Perhaps, the world is passing through the most critical phase of its existence. The pandemic of novel coronavirus has crippled the global economy like never before. Not even a single country is safe from the pandemic, and governments globally have taken refuge in imposing lockdowns to stop people from getting out of their houses. The concept of social distancing has been introduced to reduce the spread of the virus, which has made it impossible for companies to operate their businesses anymore.
The closure of global businesses is posing a threat of repeating the Great Depression of the 1930s when the whole world faced the worst economic meltdown.
The world is facing a massive catastrophe, and businesses are facing the heat more than anyone else. As they say, tough times demand tough decisions; businesses need to think out of the box to make sure their operations continue to operate smoothly. They have adopted the concept of working from home, which has helped their workers and employees to keep producing the goods from the convenience of their homes.
Where there is a will, there is hope. The same is the case in today’s business scenario. While global businesses are doing all they can to stay operational, their need for cash injection has also increased manifolds. If you are a small business owner, you can understand how difficult it has become to stay relevant in today’s business world.
According to a report by the National Federation of Independent Business (NFIB) issued last month, over 76% of small businesses confirmed the negative impact of the novel coronavirus outbreak. More interestingly, only ten days ago the figure was only 23%. In a bid to undo the massive impact of the pandemic, businesses need different financing sources from the best accounts receivable financing companies to make sure they get past this troublesome phase.
Let’s take a look at a few tips to help your business maintain its existence through the turbulent phase.
IMPLEMENT EFFECTIVE COMMUNICATION SYSTEM
As mentioned above, global companies have resorted to the concept of working from home. To perfectly pull it off, companies need to establish a robust communication system. Your workers are your people and your responsibility, and when you do something like this for them, they feel more connected and honored. Moreover, this effective communication system will ensure the timely delivery of all the outstanding projects and allow your management to record the performance of your team members.
PROVIDE AN EFFECTIVE PROJECT MANAGEMENT PLATFORM
Apart from establishing a robust communication system, you should also make sure that all your projects are streamlined. In a bid to pull it off, you should provide your employees with a project management tool that would allow them to align their goals and meet project timelines effectively. This arrangement will make sure that your company’s productivity doesn’t get affected by the global spread of the pandemic. It will work even better if you have teams operating in different parts of the world. They can easily interact with each other through the project management tool and get the job done efficiently.
ESTABLISH A CLEAR HIERARCHY
If you want your company to stay away from chaos, the first thing you should do is to build a clear hierarchy. It will enable you to assign every single person of your team a clear job responsibility and targets. Your higher management, medium-level workers, and their subordinates will be aware of their roles and expectations. It will completely streamline the decision-making process, and the team will have a clear focus on collective goals.
DEVISE A NEW RISK ASSESSMENT PLAN
Every business always has a risk assessment plan, but today’s scenario demands global businesses to come up with a brand new risk assessment strategy. A lot more is now at stake, and you need to be on top of your game to steer your business out of this turbulent phase. Your new risk assessment plan should focus on the safety measures for everyone and everything, including finances, humans, technology, and business operations. It will give you better control over the proceedings and you would be more focused on the outcome.
CHALK OUT SUPPLY CHAIN MANAGEMENT PLAN
You need to stay updated on how your customers are reacting to the situation. Many customers and clients would have changed their minds in the wake of the pandemic. Some of them might have closed down their businesses. This is where you need to establish contact with your suppliers to make sure that they don’t over-commit or under-promise to your business needs. If you are short of cash, you can always utilize the option of barter trade to get things done.
GET THE MOST OUT OF PROCRASTINATION
As the world is at a halt, it gives you a brilliant chance to wear your thinking hat and devise new strategies and plan new products that will help your business to grow in the coming months or coming years. The market needs always evolve with time, and this is why you should also accept the change and grow with it. This is the right time to check out all those proposals recommended by your team workers, which went begging due to your busy schedules. The downtime gives you the best chance to review them and decide which ones have the potential to help your business grow in the times to come.
THE CONCLUDING REMARKS
If you want to retain your business growth, you will have to think out of the box during the times when the whole world is dealing with the aftershocks of the pandemic. Successful business people are always able to turn challenges into opportunities. This is the time for you to emerge as a leader who can make things happen with the competence of his decisions and inspiring moves. The world is already facing the massive impact of the novel coronavirus, but it has put the ball in your court. Now it is up to you whether you want to smash it or play a drop shot. Your decisions will define who you are and will set the direction for your business.