Do you run a physical business and you are concerned about business sustainability due to stricter labor regulations in an attempt to contain this pandemic? Here are nine (9) ways you can stay in business:
1. Review your business processes and departments
Coronavirus has certainly brought about the need for enterprises to review their business processes and roles. It has posted a blessing in disguise that is making business realize better ways of doing business that doesn’t require excessive human interactions and meetings; while in other cases it has revealed the need to retool certain departments and automate certain business processes; which may hold even long after the virus is gone. So for your business to continue to survive and thrive it’s important to review areas of your business that may become more efficient and effective through automation and remote work options for those working in those roles. Retooling processes such as ordering, accounting, sales, marketing, performance management and team communication is essential to create a work environment that considers the future of work. Similarly better policies regarding human resources, productivity measures among others are needed to improve collaboration, productivity and adaptivity to threats poised by pandemic such as coronavirus.
2. Review your inventory and online ordering system and improve the effectiveness
Create a new or improve effectiveness of your existing online inventory and ordering system to allow customer place orders remotely: You do not have to compel your customers to physically come and buy your products, give them the option to purchase online and get delivery at a small fee. The ability to adapt to changes is essential to your business survival. If you are a product-based business create an online inventory restaurant, boutiques, grocery stores, hospital consultation and checkups
3. Create a new or improve existing online service portal: If you are a service-based provider, like a bank, insurance agent, consultant, auditor, accountant,
Intensify your delivery services by partnering with on the call service providers: do you have a limited number of delivery vehicles which is not enough to cater for the increased remote demand for your products? You don’t need more vehicles, you simply need to reach out to dedicated delivery service providers and partner up with them. The process is simple and takes less than a day typically to complete. So don’t let it stop you from serving more online customers.
4. Enforce the observation stricter hygienic and precautionary measures to ensure safety and compliance
Customers want to know your business environment is safe and secured: everyone is paying close attention to ensure the products or service they are having access to is safe for consumption or utilization. So if your business is open to the public at this time, take the extra effort of enhancing handwashing, sanitation, sterilization and disinfection procedures more often than usual. Also ensure your staff has access to appropriate gear like a disposable face mask, hand gloves and that they observe the strict hygienic practices in the product or service delivery.
5. Intensify your digital communications and marketing efforts
Image Source: Remote.co
As more and more people are working from home and observing the precautionary social distancing/isolation; they are turning only to look for products and remote services providers. Reduce the spread of the virus.
6. Relief from duty with compensation your elderly, medically prone and other staff who are at a high risk of getting sick
We have all heard the statistic of death that has occurred from the #COVID19 people over the age of 50 with medical conditions such as diabetes, heart. For your staff members who remain at the site, provide them access to vitamins, fruits, immune booster shots if possible and encourage them to stay home and call the Covid19 emergency helpline should they experience any symptoms of the disease.
7. Offer service credits options or other forms of flexible refund policy to your customers
People and businesses alike are losing money with the pandemic; the travel and in-service industry are mostly affected. Businesses can reduce their losses by offering a flexible cancellation and refund policy to enable customers to still purchase their product or services without a worry of losing their money. Also offering service credit at a future date in lieu of cash refund could help keep you in business and your customers also happy. Win WIn!
9. Call your lender to reduce your interest rate and review your repayment terms: wherever your source of business finance is, it’s about time to call them up and negotiate repayment terms or revise downwards your interest rate on the loan. Consult your financial advisor for further guidance.
Last but not the least, we said nine but we will give you ten; Uplift and encourage the spirit of faith, positivity, teamwork and togetherness among your team. More than ever before we need to choose faith over fear.
Are you a business owner or leader? Has the coronavirus affected part of your operations and revenue streams? What measures are you taking to survive this storm and thrive beyond it? What would you add to this list?
Please share this article with anyone whom you know it will add value to; we need to keep that money coming in; the economy needs it; our staff need their jobs; we need their services; our families need it too!