Millions of businesses may permanently shut their doors due to the loss of revenue caused by Covid-19. The businesses that do manage to remain open may have had to- or will- cut back on employees. The loss of revenue makes it hard for some companies to stay alive and also pay employees. Covid-19 has and will continue to cause many people to lose their jobs either permanently or temporarily. In just a seven-week span, 36.5 million people have filed for unemployment.This is a record high.
Manufacturers, construction workers, and service workers are some of the people expected to be hit the hardest by the economic losses caused by the pandemic. There are also a variety of moving companies out there, like California Movers Inc, that are also having to adapt to the Covid-19 pandemic. Some moving companies are allowing potential buyers to get an accurate estimate through a completely online process, rather than giving an estimate in-person. Customers can send a video of their home to display what needs moved or use apps like skype in order to do a virtual walk-through of their homes.
What Should Individuals Expect to See from Businesses in The Future?
Individuals should expect to see more and more businesses moving towards remote work. This is a great solution in the case that the pandemic causes another large-scale shut down on businesses. Businesses will also take more precautions when it comes to hygiene-related matters. This includes having hand sanitizer and sanitation wipes available. Businesses may also begin cleaning their buildings more often. Individuals should also not expect to see large events held for some time to come.
What Steps Should Businesses Take to Keep Their Company Alive?
Make Multiple Business Plans
Business owners must learn to adapt to change. Everyone is testing their own policies when it comes to Covid-19. Some businesses are limiting the number of customers allowed in a building at one time. This makes it so that stores aren't too crowded and customers can distance themselves from others easier. It also decreases the risk for employees. Other businesses are blocking some entrances in order to guide customers into using a specific entry and exit way. In addition, some companies have representatives shopping for the customer in order to limit the amount of hands touching a product. Some companies are also closing their physical locations except for pick up orders. These are all creative ways to get people to social distance without permanently closing a physical business location. Some of these policies may need tweaked in order to work out in the long-term so it is a good idea to be flexible. Experiment with what you can change. If you make a new policy, be ready to change it if it doesn't work out.
- Digitize your Business
Doing business under Covid-19 has forced many businesses to digitize in order to ensure business continuity and avoid the economic impact of the global medical crisis. Going online to weather the storm has become as much a necessity as an option for business owners especially. As we progress beyond the coronavirus crisis, doing business under Covid-19 has helped many business owners to prepare for the new normal in an interesting twist of fate. Even now, more people are moving online to work, play and shop, and an increasing number of people are actively seeking out a means to earn a living online. Among the many benefits of the digitization of business operations is the ability to engage in business process outsourcing. The influx of new freelancers in online markets has also provided an invaluable resource base for those businesses that are digitizing. The digitization of business operations also allows for an immediate access to international markets which increases the opportunities for business growth and expansion.
Shift Towards Remote Work
Remote work may not be a suitable option for every business. This is because some positions may not be a good fit for remote work. However, companies should make as many positions into remote work positions as they can. If businesses do have remote workers, they will still have workers able to work if the pandemic causes physical businesses to shut down again. This allows businesses to still have incoming revenue from remote workers. These businesses will also be better off than businesses that only have physical operations.
Temperature Test Employees
Many companies are already temperature testing employees before they come to work. If an employee has a fever, they will be sent home in order to keep the rest of the workers from getting sick. This isn't a guarantee that the spread of Covid-19 will be prevented. Even a non-sick individual can be a carrier for Covid-19. However, the practice does lower the potential of infected individuals spreading Covid-19.
Expand Online Sales Platforms
Online business is skyrocketing due to Covid-19 because many buyers can no longer safely leave their homes. Due to the virus, there has been a surge in Amazon orders and this has caused Amazon to run behind on deliveries. This is one example of how running an online platform can allow a company to thrive during this time. Many businesses are suffering and even shutting down. This is because of profit losses from the lack of steady customers and/or companies being forced to shut down their physical locations. The best thing for a business to do at this time is to focus on their online sales platform. This will allow some revenue to continue to come in, even when a physical business location gets shut down.
Postpone Events
Many companies like to advertise that they are a great place to work by hosting company events or award ceremonies. A company picnic is a great way to boost worker morale but it is still a large gathering of people. If one worker has Covid-19, they may spread the disease throughout your workers and largely impact your work force. In addition, a positive Covid-19 case may be enough to cause your business to temporarily shut down due to a threat of possible contamination. The business won't open until people clean the building in order to safely prepare it for re-entry. Your company may lose profit while being shut down. In order to prevent the spread of Covid-19, open businesses should limit human interactions as much as possible.
Provide Safety Equipment to Employees
Providing masks and gloves to workers should be a given. It is the same concept as a kid coming into kindergarten with lice which leads the whole class to catch lice. Even if a physical worker does not deal with the public, they still have to deal with other workers or direct supervisors. Safety equipment is especially important for workers who deal with the public on a regular basis. The risk is increased substantially for these workers because they are exposed to both workers and customers.
Use Video Chat Platforms to Hold Meetings
Using video chat platforms whenever possible to connect to your associates is a smart move. If you are doing online meetings, remember to keep everyone on the same page. Relay meetings times and dates as clearly as you can. You can send email reminders to remind individuals of meeting times in the case that they forget. It may also be a good idea to include a guide in the email explaining how individuals can access the online meeting room. Your workers may be unfamiliar with certain video chat platforms. Giving them a guide to follow makes it less likely that technology issues will arise before the set meeting time. Make sure that you also list who to get in contact with if a worker cannot attend a previously scheduled meeting.
Communicate with Employees
The worst thing that you can do as a leader of a business is to keep employees out of the loop. Many of your employees may be thinking of themselves as 'exposed to a deadly virus'. They may be scared to continue working because of their fear of the virus. Workers during this time will turn to their higher ups, which they expect to provide rules and protections against the Covid-19 virus. If the company takes too long to respond to the issue, then the employees will likely be worked up.
It is a common trend in history that humans like to blame one particular entity for the majority of their problems when bad situations arise. It is important to show your employees that you are on their side and thinking of their safety. Employees may start blaming the company for any safety issues that occur during the waiting period. This is especially likely to be true if the company has not supplied any sort of safety equipment or changed their business routines to prevent the spread of Covid-19.
The best practice is to be open with your employees. Convey to your employees that they are safe in order to prevent hysteria. Clearly explain what measures you are taking in order to keep up with the pandemic crisis. Don't leave workers waiting for too long or they may begin to make assumptions and point fingers out of fear.
