A lot of business players have taken difficult measures to keep their business running during the COVID-19 pandemic. Across the globe, many of them have asked for their workers working from homes as parts of efforts to reduce possibility of mass infection by the virus.
Sadly enough, some businessmen have decided to lay off their employees as their financial conditions have been seriously hit by the outbreak. Boldee is probably among business players who are facing dilemma in making decisions during the tough time. You’re probably mulling on making alternative plans to survive and maintain productivity and sale.
We’re sharing two strategies that will hopefully assist you taking the right directions.
Make a backup plan for a period of three months, six months, one year, and three years whenever necessary. Calculate what risks that will be faced by your business. The current outbreak is dragging down consumer purchasing power. Some of them are probably not working anymore thus cutting secondary or tertiary expenses as a result. Create business sale strategy by modifying products that will better fulfil environment needs. Shift to online platform and apply digital marketing for promoting your products or services.
The hardest thing is streamlining your business. Cutting salary for your employees will certainly add more burden for them but this decision is inevitable when your business is entering a crisis. Among other steps are unpaid leave scenario, managerial salary cut and laying off. Neither companies nor workers find all the decisions relieving. But if the crisis is worsening, you may need to terminate their contracts. If so, pay their salaries and meet regulations as stipulated in the contracts at once.
The recent pandemic is causing many business players ceasing operating, getting lower revenue or worse, shutting entities. If Boldee is taking one of the decisions, hang on there. The storm will pass and business will back to normalcy. Stay safe and healthy. Keep following directions from governments to lower spread percentage of the COVID-19 pandemic virus.