Maintaining a business in 2020

Maintaining a business in 2020 may seem hopeless. COVID-19 has been debilitating, and the United States has entered a recession. However, many companies have found ways to survive. 

Here are 5 tips for how your business can follow suit.

Employ Safety Measures

Safety is essential during a pandemic. Therefore, if your business isn’t 100% remote, there are stringent measures you should take to ensure safety. First, ensure your office space is entirely disinfected, particularly if an employee has tested positive. This is especially important if your business provides medical services. In that case, you should consider investing in terminal disinfection for COVID-19. If you need employees to be present at work, try to stagger their times. Encourage safe hygiene practices and provide hand sanitizer. When able, try to transition to a completely remote workplace. It’s better to risk a new business medium than a virus.

Communicate and Empathize

In these trying times, your actions as a business owner will be remembered. Your employees are counting on you to keep the company afloat. Remain kind and understanding towards everyone’s needs. If an employee needs to work remotely, try to allow it. Have weekly discussions and updates about the state of your company. This applies to your customers as well. Consumers are likely having some difficulties, so stay understanding of any issues that may come up. Lastly, stay on top of the other main 2020 topic - social and cultural movements. It's unwise to ignore these movements, particularly in the era of social media culture. Having a company-wide discussion on this phenomenon, as well as the changes you can make, is paramount to cultivating a harmonious workplace.

Assess Finances

It may seem obvious, but the importance of assessing your finances can’t be overstated. Be sure to check in with accounting daily. Find out where you can reduce expenses if you’re about to lose revenue. This isn’t the time to be overly optimistic - be truthful about what you can and can’t do. You should also be upfront with your workers about finances. Let everyone know what changes will be made and ask for suggestions. You still have the final say, but you may find a group brainstorming session fruitful. It will also assure your people that you're on their side.

Make a Plan

You need to stabilize your business once you finish scrambling to keep it afloat. By making a plan for the next few months, you can remain on track to maintain your company. This may not sound glamorous, but you can’t focus on conquering the market. Instead, make your objective to stay open. Figure out what system works best for your employees. Zoom might function better for you than Skype if you're using video chat. Your company will almost inevitably need to downsize, so evaluate what is essential and what can be terminated. Look at locations, inventory, employees, providers and other components of your company. Try to cater to the market - if you can lower any costs or give free samples, do it. Consumers will be grateful and interested in what you have to offer.

Adjust To the Circumstances

It’s no secret that COVID-19 will affect businesses for a long time. Instead of attempting to wait the pandemic out, try adapting to this new way of life. If your company can function remotely, find ways to make it sustainable. Digitization has already become a steady trend for businesses, so why not continue that route? Create innovations and spruce up your online presence. Update your website into an understandable and attention-grabbing information center. Generate a social media profile and post regularly. Digital marketing will be more profitable with everyone stuck at home than in-person marketing.

Now is the time when businesses are put to the test. If you act with compassion and foresight, you have a greater chance at passing. Keep these tips in mind and lead your business through the storm.