With the sudden onset of uncertainty due to the Covid-19 global pandemic, maybe one of the lessons that we are learning is that some businesses and current workplaces may be highly exposed and vulnerable leaving you facing alternatives for alternate sources of income.
If you are a business owner, here are our 3 key questions you need to consider as a result of Covid-19:
1. What are the top issues facing entrepreneurs now and in the possible future?
Supply Chain - The effect of the supply chain can be one of the toughest problems to tackle. Establish clear and ongoing communication with key stakeholders to determine the possibility of delays and what emergency plans they have. Consider alternative supply chains and alternative ways of manufacturing or creating your product/service. A change in demand will involve possible stock and/or inventory change that will need to be handled.
Delivery - If you can't deliver your goods or services to your customers, it can affect the level of confidence in your company. Also in a crisis, your brand value rises when you meet expectations. Behavioural Changes - Wide changes in behaviour due to fear or compulsory changes such as travel restrictions would force entrepreneurs to reposition their goods or distribution channels and plan for uncertainty.
Global Uncertainty - In a few short months, Covid-19 has already made a significant impact on overall household spending and consumer confidence. Pressures on supplies, resources, financial markets, international trade, difficulties in the oil sector and more have all been impacted and could have a ripple effect on the way we do business in the future. Now more than ever, it is imperative as business owners we keep up-to-date with business news as we live in globalized economic times.
2. Is there a way to insulate your business from a global event?
Digital Transformation - Locally, nationally and internationally, we are much more interconnected. While this can bring tremendous rewards, other obstacles and risks come with it but you can take steps to lessen your exposure. More and more we are seeing the trend of many goods and services transitioning to online services only and quite frankly, we don't have much choice.
Digital transformation is essential for your business to stay relevant. This includes books, training, podcasts, YouTube channels, master classes, exercise, cooking classes and more. If you are able to convert your business to more than 50% digital content, you may be able to prevent and future disruptions to your business while maintaining (and protecting) that 50% of your potential revenue.
Diversification & Collaboration - Diversification and collaboration with others will also help insulate your business in terms of where you sell in terms of territories, markets and consumers to and the risks of competition and provide incentives to extend your scope. You can still maintain a global presence by marketing your goods and services locally and opening up the door to potential collaborations with others in local markets.
Government Programs - As a business owner, you should research government-wide and organizational support resources, and how best they can represent various individual circumstances impacting businesses. It is necessary to note that funding from governments can vary according to jurisdiction and sector. You will need to understand and determine which support packages are best for you and your organization.
Bottom Line? Mitigate your risks. Your business must be pre-built with a plan for ongoing adaptation. Enterprises must be prepared to adapt and address the problems raised. Before or after the crisis, planning followed by open and efficient contact with employees and customers can foster a secure and functional atmosphere to help organizational resilience. Not every company has to be at the same level of readiness, but every enterprise has to incorporate contingency planning and recovery strategies.
3. Educate your employees on continuity plans for working remotely.
Resilience preparation is the new normal. Ensure your staff understands and has digital access to your continuity or emergency plans. To keep the company going, they need to know what is expected of them. you may also want to consider incorporating a work-from-home policy on an ongoing basis into your business, if possible. More and more we are seeing the trend to more fluid work environments. Working from home or from a mobile location is also valued deeply by employees and seen as a huge perk.
If your employees are well-prepared to work from home on a regular basis with access to all the company tools and resources, it will minimize any potential disruptions while ensuring their health and safety in times such as these. And if necessary, you may also need to restrict travel.
In short, take time to assess your company and make sure your business is constructive and strategic in your decision-making to sustain market continuity and create resilience for your future especially for times of uncertainty.
All posts are intended strictly for educational purposes. It is not intended to make any representations or warranties about the outcome of any product/service.
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