The pandemic and government-mandated lockdowns last year left a lot of businesses having to end all operations and closing their doors.
While no one could have predicted the global impact of COVID-19, we learned that it’s best not to be caught off guard again in the future.
Better prepare your business for emergencies of this size. We’ve listed below practical ways to pandemic-proof your business.
1. Keep cash reserves
If you’re getting a steady stream of revenue, don’t take it for granted! Always reserve some cash for emergencies that can tide you over for a while until things go back to normal. Of course this will take a while to do, but the important thing is you’re always setting aside some money. Ideally, it should cover you for at least three to six months of operating expenses.
Take a look at your current budget plan and find out how you can rework it in terms of priority. Maybe you need to cut off spending for some things and put away the money you save from it.
2. Show your value
Even in difficult times, show your customers how your business can be of value to them. Reach out through your email list and let people know they can benefit from you.
During the start of the pandemic, even if most of us were just at home, a lot of us tried new things. Many people started baking, learning new instruments, getting into TikTok, being more vulnerable on social media, reading more books, streaming every possible show.
Sadly, it looks like things will stay the same for just a little while longer. So whatever your business is, if it offers some form of escape or education to your audience, show them the value it has to their lives. Stay relevant.
3. Take advantage of technology
Technology helps streamline processes and make you more efficient, helping you save money in the long term. Think about which areas of your business will benefit from such tools and invest in them.
If you’re thinking of moving completely virtual for example, you’ll need to start using project management software, communication tools, time tracking, and invoicing and payroll. These things take time to learn so it’s best to get ahead of them.
4. Transition to Remote Work
While remote work isn’t new for some, the lockdowns introduced the rest of the world to working from home. The change didn’t come easy but some found that the transition was smoother than they thought. Even as lockdowns eased and more people got vaccinated, a lot of companies decided to make work from home either permanent or more often than coming into the office.
It’s definitely easy to see remote work’s benefits in the case of another health emergency the likes of COVID-19. Work continues and employees are found to be more productive and happier.
If you’re not entirely ready to go completely remote, you can just keep it an option but take the opportunity to figure out logistics.
Need a Virtual Team?
Remote Workmate can help you with that. We form and manage cost-effective, high-performing virtual teams, so you can focus on what you do best. We do this by:
- Evaluating applicants via a gauntlet of exams.
- Endorsing to you the best ones.
You simply interview the candidates and ultimately choose your Workmate.
Contact us. Let’s talk about your business needs.
