5 Factors to Manage Your Business During the Covid-19 Pandemic

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5-Factors-to-Manage-Your-Business-During-the-Covid-19-Pandemic

Every minute, there has been a new message or news spreading across every single human being. Covid-19 – Coronavirus disease – has been ruining our life and business standards. Our government and companies have organized many successful initiatives in order to overcome this pandemic situation.

We are stranded in our house without knowing what to do? Tens and hundreds of questions ruining the peace of our mind. The first and foremost question that pops our mind is the economy rate, neither it may be the economic rate of the individual nor the company or the entire country’s economic rate. 

How to manage a business effectively during situations such as the covid-19 pandemic?

In accordance with the Centers for Disease Control and Prevention, CDC, the following are some of the key points and tips through which business people can mitigate their risks, protect employees, and support their customers during this Covid-19 pandemic situation.

  • Establishing Work From Home options & Reduce meetings and travel

It is advised to establish a remote work option which directly reduces the meetings and travel requirements. Also, there are n numbers of free tools which can be utilized by the business owners and employees to stay connected and organize their meetings even if they aren’t in the same workplace.

Schedule a work plan and policy which covers all the details and information regarding the team and project management, how to communicate, mediums for deliverables, and individual responsibility towards a better achievement.

  • Flexibility and Transparency with your employees and customers

While facing these crisis situations, it is substantial to be flexible. Schools, offices, businesses, comercial stores, etc., all are closed or operated remotely. There may be any emergency situations that can affect the planned schedule of the employee. It is suggested to act accordingly. It can delay the deliverables but it increases the employee relationship multiple times since he/she feels more valued working for the business.

The situation is temporary. Every single person is affected. It is suggested to be completely transparent with your customers about the project level and its respective deliverables. Improper communication can lead to reduced business credibility and trust among the customers. Also, be transparent with your employees. Explain them the business plans, insights about the schedules, flexibility, and other factors that carves the business continuity plan.

  • Hygienic precautions

It is mandatory to stay hygienic and healthy in both physical and mental state. Follow the following steps to stop the spread of the coronavirus outbreak suggested by the CDC.

  • Social distancing
  • Wash your hands properly using sanitizers
  • Avoid direct contact with your eyes, face, and mouth.
  • Clean the surfaces and objects which you have direct contact with.
  • Online sales strategy & consider business interruption insurance

As we are in the verge of the digital era, it is suggested to strategize your business online through the internet as your medium. In fact, online business at the earliest can grow your sales to the next level. 

Harvard Business Review stated that the sales in Wuhan where the first coronavirus outbreak initiated, achieved over 200% growth compared to the prior year’s sales.

Make use of online business tools to build your business and social media platforms to promote your business. Business Interruption Insurance is one of the important factors in this situation. When your business goes through a significant loss as a result of shutting down from the pandemic, business interruption insurance plays a pivotal role.

  • Long Term Planning

The Economic rate of certain countries such as China has already started to recover from this devastating state. But still, a large part of this world is still frustrated with the effects of coronavirus outbreak

“27% of businesses expect the coronavirus to have a moderate to high impact on their revenue. Another 30% expect the virus to have a moderate to high impact on their supply chain.”

Ref: SmallBizTrends

Go with the business continuity plan until the situation is under control. It is advised to stay home, stay safe, and stay informed about the covid-19 updates from official channels such as WHO. 

Quarantine and self-isolation is the first and foremost step to control this contagious situation. Stay home and Stay positive. Let’s break the chain by isolating ourselves and take preventive measures to safeguard our human well-being. 

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