how to keep your business going despite tough times we are facing, read along.
1. Create A Plan
Many business owners are indulged in future planning to save their employees and employees. Creating an emergency preparedness plan for at least the next 3/9/18 months. It will help you a lot. It outlines what steps your company should take in case the coronavirus outbreak impacts your business. Ensure that your plan contains information about the necessary steps you will take to protect your employees, your action plan for future, if an emergency occurs, how you will get in touch with your employees or vice versa, and how you will continue with the business operations if COVID-19 affects your business.
2. Establish A Work From Home Policy
If you haven’t allowed work from home benefit to your employees, now is the time. Businessmen are following alternative ways to keep their businesses operative and maintaining social distancing practices as well. It may not be possible for all businesses. But if at all possible for yours, allow it with certain rules and regulations for the employees to follow for the business to sail smoothly.
3. Track Your Expenses Against Revenue
It is very important to assess properly the fixed and variable expenses of your business against your actual revenues. It will give you a clear picture of where your business stands and help you plan ahead. You can continue by assessing the same even after the coronavirus situation gets better.
4. Check Feasibility of Your Business Model
Coronavirus is changing the market condition every week which is not for the better for sure. You must assess your business model and if it is feasible considering the cost and revenue. Track your cash flow and financial metrics. Also, evaluate the impact of the outbreak on collections, sales, credit cycles, etc.
5. Communicate Transparently With Your Employees
It is important to share information with your employees about what your business is going through as we all are in the crisis together. And the employees empathize with you and work efficiently as long as you communicate with them properly. You can call meetings online through Zoom or Google hangouts to discuss with them the current situation of your business or simply connect with them over phone calls.
6. Motivate Your Employees
Instead of lay-offs, companies should consider pay-cuts as the primary option. As a business owner, you can deduct some part of the salary of the higher paid employees in order to retain lesser-paid employees who may find it hard to make ends meet without a job. But if the situation demands to make a tough call, then you should not refrain from doing that too. Follow government directives and offer extra compensation to the employees if required. But remember, be planned in implementing such decisions as the employees may feel disheartened if carried out in various stages.
7. Look At The Silver Lining
Last but not the least, this lockdown may be a little hard for everyone to survive. In personal life it has taught us a lot in the past few days about how to live simply by not eating out, watching movies in theatres, going out for shopping, going on trips, and so on. Similarly, when it comes to your business, it has a positive side too.
Many startups, for instance-zoom, have even gained from the pandemic. And when the situation will get better, who knows your business may grow even better than before? Remember that you have survived tough times even before considering demonetization. You will make it through this too.
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What is important during tough times like these is that we stand united and help each other in whichever way we can. Offer financial or emotional to the ones in need. Let us do our part until the doctors and researchers are working hard to find the vaccine of this highly infectious disease. Like every difficult situation, this too shall pass!
Stay safe, stay healthy!