How to Keep
your Business Afloat in Uncertain Times
No doubt, the world is at the point of entering
an uncharted timeline. This new reality has since impacted companies,
especially employees. At separate ends of the spectrum are businesses discovering
ways to adapt and those that will not make it.
Scaling is every business’s dream. And as a start-up, the first few years are
said to be the most terrifying period. But again, there is probably one that
beats that – a global pandemic. It is undebatable at this point that survival
is crucial.
It is not enough that
some companies could seamlessly transition to remote work ahead of a lockdown
while others were forced to adapt. The question to ask is how prepared these
companies’ employees are for such a change.
It is essential for employers to devise means to keep their employees online,
especially during work hours. Employers
should ensure that their workers are adequately equipped with resources
they need to carry out their jobs in order to bring about productivity–
Internet, Laptops and subsidised costs incurred on fuel to run generators – to
encourage effective task execution.
The company I work for has always supported a
remote working policy and provided us with all we need to carry out our tasks
effectively hence, we have been able to stay in business and offer our services to customers that need
them.
“A business is a going concern. In a period like this, it is
important to revisit the Business Model Canvas (BMC) whenever it appears to no
longer propose value. This is necessary for survival post-COVID-19.”
Asides that, companies that are quite relevant – Health, FMCGs, ICT, E- commerce,
and Logistics should revisit their strategies to make the best use of the
current situation.
Laying emphasis on cutting costs, especially while the business is no longer
assured of profit, downsizing, salary slash, and unpaid leave may become
inevitable.
Irrespective of which end of the spectrum a business finds itself, uncertainty
has a way of either causing excitement or hysteria, and at other times stalling
decision making.
Considering these responses, entrepreneurs or start-up founders having
revisited their business models have the task of deciding what method to employ
to stay afloat. However, not all businesses can be assured of survival or
recovery after this.
For new ideas looking to emerge, there may be the apprehension that the
potential market is not ready or equipped enough for it, it is important to
understand people’s needs and empathise with them. Then build the solution and
enlighten people that need it – it may as well help them adapt to technology.
In the meantime, this period will test each business’ viability. Ultimately,
knowing what best practices to adopt hereafter is key to handling the
post-COVID-19 impact.
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