For many organisations and industries across the globe, the way the world does business and workplace disruption due to COVID-19 pandemic is inevitable. Financial projections, goals and plans for the coming year might be thrown out of the window, with businesses having to adapt to an entirely new economic climate.
Because of the virus, businesses and their profit are going through a cycle of survival, learning and adaptation. Those organisations that effectively manage the disruption will not only be able to sustain business operations throughout the pandemic but will also be better prepared for future crises. While this is undoubtedly a hard time with an unclear future, there are some steps that small business owners can take to improve their chances of being in a good position and safeguard their business against potential ruin.
Evaluate Your KPIs & Technology
Key performance indicators created before the coronavirus outbreak cannot be taken at face value. Take a look at how the virus has changed your business goals and reevaluate your work in the context of a pandemic. Think about how you want to end 2020 and what you want to achieve in 2021 and prepare strategically using a holistic and realistic view of where you are and what you want to accomplish in a timely manner.
Since your KPIs have changed, your technology needs probably have shifted as well. Make sure to evaluate whether your goals involve new technology capabilities. For example, if you want to improve your brand presence now that you are conducting more operations online, you will need to implement a new digital asset management platform.
In case your technology stack is equipped to support your KPIs, but you do not see the expected results, consider assessing if you can leverage existing technologies more effectively. Therefore, check whether your team have fully embraced the embedded technology or they are resisting using the platform. Or maybe some employees need the training to adapt to new changes. Try to keep up with new capabilities and updates that might have been rolled out since the virus outbreak.
Improve Your Online Security
There is no greater time than now to look for ways to make your company better. You will likely have a lot more free time than at any other moment, so try to think about the steps you can take to make your business a little more perfect.
One of the best methods to do this is to improve your online security. There are several ways to protect your online data, but you can start with some of the simplest yet effective ways by using antivirus software and making your passwords less universal. Additionally, consider installing a proper firewall on your network and having a separate network for your payment terminal.
Restructure Activities
From reducing costs to refining customer offerings, the coronavirus crisis forced many businesses to ponder what work was considered as most critical to survival and rewarding for customers and what is deemed as a minimum. Taking these lessons further, all operations should be broken down into three categories: essential, necessary and useless, classified according to the impact on the achievement of the strategic value of the organisation. Leaders need to be clear about the “must-have” results they need to create value and communicate them regularly.
The next step is to measure and analyse the amount of time your employees actually spend on tasks that provide strategic value. In most of the companies, employees, on average, invest less than 30% of their time on work that delivers the desired strategic value uplift.
After measuring these initial results, actions for essential work must be taken immediately while adjustments must be made quickly if the tasks do not significantly enhance the value created. Once the work that has to be done is catalogued and more time refocused on it, appropriate structural and technological changes can help to strengthen and sustain sustainable productivity shifts.
Use Financial Support
One of the biggest challenges for small businesses in these unstable times like these is finding money to cover overhead costs. This means any contract fees you are required to pay, employee salaries and subscription services.
For instance, the Coronavirus Business Interruption Loan Scheme (CBILS) is a fast and flexible government lending support created for small and medium-sized organisations across the UK that are currently experiencing financial difficulties due to the coronavirus pandemic.
Whether you are looking for capital to meet ongoing financial commitments, accelerate growth, kick off a new project or hire more staff, CBILS scheme provides two different kinds of funding such as a hassle-free CBILS loan or a flexible CBILS revolving credit facility supported by your invoices.
Taking advantage of as many loans as you are eligible for is the best method to keep your funds safe. You will save much-needed money, and then you can use it again in business.
Create An Emergency Budget
The world around us has definitely changed, which means your business has to adapt to the situation. As the finances, which you establish at the beginning of the year don’t really matter much now, you will need to assess how your finances can impact each area of your business and create an emergency budget.
Search For Safety Blankets
Make sure you place your business in a position where it is as secure as possible. This does not only mean financially. If there are any mergers or unions that your company can do, now is the time. Protecting your assets with another venture can help both of you stay afloat during Covid-19. However, you will have to be sure that this is crucial and in the best interests of both parties.
Depending on your specific circumstances, small businesses can take a number of different steps to save their company during uncertain times like this. Some actions can be more urgent and beneficial than others; however, proper research and preparation will give your organisation the best chance of getting out of this crisis in good shape.
