We are living in unprecedented times and the impact of Covid-19 around the world means that every business has had to adapt to this new normal. From all accounts, this is likely to last for some time and so here we look at what businesses need to be considering to make sure that they adapting to the new situation.
Can you be more efficient?
Businesses should regularly review their expenditure to make sure that they are operating as efficiently and cost-effectively as possible. But often when you are busy, there are just not enough hours in the day. The current pandemic has changed the way that people work but also will have a massive impact on the economy. Businesses need to make sure they are saving money wherever possible to weather the storm of this crisis.
Every business will have different requirements with related costs, but generally everyone should be thinking about the following:
- There are various forms of financial assistance from the Government available to businesses, ranging from those that are self-employed up to larger companies. Make sure you check if you are eligible for these since they could provide some much-needed respite, particularly if your business has been badly affected and has had to pause operations during lockdown.
- Review all of your bills and contracts to see if any can be reduced or amended. This includes your telecoms provider as well as your regular bills. If premises are not being used, see if you can reduce your rates or possibly your insurance if it is not currently operating as a place of business.
- At the same time, make sure you check any insurance policies to ensure you are fully covered. If buildings are no longer occupied or work vehicles are not being used, you need to check that you are complying with all the necessary requirements to have continued insurance.
- If staff are currently furloughed because they cannot physically attend work, consider whether their roles can be adapted to enable them to work from home. Although the Government is currently covering the furlough scheme and have extended it, they have made it clear that companies will have to start contributing to some degree from around August. If you are able to find ways to adapt your employees’ work, this should help protect your business in the long-term.
Make use of any spare time
Make the most of any spare time that you now have on your hands. This is a perfect opportunity to do all the projects that you have not been able to complete during the normal course of business.
Things that you should be considering include:
- Updating your website. Make sure that it is current and relevant. More and more businesses have introduced new online offerings or tweaked their usual business to make it work online. Check your website reflects any such changes.
- If you have not already got a blog, this is the time to start one. Regularly updating your website with key terms and fresh, relevant content will reassure customers that you are still operating and make you more appealing.
- Take time to sort out your social media strategy. Start accounts if you don’t already have them and where you do, add up-to-date and interesting content. Increase your social media presence now so that you remain on your clients’ radar.
- Reach out to customers and keep them updated about your business and how you expect to adapt. Ask for feedback and use this to help with implementing changes to how you will operate.
How else can you protect your business?
It is always imperative that you have solid antivirus protection in place to protect your IT systems and related information. Since it is likely that you will have staff working remotely, possibly where this has not happened before, it is vital that you make sure this extends to cover any equipment that they are using from home. It may also be necessary to provide them with IT equipment to enable them to continue working effectively in a remote way.
