5 Essentials for Businesses to Survive During Covid-19
Over the past few months, COVID-19 has disturbed the life in so many countries, both on personal and professional grounds. This pandemic has called negative effects of high level that forced almost everybody to take precautions for their survival. Observing its emergence and pitfalls, lockdown and social distancing are making a path in turning the situation.
Since, the financial health of businesses has been shaken due to certain conditions imposed by the government. Whether it is a software development company or pharmaceutical organization, every business is rolling up their sleeves and modifying the strategies to cope up the situation. Customarily, closures, reduced working hours and employee turnover has been observed by so many companies.
In the long term, businesses need to navigate certain aspects to fight the financial crisis caused by coronavirus. This is no different to concentrate on those aspects that could be controlled. Apparent disruption and prospective undesirable outcomes have generated a need to make decisions for survival, and this investment will be the reason for moving the needle forward.
Here we come up with certain measures that should be implemented by businesses for their survival in COVID-19.
1- Make Forecasts of Cash Flow
It is the time when you need to make everything clear about your cash flows. It does not seem nice with entire packs of wolves at the door. You need to document about salaries, rent, tax and supplier payments, when to be paid. That’s the moment you have to act in the best of your interests.
The cash flow hellscape has entered a new land. Usually you can look ahead and go but taking extra caution in expenditures is the need of the hour. Even cut-down on salaries can also make the situation handy.
2- Revised Terms & Conditions
Your novel duty should be the revision of clauses in company’s terms and conditions. Though it is a bit awkward, contemporary situations demand that. It will help you in getting rid of many unpleasant situations in the future.
Not that we are all about black-and-white implementation of contracts; even our firmest consultations are done by talking like sensible people. But in times like these you need a place to start that discussion.
3- Plan Tax Payments
Do yourself a favor and call the tax office. Have a word with them in an honest way about the monetary condition of your business. Negotiate for a payment plan. This will certainly bring you an opportunity to make things clear on different verticals. Ask for more time as it is the right time. They might be expecting your call.
4- Laying Off Staff
If you have no profits and no prospect of any returns, you have to consider the situation in a realistic way. No matter what you consider your workforce a great asset, you could reduce the number of people. It sounds disturbing, but altering the strategy could also bring positive results.
You can mold the working schedule by making people work in different shifts. This will eventually lead to a better consequence when no one will lose the job.
5- Work From Home Model
Making a strategy is indispensable, ensuring your business is prepared for any change that is imposed by the Government. It must be your prime responsibility if you are running an office-based business to make your workers aware of the ongoing policies. Switch to virtual setup and keep your teams well-connected through secure cloud-based communication and team management tools while working remotely.
Moreover, provide them all necessary resources like gadgets and laptops as they work virtually for you – it’s important for smooth business operations. Communicate your plans with the clients and employees, share with them your future strategies which they may need to follow.
We at ArhamSoft (Pvt.) Ltd. have adopted the possible precautionary measures to brawl with Covid-19 pandemic. We have implemented the Work From Home Model immediately after coronavirus outbreak and till date we are providing all the vital support they need so that they serve the clients without trouble. We are working our best to devise effective possible strategies to deal with employees, clients and other stakeholders in the best manner. In this turbulent time, we strive to deliver the best possible services.