It’s virtually impossible to manage a business without accepting the impacts of the coronavirus. COVID-19 has disrupted companies across the globe, and the fallout will be felt for months after normality is restored. While this is a testing time for all SMEs, it’s still possible to improve your venture. As long as you focus on the right features.
Here are eight focal points that can bring rewards during this pandemic and for many years to come.
#1. Tighten Your Finances
The damage caused by COVID-19 is sure to hit your finances hard. Consequently, then, this is the perfect time to regain control of the situation by reducing your financial waste. Step one is to check that you are getting the best value on business insurance, web hosting, stationery supplies, and all purchases. Every saving helps.
Making your money work harder will have a telling impact in the immediate future and create a stronger platform for the long haul. Your accounts deserve attention too. So, don’t miss out on potential small business R&D tax credits. They can cushion the financial blow of research assignments to unlock better cash flow.
#2. Bolster Security
Getting through this testing period is naturally your priority. But you want to protect the long-term future of the business too. It’s likely that you currently have more time to make infrastructural changes. Improving the security features, both online and offline, is one of the smartest things you can do at this time. Not least for your peace of mind.
A lot of businesses will be fully focused on making up for lost time once their endeavors return to how they were. Sadly, this will create openings for hackers and fraudsters to pounce. Whether it’s finding the right surveillance cameras or upgrading the firewalls and data encryption tools is up to you. The benefits will last for years to come.
#3. Develop Your Team
It can be tempting to place employees on furlough. In reality, though, you’ll need them more than ever once the post-coronavirus boom occurs. Not only should you retain your skilled workers, but you should encourage them to become even better employees. After all, a stronger team unit is the foundation of a successful company.
If your work premises are currently shut as a result of COVID-19, you should focus on interactive courses. Whether developing the skills to embrace new software, use new devices, or understand new concepts doesn’t matter. As well as the new talents, employees will see that their jobs are secure. And they will repay you with good work.
#4. Improve Internal Communication
Smooth internal communication can work wonders for productivity, time efficiency, and client interactions. Given that teams are now spread out remotely, even when it’s not a forced social issue, it’s time to invest in new features. Otherwise, collaborative works will be hit by delays and mistakes.
The harsh reality is that paper-based scheduling is outdated for several reasons. You must invest in cloud-based time management and project management with real-time tracking. Aside from helping colleagues work as a team, it can facilitate a far better employer-employee bond. Teamwork makes the dream work, don’t forget it.
#5. Go Green
Living eco-friendly lifestyles was a major issue before the coronavirus pandemic. It will continue to carry huge importance after this period. Consumers will judge companies partly on their carbon footprint and social responsibility. Likewise, employees would rather work for firms that provide a source of pride. Now is the time to go green.
Building an environmentally-friendly brand isn’t as hard as you might think. You can reduce energy waste levels with better insulation facilities. Paperless invoicing, new couriers, eco-friendly packaging, and energy recycling all aid the cause. If nothing else, the progress will lift a weight of guilt from your shoulders, allowing you to work smarter.
#6. Upgrade Your Customer Care
Keeping customers happy is a key ingredient in the recipe for business success. Winning new clients is one thing, but securing their loyalty is the end goal. Learning to improve your customer care game is one of the most significant steps. It can be particularly beneficial at this difficult time where people have uncertainty in all aspects of their lives.
There are many ways to boost your customer support endeavors. Live Chat, telephone lines, social media and face-to-face links can all be used. Software that tracks interactions across multiple devices is very useful as it allows agents to pick up the conversation. At this time, you need to show compassion. A client that can delay repayments is far more likely to stay loyal.
#7. Establish Smarter Marketing Schemes
Many customers aren’t interested in buying products while their finances are in a less than secure place. But that doesn’t mean they will stop thinking about potential purchases. Therefore, you need to get your brand in front of them. Digital marketing is the only way to do it right now, which is why you need a revamped strategy.
Building a sense of familiarity can work wonders at this time as people aren’t seeing loved ones as frequently as they’d like. Content is king, especially as video content is retained with far greater success. When prospective clients like the brand image, they will be more likely to purchase. When supported by a strong SEO strategy, your venture will thrive even in the face of COVID-19.
#8. Become A Better Leader
If you want to improve every aspect of your company, you must not forget the need to invest in your own development. Embracing at least some of the steps above will naturally make you a more responsible leader. But taking a course to develop your communication and leadership skills is equally beneficial. Do it now while you have the time.
The fact that you’re prepared to invest in your staff shows that you appreciate the potential rewards. It will allow you to guide the business to greater things once the COVID-19 impacts are removed. And it will also prepare you for any future disasters, whether they are pandemics like this or something else. Best of all, you’ll feel more confident than ever.
