Business continuity in times of COVID -19
Sooner or later our economy will need to return even if not 100%. There will be businesses that will be suffer but there will also be new businesses that will born. In this time of quarantine let us discuss opportunities you can do for your business continuity.
Start with monitoring your current organization, make sure all the team members are safe and okay. Employees will be asking support from employers and it is important to keep an open communication between the two parties. Provide a safe environment for your employees and customers. What is important right now is the sense of safety creating a transaction with your company. The most important thing right now isn’t profit, it’s our health, both physical and emotional health.
We found a few examples of how traditional business is starting to adapt digital. A few tutorial centers are now exploring online video tutorials, there is no more excuses with the availability of zoom, skype, viber and messenger. Home cooking is now being converted to cloud kitchens. No need for complicated website setup or an api payment integration, just straight forward online transfer. So imagine if we are to build these ideas into platforms where we can democratize small business without the technical concerns.
Cashflow is king
Everyone is affected by the Covid-19 crisis right now whether big or small company. As part of every business, the company’s financials will always plat a vital role running the business. Make sure you have enough cashflow to operate, if you are already running low then do what is necessary to keep the company afloat. As a business owner, you need to be creative at this time, look for assets that you may be able to convert to cash if necessary.
Pivot if necessary
Business today is not what It used to be, demands are changing fast. Making a pivot for your business does not mean creating a new business, but making a new business model. We have started to see apparels manufacturers now starting to produce face mask as there is great demand right now. There is opportunity in every crisis; we need to strategically pivot business models to met evolving consumer needs.
These are challenging times and there is really no handbook made for this type of situations. What everyone needs to do is adapt to the “new normal”. We will never know until when this pandemic will affect us, that is why we should always be prepared.
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