Due to the COVID-19 pandemic, the global market is left counting costs and seeking recovery measures from left and right. To stay afloat while the world changes, businesses of all shapes and sizes are scrambling to reframe their business model and adapt to the situation at hand. This is the new normal, as it has been collectively and repeatedly mentioned over the past couple of months.
Unfortunately, this is only the beginning. Even when we slowly ease our way to normalcy, the impact of this crisis will cause waves of entrepreneurial challenges, and it will take years before the global economy can bounce back again.
This leaves business owners with one question – what can you do to keep your business afloat through the pandemic? And even when it’s over. Here are few ideas to keep in mind as you create your COVID-19 game plan.
Take a hard look at your expenses.
In terms of operating in the time of COVID-19, the key is to maintain presence and quality without stretching your financial capacity too thin. Use this crisis as a catalyst to reframe your business model and cash management – review your business expenditures and reduce spending on non-essential costs. Curtailing avoidable expenses will stop the bleeding and allow your business to prepare for the post-pandemic rebound. It’s important to be brutally honest with your forecast – now is not the time for false, misplaced positivity.
Seek inspiration from your competition.
A lot of businesses were hit pretty hard by this pandemic – but not all. Some companies have seen a soaring growth and continue to flourish, even with the global lockdown in place. It’s always worth looking at your competition’s best practices and learn what they’re doing differently. Seek inspiration from companies that are surviving this storm better than others. And perhaps, identify which strategies to adapt or optimize – depending on your industry, size, or market profile.
Adapt to remote work operations.
As the world changes, we welcome a workforce revolution where production is digital. In fact, many companies see this shift as more of a permanent change – remote work is here to stay. According to a survey conducted by Gartner, Inc., 74% of companies plan to permanently shift to more remote work, post COVID-19. While the pandemic was the biggest driving factor for this change, more business leaders continue to see the cost-saving benefits of working from home and getting help from offshore remote teams. Not only does remote work curve business disruption, the financial gains from this setup also offer more wiggle room for your company’s liquidity – especially now when cash movement is limited.
Upskill and reskill your workforce.
Training and development can get lost within the chaos of day-to-day productions, often put in the backburner or even cut off from the agenda. That said, constant change in technology and market demands require employees to enhance their skills set to keep up – a trend that will be more apparent in the post-pandemic era. Use this downtime to upskill and reskill your team to ensure they are productive, feel valued, and can access resources that will further elevate their market value. Encouraging a learning culture and a future-forward mindset will help your business to be more nimble and equally equipped to support this new work reality.
Don’t be afraid to over-communicate.
Let’s not sugarcoat these past few months – it’s been really tough for everyone. A lot of uncertainties loom the room, and it’s important to keep your customers informed with what’s happening in the background – good news or bad news, now is the best time to over-communicate. And demonstrate empathy. Connect with your customers; learn their challenges, provide consultation on areas where it hurts most, and continuously seek ways of how you could be of help – sharing their pain reassures customers that even during this pandemic, you are still a valued partner and that you will always have their back.
COVID-19 has had a staggering impact on different businesses around the globe – and we’re not out of the woods yet. Keeping your company afloat during and after this pandemic requires a lot of painful decision making. But with a supportive team, a healthy mindset, and a community of customers who understand your current challenges, your business can emerge from this pandemic stronger than ever.
To further curve business disruptions and slash operating costs in smart ways, remote work will remain to be the path forward – and offshore solutions is no stranger to this kind of approach. TeamSpan Global Solutions supports some of the most remarkable industry leaders and startups with the rigorous process of building high performing virtual teams – we can help you scale up, expand operations, and augment contingency staffing plans – for a fraction of the cost.