Changes in business operations to fight COVID 19
With the emergence of COVID 19, the country and almost the entire world have been faced with the most unprecedented times. Several countries are under a lockdown to contain the spread of this virus and India has also gone into a 21-day lockdown period. These measures are extremely important for the health and well-being of our communities but a direct hit of this can be seen across the small and medium businesses who have to either work remotely or completely shut operations given the circumstances.
Despite the government aids and measures, businesses are facing tremendous disruption within their establishments and are looking towards an unforeseen future. While these factors hinder the SME and MSME community the most, there can be certain steps that they can take in order to contain the damage and bounce back even stronger.
Understand your current financial position
The ongoing scenario is evolving at a rapid speed with new developments every single day. Given the lockdown, one thing that is most likely to get hit is the funds flow of your business. Hence, it is prudent to evaluate your expenses completely, what are the immediate and important ones, and which ones can be deferred. Gain control of the miscellaneous expenses and plan a way to contain them. Spend only on practical necessities that will help your business grow in the longer run.
Use technology wisely
One of the biggest change organizations have experienced is business operations being shifted to remote workforce, and many are experiencing this change for the first time. Most business owners consider this as a threat to the security of important business data as it will now be outside the secured corporate network. However, to ensure the safety and privacy of their business data, one must invest in technology wisely. Virtual connecting tools and business management software which assist in working remotely will assist you in sailing through this difficult wave with ease.
Connect with your customers virtually
If you are a service-based business, it will be good for you to connect with your customers virtually on a regular basis. This is the time when your customers need your support the most and might have any and all kind of queries. Ensuring that you are there with them in these difficult times will reinforce your relationship and will go a long way and prove beneficial.
Track the Government Regulations
During such times, it is essential to be aware of any change in the government policies/regulations announced to assist businesses and individuals. While the government cannot stop the financial damage from the pandemic, they are taking necessary measures across sectors and segments to restrain it and make a brisk bounce back in all probability. Recently the Finance Minister of India announced substantial measures like allowing late repayment of loans by the micro, small and medium enterprises to support the sector amid the coronavirus outbreak. So, you need to watch out for such policies, evaluate how it can be beneficial to your business, learn about the procedures to avail these measures and plan to take corrective measures for your growth as soon as the pandemic subsides.
Take care of your Employees
With the innumerable challenges businesses are facing, usually the first hit to take are the employees with their salary cuts and layoffs. While these are unprecedented times and it might look difficult to carry on with the staff in its current capacity, think and rethink several times before making any decision of such kind. Remember it is these people who helped you take your business to its current position and this is the time they need your support.
COVID-19 has built a situation of uncertainty surrounding the Industry. So, make some smart and rational financial decisions and focus on what's really important for your business. Also, utilize this time by investing in your health and up-skilling. Remember, the only way to survive this is to Address, Adapt and Amend.
