The coronavirus crisis has affected the world economy worse than the 2008 economic recession. Some are speculating that the financial crisis will be worse than the Great Depression of 1929. During these uncertain times, it’s essential to keep your business alive. You should fortify your business during coronavirus to make sure it thrives in the future. So here are five ways to keep your business up and running during the coronavirus pandemic.
Make Sure You Have Control
You will no doubt lose some control during this crisis. You might even have to take a week to get everything sorted. However, you should ensure that once the crisis is over, you seize back control of your business.
This means that you should have a plan regarding how to handle your business during the coronavirus. This plan should include establishing clear communication channels between you and your employees. You should also set a robust online presence to communicate with your customers as well. You should also make sure you have payment alternatives set up so that customers can enjoy your services.
All this means that you’ll have to set up protocols for contacts, payments, and communications. Don’t end up thinking that these will be temporary. No one knows how long this crisis will last. You have to think of the long game. Fortunately, there are a lot of permanent solutions out there that are free. These include social media business pages on Facebook and free encrypted chats like Signal or Slack, etc. You will need an online business management component in your company as well to set this all up.
Cut Costs Where Necessary
You will have to make some tough decisions during this phase. The first of those is to cut costs and slice benefits and perks where necessary. Now, this doesn’t mean that you have to pull away essential safety nets and leave your employees hanging. You can instead get rid of the perks that you and other executive employees have. You can also cut down on utilities since you’re probably not going to be working in the office.
Next, you should reduce the payroll of the employees that can afford to make less. It’s not going to be easy to put that on your employees, but it’s the right thing to do. Again, domestic staff like janitors and delivery persons shouldn’t bear the brunt of this. They’re minimum wage or minimum wage adjacent earners as it is. If anything, they should be allowed to stay home and get paid leave.
You should also reduce hours or at least allow your employees to choose their own hours. Working from home is significantly different from working at the office. People need to set their hours for comfort. Of course, this doesn’t mean you should let employees work entirely on their own time. Just allow yourself to meet them halfway.
Give Your Employees a Leave of Absence
For the sake of your and your employees’ health, you should give all non-essential personnel a leave of absence. This will, at the very least, reduce the spread of the coronavirus among your employees and their families. For those personnel that you can’t give a leave of absence to you should allow them to work from home.
Get Loans for Your Business If You Qualify
A lot of financial loans are available during the coronavirus pandemic for small businesses. Similarly, the government is offering grants, while commercial banks are providing loans to businesses. They come with relaxed repayment plans, keeping in mind the seriousness of the pandemic.
Use these loans to pay your workers fair wages as well as to invest in outreach. You can invest in the future and get significant expenses out of the way. These can be any repairs or purchases that you were putting off till the end of the year. Now that future revenue and profits are uncertain, you should implement an investment strategy that favors business longevity.
You can invest in setting up other activities like a prepayment program for future services or launching a customer referral program. You can also invest in a social media contest, asking customers to come up with useful ideas. There is no better time for this since customers will be holed up in their homes until further notice across the country and the world.
Hire an Online Business Manager
Hiring an online business manager will probably be the most appropriate investment at this time. Whether you have a small online setup or none at all, you will need improved management during this trying time. You’ll need a robust online presence that can direct your customers to your services and products. This will include a social media presence, a website, an online payments channel, a communications channel with your employees, etc.
All of this is very easy to set up if you have someone who knows what they’re doing. You need someone savvy in the ways of online business during coronavirus pandemic times. They won’t waste time making the mistakes that a novice will, and they’ll end up saving you money that way. Online Business Management Services are available for all types of business. No matter if it’s small tasks that need to be taken care of or complex projects. They will work with you for project administration, construction projects, managing your website, etc. Get the benefits of a full-time employee and manager with an Online Business Manager.
To learn more about how an Online Business Manager can help you manage your business, contact us today.