Corona Virus or COVID – 19 is spreading like wildfire, worldwide. Our country, India, went from a no-panic state to complete lockdown within a week, and that is when we all knew, it’s going to be difficult for all. This global pandemic not only took the lives of people but also dropped the economy of our country. The lockdown has given rise to insufficiency of goods, services or products, and has also decreased the consumer rate drastically. In this crisis, the chances of a business surviving are very little. Along with small or medium-sized companies, big and renowned companies are also facing a major financial crisis. But, to sustain in the market, you should fight the crisis, and survive the lockdown. How? Here are a few tips that can help your organization in the time of lockdown.
Safety comes first
During this time of the pandemic, it is essential to look after your organization and its employee. Follow all the government orders and protect your employees by asking them to work from home. Deliver all the necessary pieces of work equipment to them and don’t ask them to step out for any work emergencies.
Planning with adequate liquidity
To withstand the Corona Virus storm, the organization should ensure adequate liquidity. Before moving ahead, you should ask your employees if they are ready to stay if the economy sinks more in the future and if they can deal with some poor quarters. You should pay remaining dues, employees’ salaries and taxes. Later, analyze the cash flow and plan using the balance sheet.
Luring the consumers
Since everyone is facing a financial crunch, you can give them a helping hand with offers and discounts. Your products and services will get a lot more attention if you have any offers available right now. Also, it will help you stay relevant in the market and connect with the customers.
Maintain a good relationship with the clients
COVID – 19 has hit the whole world, and each one of us is under its terror. We all stand equal in this time of crisis. Just like you, your client is also facing a lot of problems and dealing with the unsteady economy. In such difficult times, you should empathize with them, and create a business pipeline using the digital medium.
Make the best of the resources and time
Now you only have a limited number of sources, whether it’s your employees, software or hardware. But, you have ample time to work on all the half-done jobs. So, use your resources and make the most out it.
Corona Virus will vanish sooner or later, but, your business is here to stay and succeed. Stay Home! Stay Safe!