There’s no doubt that the COVID-19 outbreak has been devastating for businesses across the globe. Many companies of all shapes and sizes have had to make substantial changes to their infrastructure. They’ve had to invest in enabling their employees to work from home. They’re grappling with the issue of engaging customers when consumer confidence is at an all-time low. Many are forced into choosing whether to enact pay cuts for staff at all levels or risk having to let skilled employees go. Yet, while this may seem like the beginning of the end for your business, this is a potential opportunity in disguise.
Instead of praying for a day when things can get back to normal, perhaps now’s the time to think about laying a foundation for change. A chance to think about all the ways in which your business can bounce back from this crisis leaner, greener and meaner. We’ve already looked at ways in which you can sustain your business during the crisis. Now let’s look at turning it to your advantage.
Look after your staff now. They’ll more than repay you in loyalty!
In these unprecedented times, even the most level headed of us can be prone to panic. However, don’t make the mistake of letting your employees go for the sake of preserving your margin today. You’ll live to regret it tomorrow. Media narratives have already been less than kind to businesses that have not done right by their employees. And you’d better believe that consumers won’t forget, when all this is over!
Look after your employees through today’s difficulties and they’ll reward you with the gifts of loyalty, productivity and advocacy tomorrow. If you simply don’t have the liquidity to keep your staff working from home or on furlough, consider the government support that’s available to you.
Rethink your assets
Now’s the time to take stock of your assets and ditch the dead weight. To think about trading in your wheezing exhaust-fume spewing van and get something more environmentally friendly from TC&C Trade Cars & Commercials. Today’s expenditure could mean tomorrow’s savings. It’s time to rethink your processes and eliminate wasted time and resources. To jettison ailing product lines and double down on what’s working. Even if business has slowed down, this is a great time to think about operational dead weight that you’ve been carrying for way too long.
Remote work: It’s not just a good idea in lockdown
If your employees are working from home out of necessity right now, you may be pleasantly surprised by how much this could save you in the long term. Fewer butts in fewer seats at fewer desks using less energy and fewer resources can not only lead to substantial savings, it can also help to reduce your carbon footprint.
You might just decide that it’s a good idea post-lockdown.
Get proactive with your accounting
It’s important to remember that the government’s support package is a loan and should be treated as such. Get proactive with your accounting now and budget for repayments in future. When you’ve eliminated areas of wasteful spending and folded repayments into your cash flow you’ll remain lean and agile while your competitors flounder!
