In an attempt to stifle the spread of COVID-19, businesses are being forced to shut operations. Governments are left with no choice but to resort to extreme measures like mass lockdown. It is becoming increasingly difficult for small and medium businesses to stay afloat in such unusual and trying circumstances.
Furthermore, travel restrictions, social distancing, and nation-wide quarantines have led to a significant drop in consumer spending, leading to a recession of sorts. While there is no clarity about the lifting of lockdowns, businesses can take precautionary measures to ensure they keep running even during the coronavirus pandemic.
- Care and empathy towards your employees and clients:
The spread of coronavirus has created anxiety and fear in the minds of everyone. As a business, you need to be responsible for how your employees and clients are coping with the crisis. Consider a digital route to reach your employees as well as clients and let them know that you care and are concerned about them. Optimize the use of internal communication channels within your company to show your employees’ health and well-being are matters that are important to you, and you are doing your best to protect the same.
2. Contingency plans:
If you’re finding it hard to cover your business expenses during this crisis that is as much economic as it is a health one, start making a contingency plan. You can also apply for business loan to keep your business running in these difficult times.
Get instant business loans with the best interest rates and flexible repayment options. You can use the business loan EMI calculator to get an idea of how much loan amount you are entitled to. Not only can you get business loans to established businesses, but newly founded startups as well.
- Work-from-home policy:
As the coronavirus spreads, one cannot predict the future of businesses. Therefore, businesses need to establish a ‘work-from-home’ policy for their employees. Regular team meetings and group calls have to become an integral part of this new working arrangement. Continue to communicate updates about coronavirus and guidelines as to how employees can protect themselves from the threat.
4. Constructive use of downtime:
Try to make the best use of this downtime to rethink aspects of your businesses. Treat this as an opportunity to develop new services and products that you’ve been ignoring due to lack of time. Inspire your workforce to get creative and come up with groundbreaking and unconventional ideas for your business. Start creating an action plan that helps you to proceed as soon as the socioeconomic situation allows you to.
- Post-crisis management:
Once the risk of coronavirus gets abetted, one cannot sit back and relax. As a business owner, you need to rethink your cleaning and sanitization procedures to eliminate any further risk of infection. Identify areas that need special attention concerning the hygiene of your employees and start working on them proactively.
Should you require monetary support to recover from temporary losses, reach out to Tata Capital for a business loan. Tata Capital offers such loans without any collateral and at affordable interest rates.