Despite the global health consequences, the Coronavirus has a negative economic impact on small and scaling up businesses. We want to provide you with bits of advice on how entrepreneurs can protect their business while working from home.
1. Curate sources of your updates
A constant flow of information about the Coronavirus can make you very unproductive. Thus, try to limit your news alerts and keep up only with the most relevant ones. In this way, you will be able to save your nerves and the nerves of your business.
2. Use your social channels for good news
This is a difficult time for the whole world and unfavorable news is covered daily in all the broadcast channels. As a business, you can use social media and give a positive vibe to your audience. Think about the warming moments, success stories, heroes, leaders that you can share with people and make them feel happier and closer to your brand.
3. Educate yourself
Use this variety of online educational sources to expand your entrepreneurial knowledge about the crisis, finance, marketing and new business strategies that can be tested after the time of distress.
4. Forecast your risk
It is important to create a possible scenario of the outcomes for your business. Consider the worst-case scenario and work from it. What can be the most vulnerable aspect of your business? What measures can be taken to avoid it? How to fix it in case of emerging? You should be set up with all the necessary steps in terms of redundancies, cost-cutting and predictive mapping.
5. Reduce your expenditures
Cost-cutting should be done today. Eliminate any non-essential subscriptions, reduce online sponsored posts, minimize travel, pause any large costs that could be undertaken later on.
6. Do not rush with firing decisions
Employees still have notice periods and can claim unlawful actions if you are not careful. Redundancy is a painful decision that should be considered as the last resort. Ask your team and staff members if they voluntarily wish to compensate a pay cut or explore if they agree to donate back to the business their upcoming holiday. You can consult with free legal advisors that work with employment law or HR about the best decision for your company by phone.
7. Over-communicate with your team
Remote working can be successful; you just need to keep the team spirit. Talk with each other daily, update with news, organize online activities, organize group video talks. Besides, keep all your social channels active and ensure that your team has a clear route through them with a daily plan of action.
8. Explore the opportunities
Flexible working is an opportunity to demonstrate teamwork and test new strategies. Although this feels hard and fast, the advantage of working from home can introduce new ways of working within the company.
9. Work together
We are all together in this. There are no correct ways of doing things and there is no definite outcome. It is stressful, unknown and difficult. However, you should stay patient, thoughtful, attentive, and work with people, not against them. If there was ever a time to lean this, it is now.