WFH information and tips to help survive COVID-19.
Covid-19 lockdown is testing the patience of every single business in the world. The rate at which the infection is progressing doesn’t look like the lockdown will slow down and end anytime soon. Many companies fail during this lockdown because they stay put without doing their part in the business. Whereas, there are also companies that set up WFH and are succeeding in the market with ease.
According to MarketWatch, 43% of small businesses in the USA say that they will be forced to close permanently soon due to the Covid-19 crisis. Moreover, reports from Financial Times state that the coronavirus has taken a toll of 21000 UK businesses in March, and these numbers would increase if this poor economic state prevails around the world.
Image source: Financial Times
Lockdown or no lockdown, businesses have to run to stay in the market. To remain in the market, every small, medium, and large business have to overcome this lockdown crisis and start working positively in their industry.
Telecommuting or working from home is the best choice right now to run the business effectively without any hassles.
The following “5 Most Effective Steps to WFH and Overcome COVID-19 Crisis” is a list of suggestions that would help you and your business overcome this crisis and succeed in the 2020 market just by working from home.
Step 1: Survive the Lockdown
Do you know what we should do if we fall into deep water? Try surviving first and then plan for the rescue. However, the moment we fall into deep water, our reflex mechanism tries to search for a bailout, start panicking without finding one and end up failing terribly. This should not be the case during this COVID-19 lockdown. The primary goal for you is to find possible ways to survive the lockdown and then plan for a rescue model to pull your business out of the crisis.
Surviving the lockdown includes working from home, cutting down the expenses, pausing new business models, and start saving the revenues for unavoidable expenses. This momentary rescue plan will help you pass through this crisis without much damage.
Step 2: Track expenses against the revenue
It is of utmost importance for businesses during this contagion to conduct a proper assessment of their fixed and variable expenses as well as their revenues. This assessment will help companies to get a clear picture of where their financials stand amidst this economic crisis. Moreover, it will help the business owners to plan for the future with the available finance.
With the changing market, it is imperative to reconsider the business model according to the financial assessment concerning your revenue and cost. It is a must to be mindful of what your runway is while reconsidering your business model, especially during this pandemic crisis.
Step 3: Plan policies for the future
The rate at which COVID-19 is progressing, it is hard to figure out how long this epidemic will last. However, your company must be prepared for all the possible scenarios, be it the worst or the best. Planning policies and business models beforehand would give you a certain advantage over your competitors when the market starts booming.
For starters, plan policies considering three months, nine months, and 18 months lockdown. Though 18 months is a considerable time, the pandemic situation is unpredictable. For a 3-month policy, an immediate halt in the expenditures like hiring, marketing, and travel would help. For a 9-month policy, the fixed expenses like office space rent, and salaries must be renegotiated. Sales strategies have to be revised from physical to virtual. For an 18-month policy, the company needs to alter their whole business plan and communicate it to the stakeholders so the change can be executed as a team.
Step 4: Never rush into a new business plan.
The whole world is stuck in this economic crisis. It is wise not to rush into new business plans. Although your strategy would have a 100% success guarantee in the regular market, it would fail now because the businesses around the world are facing the worst financial crunch since the last 2008-2009 recession.
This is the most crucial time to prepare business plans to execute in the future and not in the present. The current disconcerted market is not the perfect place to experiment with your new business plans. Prepare business plans but do not rush into implementing, rather wait till the pandemic effect settles and then implement in consonance with the market situation.
Step 5: Be patient
It is best to stay patient during these times of financial and economic unrest in the market while we hope this new normalcy does not last forever. Establish a calm and composed business environment so your employees won’t feel the pressure and can contribute to the success of the company with ease. You can also use this lockdown as a precious time to add value to your business by building rapport with your customers. This will help you in the long term.
International monetary fund reports growth of 5.8% in 2021. Therefore let’s prepare our business for growth and start reaping profits when the economic activity normalizes. Panic is one of the most significant challenges during these financial crises. Therefore never panic and wait for the pandemic to slow down so you can achieve success in the market that is yet to bloom.
Image source: www.imf.org/en/Publications/WEO/Issues/2020/04/14/weo-april-2020
Likewise, governments all around the world have released an economic stimulus package to boost the economy. Thus with the right policy support and cash flow, it is 100% guaranteed that the health of the global economy will be back to normal. All the businesses around the world need to stay positive in one accord to overcome this COVID-19 crisis. Looking at the progressive nature of the pandemic, it clearly means an economic crisis is inevitable. However, with all the above steps, there is at least a guarantee that we can overcome the crisis strongly.
This list is just a few steps out of the many solutions we have in store for SMBs to work from home and succeed in the current market. Check out Soft Suave to know more about how to overcome this COVID-19 lockdown and succeed in the market 10X growth.
Never let the lockdown bother you. WFH offers benefits and opportunities. Stay home. Stay safe.
Summary:
WFH and Overcome COVID-19 Crisis
Step 1: Survive the Lockdown. Surviving the lockdown includes working from home, cutting down the expenses, pausing new business models, and start saving the revenues for unavoidable expenses. This momentary rescue plan will help you pass through this crisis without much damage. Step 2: Track expenses against the revenue. It is of utmost importance for businesses during this contagion to conduct a proper assessment of their fixed and variable expenses as well as their revenues. Step 3: Plan policies for the future. The rate at which COVID-19 is progressing, it is hard to figure out how long this pandemic will last. Step 4: Never rush into a new business plan. The whole world is stuck in this economic crisis. It is wise not to rush into new business plans. Step 5: Be patient. It is best to stay patient during these times of financial and economic unrest in the market while we hope this new normalcy does not last forever. This list is just a few steps out of the many solutions we have in store for SMBs to work from home and succeed in the current market.
