The global pandemic of COVID-19 has changed a lot of things for businesses and companies. Most of the companies have been ordered to offer work from home to their employees. No one was prepared for this global pandemic and hence, the companies are facing a ton of loss in revenue as well as in decreased productivity.
This post is all about how your company can survive COVID-19 and other future pandemics. The main aim of the article is to show you why your company needs to transform now. This includes a complete digital transformation to survive COVID-19.
The Problems companies are facing during Pandemic
COVID-19 changed many things in the business industry. Companies are facing various problems depending on the industry they work in. We will focus on the problems first and later on, we will move to the things your company can do to survive COVID-19.
Companies are ordered to shut down due to COVID-19 and the employees are ordered to work from home. This involves. We will see a couple of problems that are being faced by companies in different industries.
Among all the problems faces, communication is the biggest problem for companies. Telecommunication was the major thing that caused many issues. Of course, it was possible to communicate with all the employees through the digital medium but there were many issues. For most companies, a regular report and constant communication are required. This was not possible in telecommunication for most of the companies. Therefore, the communication gap is a major problem faced by all companies.
Further, the reports are not regularly sent to the company. In office-shifts, it is possible to send a report to all the managers more than 5 times a day. Whereas, the same thing won’t be possible when working from home. The employees could only send the report twice a day.
Teamwork became harder
It has become harder for people to maintain proper unity in the project. Teamwork has become a lot harder. Mostly due to the communication reasons, the employees are not able to communicate with fellow mates easily. In the same way, some of the work needs constant approval from the team leader or teammates. This causes many issues. The communication consumes a lot of time and as a result, productivity decreases a lot, which brings us to the next point.
The home environment will decrease the productivity of your employees. There are various reasons for the same. As it is a global pandemic, there might be some of the medical reasons for less productivity. In the same way, a lot of other issues also arise along with medical issues. The employees might not have a proper internet connection or bandwidth. Even if one of the employees is facing the problem, the entire team’s work will slow down and the overall productivity will decrease. So, you need to take some crucial steps to increase productivity and save the business from Pandemic. Taking proper digital transformation steps will help your business survive COVID-19.
Everything happened so fast that no one was prepared for the things. There was no strategic planning and most of the companies still do not have a proper plan to survive COVID-19. This includes all the things whether it’s about managing employees or it’s about marketing.
A proper plan is required if you want to save the business from Pandemic. The production stopped, the manufacturing stopped, and the employees are working from home, there are very few things you can do to run your business efficiently. So, this is causing a lot of problems for the company.
The biggest problem for any entrepreneur is cashflow. During this global pandemic, many services are stopped. This changes the manufacturing and production process of the company. Also, if you are outsourcing the services, it will invite extra costs or might get delayed due to this.
People are losing jobs due to this Pandemic. As an entrepreneur, you need to take care of your employees and make sure that they get their salaries on time. Else, it will disrupt their life and it will leave a bad reputation for your company. Therefore, cash flow is a part where many companies failed. As a result, the US saw the highest amount of job drops in the previous month.
Why does your company need to transform?
These are the major problems that every company is facing. Along with this, there are hundreds of others. Hence, you might have got the answer to why your business needs a digital transformation as soon as possible. The global COVID-19 cases are increasing daily. Hence, if you do not pay attention to the COVID-19, it might thrash your business in no time.
We have already seen some of the major issues that people are facing. Now, we will see the main reason for how these problems will affect your company and why your company needs to transform?
All these problems are affecting your company’s growth in one way or the other. Therefore, it is necessary to tale the possible actions to perform the complete strategic digital transformation of your company.
If proper steps are not taken to solve this, the productivity will continue to decrease and the revenue of your company will also go down. So, you need to solve all the problems to save the business from the pandemic.
Now, the questions remain the same. What are the steps that you need to take to grow your business even this global Pandemic?
How business can Survive COVID-19?
The problem here is not only about business. As an entrepreneur, you also need to take care of many other things such as the mental health of your employees, managing cash flow to give salary on time to employees and keep your business running. With a proper digital transformation, most of these problems can be solved in no time.
Let’s understand the plan and take a deep dive into transforming your business.
