Companies face challenges on a daily basis. However, the pandemic has been one major crisis that has affected businesses around the world, regardless of their size. In most countries, governments have introduced lockdowns to prevent the spread of COVID-19. Therefore, institutions, businesses and places of worship were closed to protect people.
This had a significant impact on several companies, but managers had to find a way forward. That’s why some companies have been shut down completely, while others have been looking for measures that could help them survive the crises.
How to keep your business thriving despite the pandemic
Time has passed and it has been a few years since the pandemic struck. Unfortunately, the virus still affects businesses in a variety of ways today. Therefore, although lockdowns have been lifted in many countries, many entrepreneurs may still struggle to keep their businesses afloat.
If you are a manager or executive in your company, you may be looking for ways to ensure your company survives the pandemic. For this reason, this article provides some measures that can help your business thrive despite the crisis. These are:
1. Take advantage of digitization
Most companies that are doing well despite the pandemic have benefited greatly from digitization. That’s why you find companies that work online and their employees work from home. Therefore, it would help if you consider this strategy.
Today, customers have changed their preferences. Most may prefer online shopping or consultations to improve their safety and that of their loved ones. Therefore, if your business does not have a website, it is high time you consider having one. To ensure maximum customer engagement on your site, make sure it is customer friendly and easily accessible, even for people with disabilities.
It would also be good to consider working remotely. Most employees may be concerned about their safety, especially if your country is still on lockdown. But with remote work, your team can still work. Therefore, consider using digital tools, such as communication, time management, video conferencing, and storage programs. These can help you run your business and manage your remote workforce effectively.
2. Maximize Cyber Security
Going digital has its pros and cons. A huge risk for online-based businesses is cyber-attacks. These have increased since the pandemic as most businesses use the internet and digital tools to operate. That’s why hackers look for ways to modify, destroy and steal data. In addition, they can also disable and damage hardware or business programs.
So you need to protect your data, as well as the data of your customers and employees. Other than these, you also need to make sure that your hardware, programs, and networks are safe from cyber-attacks. Therefore, consider having an information technology (IT) expert on your team to ensure security.
Alternatively, you can outsource your IT department to a reliable support company near you. For example, if you are in Victoria, Australia, consider: IT support by Securelogic or other reputable companies around you.
With the help of such experts, you can avoid major risks that can significantly affect your business. Most of the time, the results of a cyber attack can be quite catastrophic. It can lead to decreased productivity if your programs or networks are down, which in turn affects your profitability. If your systems fail, customers can also shift to your competitors, impacting your revenue. In addition, if your customers know that their confidential data has been compromised, they may lose trust in you. As a result, it can seriously damage the brand image you have worked so hard on.
As you can see, IT experts can play a significant role in ensuring your business thrives during the pandemic, despite the proliferation of cyber-attacks. To understand how such professionals can help you, watch the video below or do further research on the Internet to learn more.
3. Be honest with your customers
It also helps if you are honest with your customers. The truth is that everyone has been affected by the pandemic in one way or another. So your customers can understand you if you’re going through a rough time.
However, it helps if you are transparent with them. So make sure you tell your customers what challenges you are going through and what you are doing to adapt. If there are products that you no longer offer or services that you have discontinued, be sure to explain why you made such decisions. Also be sure to offer them timelines when these goods may be available.
This can be very beneficial for your business. First, you reduce customer dissatisfaction and increase their confidence in your business. In addition, they can also stay with you so that you can maintain high customer loyalty during and after the pandemic.
4. Manage your current capital wisely
To survive the pandemic, you also need to be wise with the capital you have for your business. Therefore calculate how much you have and estimate how much you will need in the coming months. Then evaluate whether the money is enough to run your day-to-day processes over the next three or six months.
Also consider your current workforce. Is the money you have enough to support all of your employees or should you let some go? If this is the case, you should choose wisely. Consider keeping those whose output is much higher because they can be more productive and help your business survive the pandemic.
5. Be transparent with those you have a contract with
If you’ve signed contracts with suppliers, landlords, or sellers, be transparent with them as well. If you find it difficult to pay them, make sure you communicate this. Also give them an estimate of when their money will be available.
Most of them could understand you as they may also have been affected by the pandemic in different ways. Doing so can be beneficial to your business. You avoid misunderstandings and even lawsuits with such parties.
The pandemic has affected businesses around the world. Some entrepreneurs have to close their businesses completely, while others have devised strategies to help them survive the current crisis. If you are looking for such resources, this article lists some measures you can take.
As advised above, take advantage of digitization but ensure maximum cybersecurity. Also be honest with your customers, be sensible with the capital you now have and finally be transparent with the parties with whom you have a contract.
Samantha is head of content and political columnist for Best in Australia. Before joining Best in Au, she was a court and crime reporter at SM.