Since the commence of this pandemic, a lot of questions might be running through your mind. I believe most of these questions could be defining moments for the future of your business.
In order words, what are the answers to the questions business owners are seeking? Unfortunately, I don’t have it all.
Having over 20 years of experience, I’m confident to share with you 3 ways/questions that will help you deal with any recession and trying times especially during this Corona virus Pandemic.
1. Is it necessary I take my business fully remote?
For many businesses, the coronavirus was the trigger they needed to start embracing remote work.
If you’re like one of the many businesses that migrated to remote work at the start of the pandemic, you might be contemplating if you should stay remote after social distancing ends.
Well, I can’t give you a yes or no. But if this great remote work experience has been working out for you, it might be worth considering.
First and foremost ask yourself some questions like:
- Did my business’s productivity levels drop?
- Is this maintainable over a longer period of time?
- What will my employees think about it?
- What will my customers think about it?
You have to look at your business model and operations to assess whether a permanent remote work model would be preferable for you. In some cases, it won’t work. And in some, it can work.
Some advantages of working remote include:
- Greater flexibility for employees
- The ability to attract talent from anywhere
- Decreased overhead costs
Some disadvantages of a fully remote office might be:
- Inability to maintain long-term
- Increased security risks
- Poor communication
2. How can I get ready for emergencies that will come in the Future?
If you didn’t prepare for the emergency of the Coronavirus Pandemic, you might have been feeling disappointed and overwhelmed.
But rather than thinking in terms of What if? and If only…, you can take it as a lesson and get ready for the future.
An emergency plan won’t be the end-all-be-all when disaster strikes. You just never know what will be thrown your way. But by having a plan in place that outlines things like company communications, you’ll be better prepared.
Whether it’s a pandemic, natural disaster, or another emergency, your plan should show things like:
- How you’ll communicate with employees
- Who to contact (e.g., vendors and insurance agents)
- Alternative work arrangement procedures (e.g., working remotely)
3. How can I identify my business’s strengths and weaknesses?
Covid-19 might have revealed your business’s strengths. Most likely,your weakness was exposed too.
Create time and do this. Write down your strengths and weaknesses. You can also create a SWOT analysis (strengths, weaknesses, opportunities, and threats) to better take note of your observations.
Analyse your business during this coronavirus and ask yourself:
- Why is my business progressing?
- What am I doing better than my competitors?
- What made me unique?
- Where am I failing it in my business?
- How can I improve ineffective systems?
- What are some areas that were too expensive or time-consuming?
Calm down, don’t be so hard on yourself. You’re going to have some weaknesses when dealing with a global pandemic, and some of those aren’t your fault.
But by analyzing your business’s strengths and weaknesses, you can find ways to improve in your areas of weaknesses and showcase your strengths.