Technology will solve half of the problems
Technology has progressed so much that it will automatically solve more than half of your problems. Whether it’s about the communication gap or you want to go with the remote learning to teach more employees. You can do all these things with the latest technology tools available on the market.
The first thing we will see is improving communication. This applies to all your customers as well as for the employees. You can use communication tools to make things easier. There are tools such as Office 365 which has made the teamwork possible.
CRM (Customer Resource Management) will help you manage all the customers’ data. You and your employees can open the tool from anywhere and make the edits. The other digital transformation you can do to save the business from Pandemic and help your business survive COVID-19 is by online events.
All the businesses have weekly meetings, you can have those meetings online. There are various tools that you can help your business survive COVID-19 easily.
Overall, you can do a complete strategic digital transformation of a company during this global Pandemic.
You can have a look at the article I wrote on COVID-19 – A report from the trenches. It’s a complete story to survive COVID-19 with the help of technology.
Crisis Management Planning
No one was planned for the global pandemic so soon. Everyone was so busy in taking their businesses to the next level. In this rush, we forgot about the pandemic that could happen. No one was prepared and even ready for it. Hence, there was no proper planning done to successfully overcome COVID-19 and keep the growth as it is.
However, it’s still not late. You can still plan a proper crisis management plan to survive COVID-19 and grow your business in pandemic. We can guide you in the entire planning and help you meet your business goals. We know it’s a rough situation and we want to help maximum businesses we can. Our strategic planning includes all the things that you will require during this pandemic. You can start implementing the plan and see the growth of your business even during this pandemic.
The cashflow and Transformation
Cash is one of the main assets of any business. You will require cash on hand to do business. There are 7 main places where you can get cash. You need to have a look at the price you are paying for the product, the volume of the goods sold, the cost of the goods sold, overheads, accounts that are receivable, you need to take a look at inventory, and lastly, you can see the accounts payable. These are the 7 places from where you can get cash.
You can reduce the costs that are unnecessary and focus on the important things. Some companies cut all the costs of their business which is the biggest mistake that will drown their company. You will need to keep investing in important services that are required for your business.
As of now, you will need a proper crisis planning for COVID-19 and you need to focus on getting the technology tools ready to increase productivity. You need a complete strategic and digital transformation in both ways, evolutionary or revolutionary. Without the transformation, you will lose the complete productive eventually which will lead to loss of revenue.
In this way, your company will be ready to face the global pandemic.
Growth and innovation
Let’s just accept the fact that there are many things that you can’t do during the lockdown. As the government has ordered a complete/partial lockdown in most of the areas, your half of the business work will stop. As the border gates are closed, you will face issues in trading and importing products (if you are dealing overseas). This will lead to many things being interrupted.
However, even if all these things stop, you shouldn’t stop the growth of the company. You can focus on the things that can be done during this pandemic. You can enhance your social media accounts or you can simply create your next marketing plan. In the same way, many things can be done depending on the industry you are in.
You can also utilize the remote learning and train your employees to work in a better way. All these things could be done during this pandemic. In this way, you should focus on growth and innovation. Also, make sure you have an innovative business plan for the next pandemic.
To summarize, this was all about COVID-19 impact on businesses. We discussed on why your company needs to transform. We saw the problems that were communication, cashflow, teamwork, and a decrease in productivity. All these problems show that you need to do a digital transformation due to COVID-19. You can save the business from pandemic by using the technology tool to overcome half of the problems. The rest of the problems can be eliminated by strategic crisis planning for a pandemic. You also need to focus on cashflow. We saw a couple of reasons why you need a complete digital transformation for your business.
If you look at it from the top, this pandemic taught many things to people. You need to train your employees for the best skills and also, you need to prepare for the worst. With that being said, also make sure you that you are taking proper care of your employees in all the possible ways. Lastly, we can say, it’s COVID-19 that will force us to level up the game and have proper planning for the company and the business. Do not take any decision in harsh and make sure you have got empathy and are grateful for all the employees and team members who are working hard to keep the company running. Also, don’t keep the employees on pressure, focus on their mental health too during this pandemic. This will help you survive COVID-19.