As we all know, the administration decided to extend the Enhanced Community QuAs we all know, the administration decided to extend the Enhanced Community Quarantine in Luzon for another 2 weeks. This may deeply affect our employees’ lives and our business as well.
Damage control is one of the things most businesses did these past few days and what we should prepare now it resiliency, we need to make sure that our business keeps going to either maintain our business’s status or grow it even further. Needless to say, we should make strategic plans in order to tune up our business after the Enhanced Community Quarantine and COVID-19 will be over.
There are only two things your business encounter at this moment: The business is either stable or in the midst of becoming bankrupt.
If your business is still stable, then it’s good for you but the question is: What would a stakeholder do during this pandemic virus if their business is at its stake?
Take A Step Back and Reflect
The best way for a business owner to do is pause everything for a while and try to take a look at the current status of your business and most especially your finance. See the business’ growth and reflect. You can also take advantage of this moment and think about the possible actions to be taken- write things down, so you won’t forget anything.
Ask yourself these questions:
- Can I pay my employees?
- Can I afford paying for the advertisement?
- Do the business still have funds to make sales and marketing strategy?
- How do I see the business in the next 6 months?
Accept the Reality
Once you figure out the current status of your business, you can finally start accepting the truth of the business’s status
- I can’t pay my employees for the next 2 months
- We don’t have much clients and there’s a possibility that we cannot get clients immediately
- The clients we have hasn’t paid us yet because of this health crisis
Once a business owner accepted the reality, it’s better to find solutions.
Over communicate with Your Team
You know the current state of the company, you accepted the reality, you already know what can and cannot do as of the moment, now the next thing you can do is communicate. It’s time to talk to your employees, co-owners and managers.
It’s necessary to over communicate than under communicate with your employees because hiding them under the dark and feeding them false hopes will lead to gossips, dilemma and unnecessary stress to your employees and worse, you may lose them in the process.
Trust is very important in business, it acts as a strong foundation and without this, your company will be gone in thin air.
Do The Necessary Actions
The best thing to do is action control and continuous study about the business growth and conceptualizing steps on how to turn things around once the health crisis is over.
Best things you can do for now that often works are:
- Cutting Down Unnecessary Expenses
- Stop Running Advertisement
- Tell Your Employees That The Company Cannot Pay Them For Now
- Run FREE Webinars or Sending FREE E-Books as Lead Strategy
When you tell your employees that the company cannot pay for their service, explain the current situation fully. Be Transparent. Make sure to give them the right options such as giving them the freedom to find another company or lessen their workload. Lastly, assure them to give the necessary compensation for their hard work once the business became more stable.