4 WAYS TO SAFEGUARD YOUR BUSINESS DURING THE CHAOS OF CORONAVIRUS
The one who bears the loss can understand the pain. Corona came as a perfect mirror image of devastation. It has made everything difficult and in fact, impossible. Businesses are in a fix and facing their worst times that never happened in history.
Normalcy is a forgotten situation now, and the human civilisation is going through a change that may exist for decades.
The life is trying to make a comeback with maybe many restrictions but at least get into action. But revival demands its cost. However, with the desire of getting back into the market, businesses want to dare to face the challenge. If they get specific suggestions on how to cope with the situations, ease may happen. Are you also sailing in the same boat? Then some help available here can be of use.
Here are some ways relatable to the well-being of your business during coronavirus –
Make a PLAN to keep work unhindered
In this challenging time, only those business can survive that can continue operations. Maybe they are not able to do a 100% business, but something is always better than nothing. Even if 40% of work is in action, you should go for it.
Construct an action plan on what can be done to continue the business.
- Create a work from home strategy because the physical presence of all the employees is restricted for an uncertain period.
- Call the minimum number of staff to ensure safety while following the rules.
- If required, provide accommodation to the employees to stay near workplace until things get normal.
- Arrange a cab or bus to receive the specified number of employees to the workplace.
- Keep the necessary medical facilities in access to ensure the safety of those at work.
According to the type of your business, you can add more points, but the concern should be one. Keep working even if it is not sufficient to earn a profit. At least you can stay in the market.
Check for force majeure clause in the existing contracts/obligations
Oh certainly, it is among the essential things that you should look for. Financial and ethical commitments surround every business. They are supposed to complete them without any failure. But few things are out of control. Sometimes situations happen unpredictably, and you cannot stop them.
A force majeure prevents you from the obligations and duties in case of an unpredictable incident like flood, accident etc. The corona pandemic is the current reason for you to implement your rights through the clause of force majeure.
Example – You were supposed to send the stock of products to the client, but due to lockdown you could not. In that case, if your agreement has the clause of force majeure, your business will not bear any penalty.
Read all your agreements and contracts to check if they have the clause or not. Those that contain it can bring a sudden relief to you.
Design a performance monitoring strategy
One of the most chaotic issues that are taking shape for the businesses is how to monitor the performance of their employees. Those who are working from home and those who are few in numbers but on fieldwork are sometimes out of the reach.
Due to the absence of any parameter of performance measurement, employers have no idea of the level of productivity. You need to have a strategy for that otherwise you will be paying salaried without any actual work in exchange from employees.
- Play with numbers. Assign a certain number of tasks every day. For example – communicate to your employees that they need to submit at least 4 projects in a day.
- Give time-based tasks. The performance also drops when you have more than the required time for work. The laziness gradually overpowers mind and delay happens. Also, it kills the zeal for work. Get online, assign work, and give a set time limit, when it is over ask for the submissions.
- Keep asking related questions. Asking things related to work gives you an idea if the employees are working or not. If they are, then they will be able to answer whatever you are asking.
Get deep into financial management
Money is the first need for every business, as it cannot run on emotions like personal relationships. With already squeezing profit margins, it has become vital to the companies to tackle the available money efficiently.
You need to work on the following measures –
- Product only the required quantity of stock
- Do not manufacture until you get a final and formal order
- If some of your employees are coming to office, sanitize the place otherwise hefty penalty may cause
- Retain the productive employees with deduction of a certain amount of salary
- If you are a commercial mortgage holder, apply for a mortgage payment holiday. Your mortgage broker online in the UK can help you solve this purpose.
- Close the unnecessary operations such as – if the business can manage through work from home for some time, then stop sending the staff in the field.
Your way of money management depends on your fund business type.
The above points are close to the day-to-day realities of the businesses. They reflect the challenges that the business owners are facing. In the race to get back the lost control of the things, such suggestions may help a lot. It is always wise to have an insight into the practical solutions of problems, especially those that are ubiquitous.
Currently, businesses are in a fix, and they are not competitors exactly as all are under the effect of big chaos. Use more online tools to work and try all possible cost-effective methods that make things lighter on expenses.
Nothing stays for long. This tough time has to pass. The best possible thing is to try your best and leave the rest. However, honest efforts always get a good response from destiny.