Since the coronavirus pandemic reared its ugly head, businesses all over the world have suffered immensely. With millions of businesses completely dissolving and millions more people suddenly out of work, it’s a scary time for business owners and entrepreneurs. Sometimes, the best thing you can do is ride the wave, and if your business hasn’t been doing as well as you’d hoped, you can hit the brake pedal on your business for a while. This doesn’t mean you’re shutting down, more like making ends meet until things begin to pick up again. If this seems like a sensible option for your business, take a look at these things you should be doing when taking a step back from your business.
Many people have adapted to this already, but remote working for you and your team will allow you to eliminate some of the processes of your business while you take some time out. If your business is able to run entirely online for the time being, consider that not only so your business can continue ticking over during this recession, but also to keep you and your staff at a lower risk of contracting or spreading the virus.
At a time like this you need to save as much money as possible to keep your business afloat. This means eliminating costs such as rent on your office space and other unnecessary expenses such as company cars. Take the time to look through your business expenditures and eliminate those you don’t need or want right now. If you’ve got machinery or office equipment that needs moving out of your old office space, you can safely store them with companies like storefriendly until you need them again. The more money you free up for your business, the more likely you will make it through this recession.
Set up an effective communication process
Managing a team remotely is hard work. From worrying whether people are actually working to noticing a visible drop in productivity levels, remote managing is an extremely stressful role. However, like with any business, remote or not, communication is key. Find an effective communication process such as Basecamp 3 or Zoom so that you can effectively manage your team even if you’re hundreds of miles apart. Many businesses have continued to thrive even when their team is working from home, and if you’re communicating effectively, there’s no reason why your business won’t either.
Keep your current customers invested in your business
Finally, even though your business isn’t bringing anything new and innovative to the table, you still have to think about your current customers. Look at the products that sell well and keep them available for people to buy. You can keep your current customers invested in your business through clever marketing and small but effective discounts that will keep them coming back while you ride this rough patch out.
It’s hard when your business isn’t doing well but with these tips and careful management of your finances, your business will make it through to the other side.