7 Effective Tips to Manage Your Business During COVID 19
The COVID pandemic has changed the way all of us use technology, work, and live. So, as the world is working towards adjusting itself to the new normal, the business owners too, have to change the way they are running and managing their business during the COVID 19 pandemic. When the pandemic began, all the countries and governments went into lockdown to slow the spread of the virus.
Due to this, there has been a sharp pullback in economic activity all over the world. This disruption would have long-lasting repercussions. With this situation, it has become important for companies to now operate in a different way adapting to the new way of living.
Managing Your Business During COVID 19
Here are some of the top effective tips for managing your business during the COVID pandemic:
Handle all that you can control
Given what is going on and the uncertainty that comes with it, the only way you can move ahead and continue managing your business during the COVID pandemic is by paying attention to the things that you can control. You can easily respond to the crisis in the following ways:
- Resetting the business plan, which also includes the earnings, spend assumptions, and growth.
- Conserving capital, and making sure that the spending is only on things that are important.
- Make sure that there is a positive cash flow in the business, which might involve trading off margin for credit.
- Focus more on customer retention by working on the quality of your services or products.
- Maintain a healthy balance sheet.
Transit into a new way of working
Although every business activity that needs physical interaction has suffered due to the pandemic, this situation has also opened new opportunities for a contactless world. A lot of workplaces and schools have begun using remote technologies during this time. Nonetheless, these technologies have been there for a long time but we haven’t made use of it as such until now.
With new ways now, it is important to incorporate these technologies into your business without looking back at the old ways. It is one of the best ways of managing your business during the COVID crisis and even after that. Your business would now have to work on respecting each other’s time by keeping short meetings, incentivizing the adoption of collaboration tools, being clear in communication, and using travel to strengthen relationships.
Ensure everyone has the needed equipment
If you have some members in your team who are not used to working remotely or do not have the needed equipment for it, then you need to help them. For instance, does the employee have a computer in their house they can use? If there is no computer, how will they get one? Whatever the needs, it is a good idea to have them ordered and delivered to the employee to help them work easily from the comfort of their home.
Keep checking in every day
At this time, meeting in person is not possible. So, how do you keep in touch and keep track of everyone? There are many inexpensive tools that can help you keep track of everything and in managing your business during this COVID crisis. Some of these tools include Samepage, Let’s Chat, Workplace by Facebook, Chanty, Google Hangouts, Slack, and Microsoft Teams.
Some of these tools are free while the rest cost a max of $10/month. And it is important to use them as you will always want to keep your team members in the loop about projects. Staying in touch like this is the best way and it would help you feel more connected.
Establish clear expectations from your team
A lot of you would be worried that the team might not be getting the tasks done while working remotely. However, as per a lot of research, remote workers are actually more productive. But for them to do this, they need to know what has to be done. This means that you need to give clear instructions and let them know your expectations about the deadline, and work hours.
For instance, if you want them to work from 9 to 5 every day, let them know. And if you want them to work at any time as per their convenience as far as the task is done, let them know that too. Moreover, if you need any application in managing your business during COVID and handling the tasks as well, then some of the best ones include Asana, Project Insight, KanbanFlow, Quire, and Trello.
Plan video meetings
Yes, important meetings are a must, but also give time for socializing. Schedule social meetings as well so that the remote employees do not feel lonely. And video meetings are the best way to get the team to interact with each other. Some of the best applications that you can use include WebEx, GoToMeeting, Zoom, and Skype. You can also schedule an important meeting and when the talk is over, the same meeting can be used to socialize as well.
Make use of social media
Social media is a great medium to get customers, communicate with them, and expand your reach. It also helps to keep everyone connected easily. Almost everyone has a social media account and being on all the social media platforms would just help you connect more with the people.
How can PoboxZone help you?
One thing is very clear; the pandemic is not going anywhere so soon and it has changed the way we live and socialize. With the new normal now, it has become important for us to adapt and adjust to the new ways. Using these tips you will be successful in managing your business during the COVID crisis. In fact, if you have a small business and a remote team, you do not need a traditional office anymore.
Instead, you can benefit from getting a virtual office instead. A virtual office offers you everything from a physical address, mail forwarding, and even office space when needed. Where can you get the virtual address service? Well, PoboxZone offers this service. Learn more here or contact us today!