Business resilience determines its success in the ever-increasing volatility of the business environment. Currently, the world is faced with the COVID-19 pandemic that has left 230,104 people dead.
Coronavirus crisis has changed social behavior, causing an extreme economic crisis that has affected small businesses significantly. Here are some measures to make your business resilient in a time of crisis.
Implement a Remote Work Policy
An ideal remote work policy should encompass effective online communication. It should have a clear guide on how to communicate and when you expect the employees to be online. It is imperative that you reduce movement and travels to curb the spread of coronavirus. If you have any conferences, seminars, and meetings scheduled in the near future, consider holding them virtually.
Luckily, the internet is awash with excellent tools such as Zoom and Google Meet that support video communication. Make use of video calls and video conferencing to get in touch with employees. Meetings and travel make your staff susceptible to coronavirus. The disease is not only a liability to your business but also reduces staff morale. Eventually, you may be faced with many sick leave requests.
Establish Online Sales Strategy
In a time of crisis, it is prudent to change your sales methods to avoid incurring huge losses. Use the power of social media to land new leads and keep your employees earning. Social media and email marketing are a great starting point. In a bid to contain the spread of COVID-19, states have put social distancing measures that have confined many people in their homes. Most buyers have resorted to making purchases online. Engaging potential customers virtually will boost your online sales significantly.
Have a Recovery Plan
The ripple effects of COVID-19 will be with us years after the crisis is long gone. You therefore need a long-term plan to mitigate the impact of coronavirus on your business. Liaise with business partners, investors, and suppliers to come up with measures of cutting down losses. Your contingency plan should include ways of dealing with staff shortage. Remember to put people first, create a communication plan that keeps employees updated and prioritize on crucial business functions.
Sailing Through a Crisis with a Plan
The COVID-19 crisis is still developing. Business owners are perplexed on how to keep their companies going. When faced with a crisis like COVID-19, your top priority should be employees’ protection, customer support, and risk mitigation. As a savvy small business owner, you need to prepare for recovery and build resilience. This calls for a plan that includes measures such as a shift to online sales. Ultimately you’ll be in a position to pounce at opportunities that arise from adversity.