The impact of COVID and coping with it
The first wave of COVID 19 shook all of us and the businesses. No one was ready for such a huge event. Now the impact of the COVID second wave has shocked us with the deadly situation persisting, resulting in full or semi-lockdowns.
We were taken by this impact suddenly and those who were not ready for the second wave must have been affected severely.
Planning and Survival
What’s more important is to come out of this and plan in such a way that your business continuity remains intact even in the worst of situations. Because the impact of the Coronavirus seems to be the new normal.
Let’s check out the steps you can take for your business.
- Safety First
Health and life are the first priority and so establishing the safety measures at your business is the fundamental aspect. The impact of COVID is first on your health and then your business.
We do not know what is there in the future, your business needs to survive and come above. Also, your employees’ health and safety is a matter of responsibility for you.
- Work from home
To enable safety first, if possible for the type of work, work from home is the best option. Or, calling only the required number of employees would be another option. A number of infected people coming down should not bring down the safety measures.
Sifting the digital working methods could save you and your business both. In brief, it is important to learn the new ways of functioning and adapt to them.
So, the things to consider in this current situation are work methods, expenditures, marketing methods, selling methods, plans and situations for the work travels, hiring methods and avoid to do so if not required, etc.
Planning all these would help save the cost and decide the future course of action, reducing the impact of the COVID crisis on business.
Budgeting and costing for the fixed and variable costs would be required to make sure that you are concentrating on the survival of the business.
Customer’s buying and spending methods have changed and gone down due to the fear of getting infected. This is obvious, as life is important than anything else.
Where showrooms are allowed to stay open, they must follow the safety precautions and make sure that the business, employees, and the customers are safe.
If possible for the businesses must convert to home-delivery services. This will bring down the risk of infection and the business would survive.
Setting up the best customer care services is the need of time when you are not available physically. This way you can stay connected with your customers and provide them with customer satisfaction and also resolve their issues and complaints.
Setting up an online store or pursuing social commerce through Whatsapp orders can be highly beneficial to diminish the impact of COVID lockdowns and social distancing followed by the people.
PayKun Payment Gateway and Payment Links would help you reach your local, domestic, and international customers and help you with business as usual.
- Cash flow
One of the major impacts of COVID on the businesses due to which many had to shut down during the first wave is the lack of working capital. Keep track of the finances through ledgers and stocks and keep adequate cash on hand. If required you can always go for Government aids and loans. Survival is the key therefore it would be advisable to handle the short-term goals well.
- Social activities
Giving back to society through charity is one of the social responsibilities of affluent businesses. Also, it would be a great source of marketing for yourself.
Learning from the first wave is essential and implementation of those learnings is even more important.
Impact of COVID First wave reduced or almost eliminated sales, cash flow, and planning. The businesses were taken by storm due to lockdown, stop in manufacturing units due to lockdown, financial crisis, employees being demotivated, stop in shipping services, and travel bans.
Read here how was it: impact during the first wave in 2020