Just like everybody else, business owners are trying to figure out how to navigate the strenuous economic crises brought on by the outbreak of Covid-19. The uncertainty surrounding this unprecedented situation is forcing them to rethink all of their business operations and, in some cases, even abandon their fundamental core strategies altogether.
Economic experts claim that during this turbulent phase where the virus is still looming around and scientists still don't have any concrete data as to when it will finally perish, flexibility and adaptability are essential for all businesses hoping to withstand this storm. While, theoretically speaking, this directive makes complete sense, its application is rather challenging. However, if you do get it right, you might actually be able to thrive amidst this economic crisis. To help you on this journey, we have gathered some tips on how to lead a successful business during the Covid-19 crisis.
Lead with Transparency
The best leaders are the ones who know how to include their teams and involve them in big decisions instead of shutting them out and acting as if it is business as usual. Everyone, including your employees is going through tough times worrying about the safety of their families, their jobs, and the overall heaviness of this pandemic.
As a leader, it is your job to make sure that you are keeping the communication channels with each one of your employees open and to make them understand that you and the company are there for them. This will make your employees feel like they belong to the company and encourage them to give their best even if they are working under constricting lockdown conditions, they will work hard. Maintaining the productivity of your employees can be enough to increase your chances of success against all odds. For further reading on this topic, be sure to check out Organizing the Cross Functional Team by TCGen.
Manage Your Financials Impeccably
You will probably need to make some budgeting adjustments to accommodate your new business plan alterations, to make sure that you can stay profitable. To avert any financial risks, work with your financial advisor to understand the options you have to protect your liquidity. You will find that it's worth it to look up more information about surety bonds and how they can help you safely conduct business without risking bankruptcy.
Surety bonds, or guaranty as they are commonly known, are usually sold by insurance or bond companies to pay on your behalf if you fail to fulfill a contractual agreement. If you work in construction, obtaining a surety bond before you engage in any new project during the pandemic is a smart move because you never know what might go wrong and prohibit you from committing to your client's project.
Stay Informed
In order to stay agile and be able to respond fast as per government directives that are constantly changing, you have to stay informed and have your data collection team working around the clock. If the government decides to lift the lockdown and advise the public that it is now safe to go out, as a restaurant owner, you have to be ready to plug and play and avoid wasting any time to make up for the business you lost during the past months.
Your social media team also has a huge responsibility to stay in contact with your customers and keep up with their new purchasing patterns. This intel will let you know if your customers are complaining that the checkout process on your website is complicated and allow you to act immediately to fix the issue and avoid losing their business.
Review and Improve
Now more than ever, you will need to be constantly reviewing your business processes and strategies to confirm that they are still valid. What was working for you before the pandemic might prove to be completely obsolete during, especially if you work in one of the worst-hit industries, like the field of hospitality.
Try to envision new ways of reaching your customers like selling dining vouchers for future use in order to make enough revenue to pay your employees and stay afloat. It will all come down to what you do to remain relevant despite the difficult conditions that you have to endure at the moment.
While in many countries life is starting to slowly go back to “normal”, there is no guarantee as to when the world will reach a stable economic state. However, in order to protect your business and stay successful, you have to maintain a positive outlook and focus on making the best out of the present situation using the above tips.
