The global pandemic COVID-19 continues to spread worldwide, and its impact has been felt by millions of workers and businesses across all industries. Experts are expecting some damaging economic fallout as a result of the crisis. 7.5 million small businesses in the United States are at risk of shutting down within the year, and over 3 million Americans have filed for unemployment. With these staggering numbers, it begs the question how can business wade through this storm?
Adjust cash-based operations
According to outsourced CMOs in a panel for business tactics amidst the pandemic, the present course of action to take is to identify what operational activities need to be halted for now. The ones that need to be started should also be figured out. Some new practices and adjusted operations will need to be implemented. Diverting the expenditures into this area can help you manage your budget even as earnings are significantly lessened for a distinct period.
This enactment of operational agility is most crucial for industries like hospitality, travel, and entertainment, which have been noted to be some of the biggest that will be impacted by vastly shifted consumer habits and government restrictions.
Shift employee protocols
The panel also discussed considering how best to safeguard employees during this time, with the use of a skeletal crew to operate only essential cornerstones of the business. Companies have to comply with the Centers for Disease Control and Prevention’s guidelines for COVID-19 business operations. Maintaining a healthy work environment takes provisions of safety equipment and having more flexible terms for how employees operate so that no one is being put at risk. Not only does that give your employees the peace of mind that protections are put into place for their sake, but it also helps you stay operational without the risk of an outbreak within your own crew.
That is also a strategic step that can maintain good employee sentiment for the months to come, especially when you have to deal with the aftermath of the crisis and business must go on.
Manage your supply chain
Identifying alternatives for your supplies is important, especially now that there are more limitations in trade, movement of goods, and even manufacturing. Although the manufacturing industry is still seeing more productivity these days, some ramifications are appearing in terms of supply numbers, workforce size, and operational costs.
Those can increase prices and limit the availability of goods for your business. So now is the time to make considerations on what is needed, how you can continue to get a steady supply, and what steps you need to take in anticipation of further changes down the road.
The future may still feel very uncertain right now, especially as the virus continues to ramp up, governments across the globe maintain trade restrictions, and the economy takes a turn. However, some strategies can be put into place to help you stay afloat during these trying times. As changes continue to be made, businesses will have to find new avenues to keep their doors open to remain working and help employees out.