7 THINGS TO DO WHEN YOUR BUSINESS GETS IMPACTED BY COVID-19

admin April 20, 2020 0 Comments

The pandemic of Coronavirus or COVID-19 has affected the world economy to a considerable extend. The wrath of the virus has led to temporary closure of majority of the industries and stores. Even though essential products are sold, they face hindrance as well. With the fall of economy, every single business is facing a havoc loss. Its almost like the world has come to a halt.
But you can’t just give up on your business because this. Every small or big organization is looking or solutions to keep their companies from falling apart.

7 things to do when your business has been COVID-19 affected:

Few tips in these situations may help your business to survive for the future. The business owners need to take initiative and follow the 7 important things in order for their business to make it through the hard times –

Safeguarding the facility from becoming a transmission vector location:

Consider the safety of your customers and staffs first and take strong action related safeguarding the office environment. It is understandable that the closure is temporary and even if the stores are open, they are operating in low worker strength.
If you have an open store or working plant, you can start by sanitization work.
Screen employees and customers at entrance.
Provide them with sanitizers to clean their hands.
Avoid handshakes
Mandate the use of masks for the workers.
Try maintaining a minimum distance of 2 meters between 2 employees working side by side.
Reduce the working strength and let some employees work from home.

Spread customer awareness:

Its time to spread awareness and not panic by properly educating your clients. Update them with the changes you have brought upon with the store guidelines, shopping hours etc. It’s very important to educate them with the information that these are temporary decisions taken in their favor only.
Keep in touch with your customers on a regular basis to avoid spreading any fear.

Staff Communication:

Considering all the news spreading over social media and other media channels it becomes difficult for everyone to be sure of the actual facts and figures. As an employer, take the ownership to make your employees aware of the practices that are best for their health.
Stay updated with the current scenario and protection plans by the Government and spread the news accordingly.
As a leader, its your responsibility to avoid FUD, or simply Fear, Uncertainty and Doubt. Don’t be confused. Its time to discuss the matters with your management team and come up with ideas and solutions.
Talking to your managers alone might not get you the correct resolution. Its time to communicate with every employee and consider all their ideas on development of business. Taking opinion is a good way to keep them motivated. Also, an amalgamation of ideas might help you get the resolution you are looking for.

Plan changes and be prepared:

There are so many “if” s in the current scenario. No one has a clue when the entire storm of pandemic will be over. In days of such uncertainty it is best to be prepared. Assume the changes possible and the ones that can affect you the worst.
Knowing your possible changes and discussing about them helps people understand the situation better. In case there is possibility of freezing salaries because of loss in revenue, the employees will be prepared to handle the situation instead of reacting.

Seek assistance from suppliers and vendors:

In hard times like this, you might consider enlisting your suppliers and vendors for their minor contribution in assistance. You can renegotiate certain terms for payments or try for a better price. You might not seek any assistance with delayed payment approvals. You might seek additional service at predetermined cost.

Manage the cash flow:

Managing your funds well is very essential to ensure you don’t loose money unnecessarily. Try arranging for credit options wherever possible. Increasing the credit payment limit is definitely some to ask for from your loaning companies.
You can also try to liquidate some reserves to have them as cash floating in hand for times of necessity.

Seize opportunity:

You can’t get disheartened and stop looking for business opportunities. Check if there are opportunities where you might be able to crack a deal with promotional activities. Develop your products more. Brainstorm for new ideas of promotion such that clients get attracted. Seize every opportunity you come across.

The main deal with the COVID-19 handling is to be calm and staying focused. Stay strong, plan with your employees and get solutions to improved business situations.

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