Many companies especially the small ones have been hardly struck by the COVID 19 Crisis. We have reached the 2nd quarter of the year, yet the infected cases have been commonly increasing and spreading around the world. All of us have been suffering from this global pandemic and it has become a huge challenge for all human raise. Since the vaccine has not been formulated, all of us must cope up and must go on with our daily lives.
Not only the public health is affected but also our economy. The economy could be worsened if the pandemic stretches for another month or two or worst, into the long term. This is the time for business owners to start working even harder and reevaluate their Business Plans and shift their plans into new normal settings.
Here is some advice that business owners may apply in shifting their plans into a new normal setting:
1. Adapt current market evolution
Adapting or understanding the current market situation is going to be hard. But you may use this as an advantage over your competition. Learning customers’ or clients’ behavior is one of the best strategies needs to be applied during this pandemic. People now are becoming more active online as the government promotes and mandate its jurisdiction to stay at home. And as business owners, we must align our business with the new trend. We have to be more active online and reconnect with our clients. Maximize the time to be more socially active online.
2. Manage your employees and keep them engaged.
During the crisis, many companies think that the last resort they could do to save the company is to consider layoffs. But smart companies keep their employees and optimize their skills and talents.
It is vital to know the strengths and weaknesses of your staff to utilize them and maximize what they can offer during the crisis. It is a team effort and a company cannot run without its workforce. Consider your employees as an asset and they will be at their best and realize that they are appreciated, engaged, and acknowledged.
3. Manage your cash flow and expenditures
Peter Moore once said, “don’t live beyond your means”. This might be old but still gold.
It is a piece of very practical advice to everyone to not spend if you still cannot afford it. This quote helps you on how to manage and increase your cashflows and minimize your expenditures. Forecast your cash flow for the next three months. Try to delay your expenditures. Communicate with your suppliers, request if you can hold or stretch out the payment for the next few months. Be respectful and professional when it comes to collecting payment. The goal is to convince your clients to pay you at least 25% of your services rendered. Understand that your clients’ business struggles too.