It’s hard to put into words how severely the COVID-19 pandemic has affected the business community – and the fight remains far from over.
However, many lessons you might have learnt from steering your own business through past crises could hold you in good stead during this one. Here are some steps you could take to strengthen your company’s defences against pandemic-related threats.
Assess how to adjust your business model
You might be tempted to focus the bulk of your efforts on your company’s most obvious immediate problems. However, while this can sometimes be a sensible strategy, there remain other scenarios where you would best advised to step back and look at how your business is built as a whole.
Investopedia says this doing this would give you “an opportunity to better comprehend the size and scope of existing problems”.
Be careful not to discard your best workers
In an attempt to cut costs and make your business financially leaner for the continuing challenge posed by the pandemic, you might be considering dropping some workers from your team.
However, you should think carefully before you proceed with relinquishing any employees, lest you accidentally lose talent that would be hard to replace. Even if a particular worker is underperforming, it could be wiser for you to retrain them rather than let them go.
Downscale your office
Back in March 2020, the SMB (Small and Medium Business) Group surveyed over 500 businesses. Laurie McCabe, SMB’s cofounder and partner, said as quoted bySmall Business Trends: “In the survey, we asked employers where they hope to cut costs going forward, and 40% said cuts would be made in what’s called non-employee spending.”
This includes the overhead cost of maintaining the workplace. “If employees can work from home and be very productive, maybe you would be fine with a smaller office,” McCabe says.
Look for “small” issues that could actually be big ones
Every little helps– especially right now. So, it could pay off surprisingly well if you scrutinise your business for areas where it is slightly lacking but you could easily tighten up.
It could be something as simple as an outdated-looking logo on your company’s publicity materials – or perhaps you haven’t added to your company website’s blog for a while.
Avoid curbing the quality of your offerings
Whatever you do as you endeavour to financially streamline your business, make sure the quality of its products or services never takes a hit in the process. After all, preserving and improving this quality could make all the difference when you are trying to keep customers coming back again and again.
Invest in future-proof tech
Alas, while the world might currently be on the mend from the pandemic as the vaccine rollout continues, there’s no way to be certain when another, similar emergency could strike your business.
Hence, you should spend on tech that would help you through both the current crisis and future crises. Many businesses could benefit from, for example, versatile and cost-effective cloud phone systems by Gamma.