Many businesses face an uncertain future as a result of the coronavirus pandemic. Even businesses that could relocate their activities and services online temporarily have found it difficult to face the new challenges. Simple checks and activities that wouldn’t have been any cause for thought before the lockdown are now an insurmountable obstacle.
Can you offer next day delivery?
Can you help vulnerable clients assemble their products?
What are your staffed hours?
The list of processes that have been interrupted and discontinued during the pandemic is long. But for all businesses, the conclusion remains the same: You’re losing money. As the lockdown restriction and safety protocols are easing all around the world, companies need to be smart to recoup their losses without putting their brand, team, or customers at risk. You are walking a thin line to reduce losses and increase gains in the wake of a health crisis. Unfortunately, many companies can’t afford to postpone their business growth efforts any longer. If you don’t act now, you may have to shut down permanently. Here are some things you want to consider when planning off to bounce back in a post-crisis world.
Accept that there will be debts
Everybody has been affected by the pandemic. Businesses and consumers are both finding it hard to maintain their financial stability. In other words, as markets reopen, it doesn’t mean that there will be an immediate flux of money. Some of your most loyal clients may still need your services, but they will require sensible payment plans in a post-pandemic world. Businesses are urged to be reasonable when it comes to debt collection disputes and practices. Business litigation lawyers, Fleeson Gooing, warn against eager legal actions. As the economic situation remains unstable, it can be more beneficial for businesses to proceed with negotiated payment plans and fair negotiations. These could enable clients, B2B and B2C, to honor their debts while taking steps to avoid cost- and time-demanding disputes.
Upskill your staff to offer more
Your team may be ready to head back to the office, but it is unlikely that work can carry on as if nothing had happened. Businesses have to focus on strategies to reduce additional costs, such as outsourcing or contracting. Providing employee training to help strengthen skills and develop new services can fill a market gap. It’s also important to remember that needs have evolved in self-isolation. People who would have usually bought in-store are happy to use video calls for advice from a sales rep, for instance. Is your team trained to provide effective video call communication? Businesses need to identify the areas that would be the most relevant for their customers to maximize gains.
Additionally, upskilling your staff also helps keep talent in house, as individuals can move their careers forward. Many employees will be worried about going back to their workplace. Providing training that supports customers in self-isolation and remote work processes can also bring reassurance.
Don’t discontinue remote work
As mentioned above, your team may not be enthusiastic at the thought of coming back to the office. Many employees are worried about using public transport and coming in contact with the COVID-19 virus. Others are unsure that their workplace has taken the right approach to maintain their safety. In other words, your team could be reluctant to come back. Allowing your staff to carry on remote work after the pandemic can help maintain productivity. Indeed, almost 6 in 10 small business owners believe that remote work will carry on post COVID-19. It’s easy to understand why: The position provides safety and control to employees. Furthermore, employees have been the first to demonstrate they can be productive, effective, and available when they are not in the office. Discontinuing remote work arrangements could lead to uproar and high turnover rates.
Have you missed any funding options?
Many businesses can’t face the financial challenges of the pandemic. More often than not, there is support available that could help companies go through the worst. Let’s be clear about it: Nobody is going to profit during the health crisis. But, funding options that ensure the survival of many small companies that would, otherwise, not have made it through. Small businesses will be detrimental to rebuilding the economy. As such, it’s imperative they consider all the funding solutions for their predicament. Pioneers Post has created a list of funds available for worldwide, global south, Europe, and UK support. Even Facebook is offering cash grants to small businesses that are facing disruptions. It’s worth ensuring you haven’t missed any potential funding for your company. Every dollar counts!
Cut down on cost you can’t afford
Will businesses be able to open their doors and hit the road running after the pandemic? The answer is no. Many will need to make tough decisions to guarantee the survival of their brand. Letting go of some employees is likely to be necessary, even though no company wants to reduce the team. Sometimes, cutting down salaries, especially for the high-earning roles, could provide sufficient funds to maintain the whole teaù or most of the team onboard. Here again, it is going to be a tough discussion with the relevant employees. Not everyone is happy to work on lower pay. Finally, future investments that would have otherwise been part of the growth strategy could be temporarily paused.
Don’t take it on your customers
As tempting as it might be to increase your prices in an effort to make up for the losses, it is likely to backfire. Customers’ finances have been affected by the pandemic just as much as businesses have. Ideally, companies should approach their customers with compassionate measures, such as keeping prices as low as possible without losing money, relaxing return guidelines, and offering extensive remote support. It’s part of a smart exchange of wealth for the community economy. Helping customers help businesses is detrimental to rebuilding market stability in a post-pandemic world.
Will every business survive the pandemic? Figures suggest that many small companies are unlikely to recover from the crisis. Those that can reopen may not be profitable for another few years. However, while the process to bounce back after the COVID-19 disaster will be long, it is also the only way forward for global economies. Small businesses hold the key to rebuilding wealth in communities.
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