The Coronavirus pandemic has devastated various economies across the globe. In some cases, the virus is slowing, but it will take a long time for economic recovery for many countries and thus companies. In recent times many well-known brands had to file for bankruptcy and so many others had to layoff team members. There also looms the threat of a resurgence of the virus and increase in infections in the fall. Considering so many unknowns, businesses have to agile and strategize to preserve their financial stability.
Below are tips for all businesses to remain financially stable during this extraordinary period and potentially thrive in the monetary sense.
1. Think about a Pivot of your offerings.
American author John Shedd is known for the expression, "A ship in the harbor is secure, but that's not what ships are designed for." US President Franklin Roosevelt once said, "A smooth sea never made a professional sailor." These are the times when ingenuity thrives – especially among entrepreneurs. Take time to focus on your main intent before solving the issues at hand. Ask yourself: Are there any new ways you can support your objectives? Let go of how you operated last week and consider what this new reality might make sense for. Thus think of how to pivot your business. We see examples from across the world and across the street that entrepreneurs are rethinking their operation, their product, and their way forward:
- Pivoting of the distilleries to make the hand sanitizer.
- Health care laboratories are innovating, collaborating, and sharing discoveries as never before.
- Companies from various industries are re-focusing their production to produce face masks.
2. Managing Remote Workforce
One opportunity is to produce revenue at the same pace as before the spread of the pandemic. Managing your remote workforce will be key here. This is not the time to allow your remote workers to start slacking off as it is a stroke of luck to be employed during this time. There are plenty of people out of work, and they don't know how to pay upcoming bills. You can find the following tips for handling the remote workers:
- Time monitoring tools may help keep remote employees accountable as the propensity for staff who are not always remote to slack off is prevalent.
- Project management software should be leveraged because it can be difficult to get everybody on the same page when not all workers are in the office.
- The setting of regular agendas will allow employees to start their work instead of thinking about what they should do first. The structure is important if time is not to be wasted, particularly during these trying times. Daily huddles to get work priorities ensures employees list their tasks for the day and gives you an opportunity to keep track of the progress of the team or the project.
3. Communicate with the clients in a straightforward way
We 're all together in this, and the best way to remain honest about what your company is going through with your customers. As long as communication is open and honest, consumers will empathize with the businesses facing a crisis. Communicate with clients to understand their perception of the product/solution you are offering. Sugarcoating will erode trust. Don’t lie. Honesty is the best policy. Tell them exactly what you’re doing and why, and make sure that if they have any questions, you get back to them right away. Constant and consistent communication is the key to retain and attract customers. Have a clear plan that the company has adopted in response to the pandemic should be communicated to customers. Any change in processes and procedures should be clearly and timely communicated. Put yourselves in your customer's shoes and evaluate offering flexible payment plans, revisit project plans, use surveys to gather data to help your customers and your business.
4. Keep the team committed
Your team is counting on you to keep them updated on every step. As a promoter, it is your responsibility to keep your team members engaged through video conferencing tools such as Zoom and Google Hangouts and to keep them connected. Maintaining high spirits inside the team is very important and understanding the general mood within your remote workforce. "This is a time to make responsible decisions. The leadership that is now being seen, the society that follows and the decisions that are being taken will open the way forward.” The lines of communication should be kept open and that can be the difference between effectively managing your workforce and having a walkout or work stoppage on your hands, as have been seen at certain processing plants or retail stores as employee frustration has boiled over. This becomes especially important when it comes to explaining to employees what you’re doing to protect them and reward them for their work during a crisis situation. Clear and consistent communication of what the company needs, how it is meeting those needs, and how employees fit into each part of the strategy helps workers understand their role and how the company is supporting them. There is no playbook for navigating a global pandemic, and there are shifts that will be hard to anticipate. But experience shows that companies that take a proactive approach, repositioning themselves to navigate the disruption and planning ahead for the post-crisis world as best they can, stand the best chance of not only surviving but coming out on the other side stronger.
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Till Next Time,