COVID-19 has changed the working dynamic of the entire world. Every aspect of the human lifestyle has been affected in some way or another. Apart from the health hazard, the coronavirus pandemic has deeply impacted peoples’ income. Many businesses have shut down due to the isolation and quarantine periods. And many other businesses are declining because the demand for their product or service is declining.
So, how can you make sure that your business keeps on running during this difficult time? Israel Figa says that by taking the right actions and making adjustments, you can keep your business from closing during the lockdown. He has suggested some ways in which you can keep your business running.
So, let’s take a look at what Dr. Israel Figa suggests.
Maintain Your Business With Israel Figa
Cut Down Expenses
This should be the first step to make sure that your business does not run out of order. Analyze your expenditure and cut off all unnecessary expenses. You may think that you are not spending any unnecessary money, but if you perform an analysis, you will find many areas that can be maintained without the regular amount that you spend on maintaining them. You should look for ways in which you can reduce the cost of your business in terms of workplace rent, utility bills, etc.
Israel Figa states that the impact of COVD-19 on businesses is opening the eyes of business owners in terms of unnecessary expenditure. This practice will help reduce the cost of maintaining the business in the long-term and will prove to be an effective way to keep your business running. You can develop policies that will be applicable in the coming year and can revisit them if the situation is not as expected.
Develop Short-Term and Long-Term Plans
You should immediately work on the plans for instant changes that you need to make in your business set up. Plan short-term changes to keep your business running during the lockdown periods. Since the lockdowns are placed and removed in intervals, you can use this short-term plan whenever lockdowns are imposed.
However, Israel Figa states that you should also work on new long-term plans. This is because the world as we knew before will not be the same after the COVID-19 wave. This means that you need to make plans to adjust to the new normal. Make long-term plans for your business by overserving similar industries. It would be smart to make several long-term plans so that you are able to adjust to different environments. These multiple ideas may also work as backup plans in case one of the plans fail.
Manage Relationships
The most important thing that business owners need to understand is that they stay running because of their employees. They need to be sympathetic and understanding of their employees’ needs during this challenging time. Don’t cut off their pay or cut it down too much. It is understandable that it can be hard to maintain a regular income. So, if you do need to reduce the average salary, then make sure that you explain it to the workers clearly. Provide the security that you will do your best to increase it to a regular value or higher after you have overcome the current issues. If your situation is getting worse, it is best to alert your employees beforehand and offer them compensation if they do not have any alternatives. By doing so, you will increase the chances of getting the trusted employees back after the situation gets better.
Furthermore, you can also make a plan to cut down working hours for manual workers and allow the option of working from home when possible. Make the necessary changes in the office to make it easier to follow the SOPs.
Be Active On Social Media
This is the era where people decide the business’s legitimacy by their social media presence. You need to make sure that you maintain an active presence on social media platforms. Customers and clients will be reassured by your constant updates on these platforms. It will also provide them with a means to communicate their concerns and questions regarding how your business will continue during this time.
Israel Figa states that for every relationship, communication is key. So, make sure that you are being clear about your methods to maintain your client’s trust in the current situation. You can make social media platforms on Twitter, Facebook, Instagram, etc. Make sure that you pick a platform that is more popular among your clients to make it easier to reach them.
Stay Up-To-Date With The Trends
The best way to keep customers and clients interested is to provide them with what they need. You need to be flexible in the services that you provide so that your customers get exactly what they want. A new environment or a new normal comes with new requirements. So, keep your eye out for the latest trends and what is selling.
By understanding the current landscape, you will be able to understand what the customers and clients need. Active research will also help in keeping you up to date with your competitions. You can see which strategies are working well for the others and which are not. This way you will be able to find the best possible ways and strategies for keeping your business afloat.
The Bottom Line
The COVID-19 pandemic has negatively affected many businesses and caused a lot of them to go out of business. In these trying times, it is important to develop a plan that matches the current trends and requirements. Business owners also need to find ways to make the workplace safe for the employees and where possible, allow them to work from home.
By following these tips by Israel Figa, you can sustain your business during this trying time. It will also help you prepare for the new normal in the post-COVID-19 world. So, if you want to keep your business from closing due to the pandemic, you should be ready to make drastic changes in your operation methods.