Accept the Change:
It is certain that the world has seen a sudden drastic change in various aspects due to the COVID-19 pandemic. There is no doubt that this has created a stressful atmosphere, especially for business owners due to the rapid downfall of the economy and the need to figure things out in a very limited timeframe.
Dreading the situation is unavoidable, but it is also important to accept and adapt to the change quickly in order to sustain. There is no particular solution to deal with this situation, but there are options and a business owner must choose the best possible one. While factoring in the law of the land and the various SOPs to be followed in order to avoid the disease, one should know and implement the best possible way of taking forward a business.
An Analysis of Demand and Supply:
When the pandemic first hit the world, most businesses had to undergo a huge change in the demand and supply of their product or service. Before the lockdown came into play, people went haywire trying to stock things up just to rest assured that they wouldn’t have to face a lack of any extremely necessary item. Basic necessities such as food with long shelf lives, toilet rolls and hand sanitizers saw a huge demand and were wiped out of every store in a matter of a few days. However, the pandemic took a toll on leisure products/ services such as bars, pubs, restaurants, furniture stores, etc.
Even though these businesses unfortunately saw a drastic reduction in demand, it doesn’t mean that they’re over and done with. Yes, one may not have a sale amounting to figures that one used to witness before the pandemic struck, but there will still be some degree of demand since while taking every possible precaution, people are still trying to lead what they’d call a “normal life” nowadays, which includes leisure for mental health.
In times of crisis like these, it is important to analyse the demand and supply of what your business has to offer, in order to avoid offering an excess and vice versa. If this is your time to shine, then why not offer more and if you’re facing adversity, then it’s okay to take a step back for a while and avoid going into total loss.
Go “Contact-Less”:
There is no denying that social distancing is the new normal. That being said, it’s time to execute the idea in our day to day lives, including in our business; if working from home is not an option. From seating people at a minimum of 10 feet apart from each other to going cashless, it’s all part of the game.
This is the right time to make use of money exchanging apps, restricting employees from ordering meals from outside and encouraging them to bring food from home, avoiding holding meetings in rooms that have little space to offer, etc.
Remote Working:
The biggest companies in the world have understood the depth of the pandemic which is why they have straight away announced a 1-year remote working period for their employees. It’s a good time to make use of our technological advancement and encourage employees to work remotely. Meetings can be hosted on one among the innumerable portals that offer group video calls and a daily update of reports can be encouraged in order to ensure the smooth functioning of your business.
The pandemic has undeniably caused a lot of difficulty to a lot of business owners, founders and partners, however it is times like these that help change ways and in order to continue running, the best thing to do is accept it and work around it. Sure, there will be certain challenges and unexpected circumstances that we may come across during this journey of change, but we should make “adapt to survive” our mantra and move forward.