It’s a pandemic that’s shaking the world to its very core. What started as a small outbreak in Wuhan, China, has turned into a pandemic affecting businesses and individuals worldwide. How to Manage Your Business in COVID’s?
It looks like we’ll all hunker down for a while. With COVID-19 showing little to no signs of slowing down anytime soon, many business owners struggle to find ways to keep their businesses afloat in these turbulent times.
But don’t worry, we’ve got your back. This article is about how to thrive during this difficult time. We’ll share tips on managing your team remotely, keeping your customers happy, and staying organized despite the chaos.
Why is it Hard to Operate Because of COVID-19?
Besides the fact that there is a sword hanging over our heads, there are a few other reasons why COVID-19 is wreaking havoc on businesses.
With workers scattered around the world and customers unable to assemble in person, it’s hard to get anything done.
So many companies are now completely reliant on the internet only compounds the issue. That’s where global management is beneficial.
What is Global Management?
Simply put, it’s the ability to Manage Your Business and personnel to allow you to be as effective as possible no matter where they are.
It could mean managing different time zones, working with virtual teams, or even being aware of what is happening in other parts of the world.
It’s a challenging skill to master, but if you want, you can register for an MBA degree in global management to learn ways of managing multiple teams while ensuring work keeps going.
It’s better to know what is an MBA In Global Management before you start looking for universities offering MBAs. Look it up on the internet, and if you think you need the extra qualification, now’s the time to get it.
The Benefits of Global Management
There are many benefits to global management, but some of the most important ones are:
- improved communication and collaboration among team members
- increased efficiency due to streamlined processes
- better decision making due to a broader understanding of the issues at hand
- reduced costs due to optimized resources for Manage Your Business
These benefits mean that businesses can become more successful in today’s ever-changing world.
How COVID-19 Affected Businesses
After the 2008 financial crisis, COVID-19 finally gave small businesses the shake-up they needed.
According to The Guardian, a third of UK business owners reported that their businesses have been affected by COVID-19. And this isn’t just limited to the UK – companies worldwide are struggling.
In the US, for example, one in five small businesses has closed due to COVID (source: CNBC). It is likely because American companies tend to be more reliant on in-person interactions than British or European companies.
With so many people now working remotely, it’s becoming increasingly difficult for businesses to keep up with customer demand. Add in travel bans and quarantines, and it’s no wonder companies are struggling.
Threats Faced by Businesses
Threat #01: Employee Morale
Employee morale is at an all-time low. It can lead to a decrease in productivity and creativity as many people are worried about their health and the well-being of their families.
To combat this, business owners can create a sense of community among their employees. Encourage employees to communicate with one another, share resources, and offer support.
You can also incorporate team-building activities like an online escape room that creates team collaboration and fun interaction.
Threat #02: Social Media Trolls
Social media trolls are out in full force these days. They’re attacking businesses left and right, trying to ruin their reputation.
You’re at risk if you don’t have a social media strategy. It would help if you had a plan for dealing with this.
Threat #03: Economic Downturn
The economic downturn is another major threat that businesses are facing. If customers don’t have money to spend, your business will suffer. There are certain things you can do to combat this, though.
- Offer discounts or incentives for buying your product or service.
- Market your business in a way that emphasizes the value you provide.
- Make sure your website is optimized for mobile devices.
Businesses should also be aware that COVID-19 is causing employees to leave their jobs. If you notice that majority of your employees are going, you may want to consider offering them incentives to stay. You could also offer them a raise or bonus.
But what if your business is already feeling the squeeze?
Tips to Manage Your Business:
People Management:
As businesses face an uncertain future, managing people effectively is more critical than ever. It means understanding your employees’ needs and encouraging them to work from home. You should also make sure they have the tools to be productive.
Finance Management:
It is essential to keep track of your finances. It means closely monitoring expenses and making sure you are not overspending. You may also want to consider scaling back on certain aspects of your business.
Marketing Management:
Now is the time to redesign your marketing strategy. You may want to focus on digital marketing, as this is a great way to reach customers who are staying home.
You should also make sure your website is up-to-date and user-friendly.
Cultivate The Seven C Attributes:
Now more than ever, businesses need to be calm, creative, communicative, customer-centric, collaborative, compassionate, and courageous.
Make sure your team is focused on these seven Cs. Add an eighth, cash!
Stay Organized:
Make sure you have a plan for handling COVID-19 in your business strategy. It is a time when it is imperative to stay organized, so have a communication plan in place so that all employees are aware of the latest updates.
Be Proactive:
If there is any negative comment or feedback around your brand, you need to act proactively to take it down. Sitting on the same will result in nothing but losses for your brand. To know more about online reputation management agencies can help you, read more here.
Productivity Tips:
While managing your people and finances is essential, it is also vital to stay productive. Here are some ways to do that:
- Establish reasonable goals and deadlines for yourself and your staff.
- Create a positive work environment by praising employees for a job well done.
- Take breaks! It is essential to step away from your work every once in a while to refresh your mind.
Technology Tips:
While we cannot control everything, there are some things we can control. Here is how you can use technology to help manage your business during COVID-19:
- Use online tools such as Zoom or Skype to hold meetings with employees instead of meeting in person. It will help reduce the risk of exposure.
- Ensure all software and applications are up to date and that passwords are strong and changed regularly.
- Encrypt all sensitive information.
- Back up your data regularly in the case of an emergency.
- Create a remote work policy for employees who can work from home.
- Stay connected! Make sure you are still communicating with other businesses, clients, and partners even though in-person meetings are impossible.
Investing in tech doesn’t mean you have to shell out tons of cash. There are more economical options available that your business can take advantage of. At a time when many organizations are still reeling from the economic effects of COVID-19, this is important. Computers are one area where you can slash costs but still get quality materials. You can look at high-performance refurbished computers for your office. These are great options if you need to provide employees with computing equipment. They are cost-effective, yes, but they can also rival new computers.
The Takeaways:
Take a deep breath – you are not alone. Many businesses out there are going through the same thing as you.
What is important is that you take the time to assess what is happening and develop a plan. Now is the time for you to put your adaptability skills to good use.