Since the outbreak from the coronavirus, the world’s economy experienced a big hit. The latest pandemic is driving the economy in yet another economic crisis where many of the businesses will face trouble surviving the next period.
The thing is that even though most countries are thinking about loosening up the restrictions, the effects of the virus on businesses will be noticeable for at least a year. Times like these call for desperate measures, which is why you need to make crucial decisions to keep your business safe and make sure it survives the crises.
In this article, we will highlight some of the ways you can protect your business during the Covid-19.
1. Protect Your Employees
This should be your top priority. Home isolation is the best way to conquer the virus, which means that you will be considered as a company that contributes to the world’s health. Additionally, by protecting your employees, you will protect your business. You should organize their work just so they can do all the necessary things from home. This is the best way to avoid infecting many people in your business, which will lead to forced closure and losing a lot of money.
2. Set up a cross-functional team
Since we live in dynamic times where things change in minutes, you need a well-structured team that is capable of answering to any market change. This response team should be managed by the CEO or anyone from the higher management level and structured by a couple of individuals that will be responsible for the wellbeing of customers and colleagues.
The team should take care of:
- Employee wellbeing;
- Supply chain monitoring;
- Financial stress-testing;
- Marketing and sales;
You should put out daily goals that the team should follow. This will make sure every business process runs smoothly.
3. Stay close to customers
Even though the greatest weapon against the coronavirus is social distancing, that does not mean that we should forget about each other. Staying close to customers will make sure your business is not forgotten, and when the things clear out, you stand a better chance going back to normal. Staying close to customers through social media will ensure your long-term stability.
4. Adapt to changes
Just as we mentioned before, the cross-functional team should also be responsible for the fast-decision making process that will be done in order to adapt to market changes. Nowadays, most of the businesses are going online; for example, Italy has experienced an 81% growth in eCommerce. This means that if you still don’t provide online shopping, you should definitely consider this option as soon as possible. The coronavirus outbreak could be so dramatic that it can change people’s buying habits and turn to online shopping in the future. This means that you should anticipate every market change and think about how you can transform your business processes in order to answer people’s demands.
5. Reevaluate Some of Your Cleaning Procedures
Keeping your work environment clean has never been more important. Since the coronavirus outbreak, people need to pay more attention to personal hygiene and keep their work environment bacteria-free. Now is the time to change your disinfectants and reevaluate your cleaning schedule just to make sure everything is clean.
6. Apply for Federal Relief
Governments all over the world are introducing new economic measures just so they can help businesses that were hit from the coronavirus. Financial problems are impacting even some of the best teams in the NBA betting odds, which introduced a cut in salary as a measure during this financial crisis. There are many business sectors like the travel industry that are experiencing huge losses, which is why they need some federal relief to help them survive these times.
There are different measures in different countries, so you need to research that before applying to anything. There some helpful things like:
- An employer tax credit;
- Low or None-Interest federal disaster loans;
- Federal income tax deferment;
If your business has a tough time gathering funds to ensure all business processes go smoothly, try taking advantage of some of the Federal relief measures.
These are some of the things you should do in order to make sure you maintain business liquidity and survive these tough times.