What to do during and after the emergency crisis amid COVID-19 pandemic
COVID-19 Pandemic: Business tips on what to do during and after the crisis
The economies are made of transactions, spending variables continuously moving amidst the consumers’ spending habit that has significantly lessen over the past few weeks.
When the COVID-19 outbreak had begun in early January of 2020, the business community’s vulnerability to trade loss have substantially affected in all sectors: micro, small, medium, and large enterprises (MSME’s). Operational risk loss can be seen particularly from large businesses.
The way to mitigate this emergency crisis for MSME’s now that they are facing it and is bound to create measure ahead of time – on how to cope after the pandemic. During the onset of COVID-19 spread, the enterprise’s actual realization to contained the issue at the least amount of time was deemed as a failure. Hence, it became a serious challenge for them how to handle the condition, to maintain the business economies. Given that the business sectors are not ready, unexpectedly, it hit both the enterprises and the consumers. With the underlying effect, huge losses are being experienced, at this point the focus of a business owner is to analyze and strategize the domino effect of:
For employers: No production > No inventory > Loss of revenue > Stop manufacture > Can lead to lay-offs
For employees: Loss of income > Not enough money to buy
From the declaration of entire Luzon Enhanced Community Quarantine (home quarantine), the absolute suspension of public mass transportation and non-essentials means a stoppage on some of the business processes in the country.
Given that the work from home (WFH) alternative is being practiced, perhaps today is the most advantageous time to scheme a step to spike the sales when the crisis is over. On a positive note, as for every business, the expectation from the local consumers to regain the buying habit – have the motivation to spend, to purchase, to keep the ball rolling.
Design a plan how to improve the business development. This emergency crisis may have brought a negative effect on the global economy, it also brought a positive side on the (local) business. It defines a stage to focus more on your organization’s professional ability to devise a plan on your product and research development.
WFH as well as your skeletal workforce can pay attention to systematize all pending works. Today may be the appropriate time to develop new business ideas. Entrepreneurs, business owners, and employees can work hand-in-hand through virtual meetings. Online engagement allows business process to complete, discussion of company programs, and decision-making.
Luxury of time to do things. Look on how to utilize the crisis to your advantage. This is the golden opportunity to do things you are cancelling. Create a personal and professional growth by design thinking – meditate, seek problems that needs solution, innovate ways how to put your ideas into action. Capitalize on what you have at this point.
Be productive. More things can be done even when you are stay at home. As said earlier, concentrate on your personal development. Manage your time wisely by engaging to learn new talent, enhance your skills, and settle all you pending office works.
What to do in this time of crisis?
With an entrepreneur mindset, your objective is to create new business ideas to facilitate the need of the community. The development should be based on the daily change in our home quarantine lifestyle. How can we be of service to them? How do we engage business during this crisis?
An example can be in relation to food-business. A necessary commodity that can turn crisis into assets. Prepare packed meals for delivery. Your business concept should me continuously evolving – it should be technology savvy. Have your product accessible online, perhaps with integration of online orders and online payment (since there is a call for no touch policy). Develop technology in the things we do.
For business owners, landlords and financial sectors. The retail industry are the ones that are highly affected. They pay rents and supplies. To mitigate this problem, talk to your lessor and suppliers and request for a deferral on rent or even rent extension. As announced by the national government: all goods, commodity prices, banking interest, and others are freeze. All due payments are given an extension period until the community quarantine is over.
For manufactures with skeletal workforce. Recommended to cut your operational expenses by the minimum by implementing shortened working hours, compressed work days, or with rotational staff (for all employees to have opportunity to work).
For warehouse and plant-based business. Since your (mall) stores are closed, distribute your products to sub-sellers or other distribution channels are your alternatives. You may tap grocery and wet market (palengke) as a potential to sell.
The key point is the need to strategize. Your business should be capable to manufacture goods on a quick timeline under normal circumstances. Continue business streams to answer to the demand of the emergency crisis. It is certain, business should not cease temporary operation. This could generate bigger loss. Take into considerations your resources, how do you deal with what you have.
Make business available by minimizing the cost even without the sales. Lessen the operating expense to save for the major expenses when things are back to normal and your business operation resumes.
When the pandemic is over. Look on the brighter side, within that one month of home quarantine, reflect on the things you accomplished – on being productive mentally and physically. Time is of the essence; the crisis may have brought us enough time to examine ourselves. Don’t leave behind the lessons you learn from it.
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