The COVID-19 pandemic led to worldwide lockdowns and a complete halt of several businesses – be it a small startup, a large organisation, or a solo entrepreneurship venture.
In times of crisis, cash flow becomes a big issue for most companies, and creating a business continuity plan is a must to help steer through a pandemic, lockdown, and all.
A cash flow forecast will help you manage the ongoing crisis efficiently. And there are lots of loan options out there, so there is a silver lining to this global situation despite the hardships.
To help you through the COVID-19 crisis, we discuss 7 easy ways to help you tackle these unprecedented challenges and jumpstart your road to recovery:
1. Create A Crisis Management Plan
If there is anything the COVID-19 pandemic has taught us, it is the impact of unforeseen events on any business. No one could have foreseen this change, but observers note that the businesses that stayed afloat were those that changed with the times.
Many early adopters of digital processes managed to turn this crisis into an opportunity, which is exactly what a crisis management plan can help you achieve.
Before you prepare to restart operations like before, analyse what can be improved or fixed to ensure you are better prepared for similar unforeseen events in the future.
2. Create A Reopening Strategy
Now that the shutters are up, companies and entrepreneurs need to understand that the post-COVID-19-world is nothing like it before the crisis. Companies must create a proper reopening strategy and provide the right set of services and products to their customers.
Start by evaluating what your customers need most and focus on providing value where it matters most. This includes safety measures such as encouraging face masks within your business premises and maintaining social distancing.
The reopening strategy for a brand could include special discounted rates, pay-as-you-go model or even pricing models that are flexible for their customers. These offers will encourage customers to put their trust in you and keep the ship sailing.
3. Adapt To The Shifting Customer Behaviour
The pandemic has marked a shift in nearly every business function and sent organisations in disarray. Whether it is manufacturing, retail or any other line of business, customer behaviours have changed drastically.
Resultantly, brands need to reshare their processes to match this trend. Adapt your products to be more digitally-focused, and act swiftly to offer services that match your customer’s shifting behaviour.
4. Manage Operations In A Remote Workplace
In addition to embracing digital processes, make sure you properly manage operations at your workplace. It is not just your customers who have to change; employees need to embrace a remote workplace.
When adopting a new process, ensure your staff has proper training to get things done despite the changes. Organisations also need to plan deliverables and create plans that factor in these changes.
With several tools to manage productivity, collaborate remotely and get optimum productivity, many organisations now see remote workplaces as a permanent possibility.
5. Prepare A Communication Strategy
One of the major concerns and the reason for the uncertainty is the lack of a proper understanding of what is to happen. This has adversely affected sales and even led to employees losing focus.
Effective communication can keep workforce morale high and build trust. Leverage the power of social outreach, digital marketing campaigns and the website to create a positive brand image.
Internally, you can host virtual town halls, weekly team meetings and other avenues to answer questions and show the world that you have a plan!
6. Reach Out To Customers And Empathise With Their Needs
While you as a brand could have faced unprecedented issues, your customers may not have been spared either. The lockdowns, eventual social distancing norms, remote working, limited staffing and large-scale disruptions have impacted every business and function.
To truly get your customers to value you, empathise with them. Focus on the core pain points of your customers and find innovative ways to resolve these issues. A simple step of speaking with your customer and asking how you can help can go a long way.
Additionally, you can leverage the power of free consultations, webinars or whitepapers to provide help and establish credibility in the market.
7. Analyse Cash Flows And Create A Finance Structure
The uncertainty and risk have definitely impacted business spending, as the slowdown means companies need to provide the maintain the same offerings and service but with reduced cash flow.
Staff shortages, rising pressure on existing structures and the new regulations due to the pandemic only add to the efficiency and financial problems of any organisation.
Managing cash and liquidity is crucial, especially with digitisation being an absolute necessity. To create an optimum business continuity plan, one needs to analyse the organisation’s inflows and outflows.
Once this step is done, you should figure out if there are any avenues for cutting costs and remodel business processes.
If you want to get financial aid or explore credit options, analysing the cash flow will provide you with a business model, thereby making the process a lot simpler. Additionally, you should also ensure that your financial regulations and taxes are properly taken care of.
The crisis has impacted global economies, and there are several government-run programs and aids to help businesses recover from this crisis. Make sure you properly understand these and leverage the right opportunity to gain low-interest credit.
The Bottom Line
COVID-19 took the entire globe by surprise and has been especially tough on businesses. The industry witnessed unprecedented disruption, which has led to changes in the way things function now.
The road to recovery may seem daunting, but proper planning, keeping cash flow in check and knowing exactly where you should be investing your time and money matters most.
To improve your financial stability, getting financial aid isn’t the only thing that can help you. Create your business recovery plan and invest exactly where you see the value, so you can confidently borrow credit without any worry!