How to Keep your Business Afloat in Uncertain Times
Posted 20 May, 2020
Author - Priscilla Aimila
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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