Yes, You Can Still Successfully Run Your Business During the Coronavirus Crisis
COVID-19 also known as the Coronavirus has taken the world by storm with over 150,000 reported cases. The global economy has taken a turn for the worst and now Fortune 1000 companies are all taking measures to solidify their positions in the market and maintain liquidity positions. There’s a major recession on its way but taking the right kind of action will allow your business to remain resilient in the midst of financial turmoil the virus has caused to all economic and financial segments on a global scale.
Following the example of the Big Four Consulting Firms, we will be publishing a series of articles called “Thriving Amidst the COVID-19 Pandemic”, which will provide you with comprehensive and short guides to ensuring your business stays on track.
Consider New Work Arrangements
Ernst & Young were vocal about their concerns about the global pandemic by encouraging their employees to work from home until further notice. The key here is to provide a controlled environment for employees who are working both remotely and onsite. You don’t attend one and neglect the other.
It’s vital to your employees’ motivation, their wellbeing, and your business culture to be an empathetic leader and provide your employees with the support they need amidst global panic. This series will cover ways in which you can optimize your employees’ working conditions and incentivize their experience in order to not just prevent your business from going bankrupt, but also promote growth.
Update Your Business Strategy
KPMG, one of the Big Four Consulting Firms, has emphasized this point in particular: your business strategy needs to be modified, ASAP. Step back and take a good, realistic look at your current situation. Put your quick-thinking cap on and assess, explore, and identify any immediate opportunities for financial, organizational, and operational change in your business strategy. This is a chance for you to not only stabilize your position in the local market, but also a chance to enter the global market.
Forget Travel, Embrace Digitization
This goes hand-in-hand with the first point; move to the cloud. Go online. Hop on the digitization bandwagon. Deloitte and other Fortune 1000 companies aren’t holding back, and neither should your business. As mentioned previously, while it’s important – and crucial – to control your current situation, grab the opportunity to take your business online and make it available to the whole world. Dealing with remote clients can’t be any easier in the digital age, and this series will teach you how in articles that we will share later.
Prepare for Impact: Anticipating Financial Trouble
The Big Four Consulting Firms recommend that you should have a frank and honest talk with your auditors and generate those financial reports on a consistent and frequent basis. Monitoring and auditing your current financial assets will help you prioritize appropriately, assess and control any risk factors that arise, rebuild stakeholders’ confidence in your business and understand what medium and long-term actions should be taken.
Maintain your position in the market, take advantage of the current situation, and reset your business strategy as effectively and swiftly as possible. Stay tuned for more articles from our latest series called “Thriving Amidst the COVID-19 Pandemic” that will be detailing the points mentioned above. In the meantime, remain calm!