COVID-19: How Do Small Medium Businesses ensure Business Continuity During this Time?
With the rapid outbreak of COVID-19, industries and companies across sectors have faced a major hit. The lockdown crisis brought a lot of sudden and unprecedented changes in the way we do business. If rightly said it’s a make-or-break period for Indian Small and Medium Businesses (SMBs). To minimize the damage to the business by such an occurrence, contingency planning has become a major consideration within businesses worldwide. While it’s impossible to have a plan, that fits all, however some few recommendations can help Businesses survive in these tough times too.
Here are some steps one should undertake in their recovery plan, to make their business more resilient.
1. Understand your finances correctly
Access to cash, remains one of the key crisis concern. One needs to boost liquidity and at the same time, avoid wasteful expenses. This is essential even for the companies, that are not adversely affected by the Covid crisis. Track the current cash flow and also forecast the future roadmap, tracking the worst-case scenarios too. After evaluating cash flow needs, it is essential to study the full ecosystem and develop appropriate actions, under various scenarios. Structure the plan, from ‘recovering to returning business operations’
2. The Touch of Technology
It’s essential to leverage the Tech Advantage to the Businesses. With workforce working remotely, ensuring Business continuity is essential. SMEs, SMBs need to take the digital leap and adopt several tools to keep business afloat. Adopt virtual connecting tools, productivity tools and business software’s, that shall help Businesses to function seamless. As per the nature of the business, chart unique strategies, to connect with the consumers, in the time of crisis.
3. Ensure Digital security
Working as per the ‘new normal’ raises one of the biggest concern – Data security. While ensuring WFH, Businesses should pay heed to both Technology and Security. The Right assistance of Cyber security tools for the BYOD devices & Mobile devices, remote back up strategy, storage solutions and right tools for communication is essential. Whether an SMB or a large enterprise, ensure Digital security, as not following the steps, shall put your company data at risk & cost big to the company.
4. Employee Productivity
The crisis situation could impact mental well-being most. This comes with no doubt, that employees have more disposable time, with the current work set up, however, this situation could be exhausting and make them less productive. To ensure better output, be for the employees even when you are distant. Stabilize the current office work culture, and prioritize employee well-being amid the disruption. Clear communication, with virtual connection, will fill the void, in the crisis situation.
Lastly, keep a close eye on several government developments, and announcements, and update your intelligence on daily basis. Keep a watchful eye for the new events unfolding, as its quite dynamic.
We have gone through 2008 recession, and several other economic crisis. If carefully handled and planned with a Survival Guide, there are several learnings even in the time of crisis.
