The world is facing the toughest time fighting the disease with an unknown fear.
There is no doubt that the current pandemic - COVID 19 will surely have long-lasting effects on the economy all over the world.
With business shut, and stocks crashing we can easily anticipate that it will take a lot of time to recover from the current ongoing situation.
Even if the situation comes in control, we still need a long time for economies all across the globe to get back to stability.
We are all sailing in this together, so the ideal way to deal with this situation and keep things going is to start preparing in advance so that when all this ends we are completely ready to bounce back.
With an unexpected pandemic and a nationwide lockdown, no matter how established businesses are, all of them are experiencing major impacts.
Businesses are re-looking at ways and means to manage and keep them operational. They are even re-looking on their business plans to make things effective.
In these tough times, it is very important for individuals, communities, businesses to stand united and help one another in whatever way possible.
With great uncertainty globally and less revenue being churned out, the time is highly challenging for most businesses.
And the worst part is, startups and medium enterprises are the ones which are worst hit.
Lockdown will have a key impact on the economy, as all businesses are generating low revenues.
So, what could be done to keep things moving which can help us bounce back immediately when this situation ends?
Startups, entrepreneurs, and medium enterprises can plan and be mindful of the following aspects to reduce risks and to survive the slowdown.
Before that it is important to understand the gravity of the situation and turning it favorable for the business is all that is critical right now to sail through these tough times.
Here are a few tips which might be helpful post-pandemic is over:
Keep communication transparent with both your clients and employees.
Communicating will help understand current as well as your future expectations from them.
Accordingly, you can align your resources.
It is important to keep the team engaged during the current crisis.
Keep them involved and update them regularly about your expectations and ongoing list of activities.
Team meetings related to work can be conducted through Video conferencing and work can be assigned to keep things going.
Interacting with them on an ongoing basis will help you keep track of their ongoing tasks with realistic timelines.
They can be advised to learn or enhance new skills that can be incorporated in any of the future projects.
For example- Teams, where designers are involved, can be advised to work on templates that can be utilized for projects in the near future.
Likewise, developers can work on new functionalities for web or mobile apps for effective time utilization.
Planning financially is of utmost importance for businesses with proper analysis of their fixed and variable expenses in comparison to their actual revenues.
This will offer a clear picture of where a company stands financially and can help the owners to plan ahead.
Also since the market is changing very frequently, it is imperative to reconsider the business models.
Since no one has a clear idea when all this is going to end, it is important to be prepared for all scenarios.
If we consider plans for a quarter, then planning variable expenditures like online marketing, promotions can help.
However, if it continues for another quarter, entrepreneurs will have to reconfigure their business strategy to reduce the variable expenses, renegotiate fixed expenses which can include salaries, rent, equipment, and much more.
Analyze if you can reduce marketing costs for a limited period of time.
You can also advise your clients to lower down the marketing costs instead of stopping it completely.
These are some of the few ways which one can implement during these tough times.
Sitting idle and worrying about the future won't help anyone.
Instead motivate your teams, keep them in confidence about your support, and encourage them to participate in tasks /activities as a whole so that you all are in a position to deliver the best.
One day, the COVID-19 pandemic will end.
And businesses that have planned in advance during the tough times will be the ones who will move at a faster pace.
Like all the difficult and tough situations, this time shall pass soon.
More important is to offer strength and commitment to each other in whatever way it is possible.
Stay safe and stay healthy. And remember some of the best in life is achieved while facing difficult and trying times.
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