Reset Your Business In The Wake Of Coronavirus
The outbreak of Coronavirus – begun at the end of 2019 and declared a pandemic on 11 March 2020 – still seems impossible to contain. The highly contagious COVID-19 is quickly spreading all over the world, causing widespread disruption in economic activities, with an increasing financial crisis still to come.
The coronavirus disaster is likely to hit businesses of all types and sizes, from the retail and service industry to food and beverage stores.
As it moves from country to country and city to city, business owners must think of ways to help limit the spread of the deadly disease while also keeping up with their businesses.
Here are some of the measures taken by some of the business owners around the world and the results we see are positive.
As a precautionary measure, several organizations have asked their employees to work from home to curtail the spread of coronavirus.
The truth is some businesses will find this easier to strategize this than others, but you can not step back and watch Corona take everything. There are still plenty of ways of letting your staff work from home.
Flexible working hours will require each employee to have their equipment needs fulfilled so they can act according to the role they have in the company.
Organizations’ requirements might differ from one another but in the majority of cases, they’ll need a company laptop or iPad/tablet that will allow them to access whatever portals, software, and apps they need to work.
Since there won’t be any physical presence in the office, online meetings will need to be the new norm, which gets pretty simple when you have conferencing tools like Zoom, Google Meet or Skype at your fingertips.
KPI monitoring is an issue that keeps many business owners from offering flexible working to their employees – there is no way you can establish any rule or examine that they’re doing something they’re supposed to be doing!
Hopefully, you’ve hired a reliable staff that you can trust to do their job without constant supervision. There is a partial way out even if this isn’t the case, you can always set your staff daily, weekly or monthly targets that they need to achieve. Asana can be a good example.
Stress, Liquidity and a Contingency Plan
Defining each and every scenario can be a difficult task, but organizations are recommended to identify trigger variables that have higher chances of influencing revenue and cost. These variables can then be applied to the already established cases to analyze and model cash flow, profit and loss, and balance sheets.
Contingency plans can then be designed for varying outcomes, such as portfolio optimization through diversified investments, cost reduction, etc.
Diversify Your Supply Chain
Businesses all over the globe are tracking the situation cautiously as it may result in a supply-chain down-fall, with many global suppliers falling behind in an attempt to repel the outbreak.
If, unfortunately, this has already happened to your business, look for local suppliers that you can count on and can source products from.
There are high chances that they will consume all your money, which in-return will eat into your margins, but it’s advisable to have some profit over none whatsoever!
Businesses are experiencing a hard time as many countries are put under lockdown. In this situation, the most ideal approach is to keep on going by whatever means you have. Oscar is always there to help you set up. Continue your business with Oscar’s point of sale system now.