Dos and Don’ts for re-opening businesses post lockdown

by with No Comment Business

The COVID-19 phenomenon has wreaked havoc and unleashed challenges on every individual, family, industry, and nation in the world. What started as a mysterious illness among a few people in a country, soon went on to cause widespread fear and devastation among millions of lives and terrorize the globe.

The unlock:

Millions of people all around the world are in some form of a lockdown or the other. But as we can see, with the passage of time lockdowns are starting to ease up, restrictions are being relaxed and guidelines are being put in place paving the way for economic activities to resume and businesses to start back on track. If not right now, eventually more and more businesses will have to start opening up and more people will need to get back to work to keep the nation running and sustain their livelihood. 

But the process of restarting is not going to be a smooth one. There is a high chance of work processes slowing down and a spike in expenditure. Jumping the gun will work to no one’s advantage.  

Businesses need to keep various factors in mind, have a blueprint in place, and follow certain guidelines or take precautionary measures when they restart.

Precautions for a healthy restart:

Here are some of the precautionary measures businessmen can take while restarting their businesses post the lockdown:

  1. Social Distancing and limiting interaction – First and foremost, it is extremely important to stick to government regulations and guidelines regarding maintaining social distancing and limiting interaction between people.
  2. Hygiene practices – Basic hygiene practices need to be in place and mandatory for everyone, especially hand-washing and wearing masks.
  3. Medical Information – Information on hospitals, clinics, medical authorities that are nearby need to be kept handy. This also includes having a contact number of someone belonging to the municipal corporation.
  4. Status Updates – Daily COVID status updates should be a part of the daily routine.
  5. Check on visitors – Occupants and visitors need to be tracked and kept in check while looking at symptom visibility for security purposes.
  6. Keep clients happy – One should regularly keep in touch with their clients/customers and keep the interaction going because the businesses solely depend on the clients and if they are not on good terms then it can severely impact the business.
  7. Flexibility for staff – It is important to allow some flexibility and not force all staff members to be present, it is better to let them take the call. Forcing the staff to attend only leads to a decrease in morale.
  8. Backup Providers –  The former suppliers or service providers may not be available due to certain limitations and restrictions. Hence it is important to have a backup plan in place and contact alternate suppliers and service providers. 
  9. Try E-business – A lot of businesses or companies could make use of the opportunity to transform into online businesses if possible and shift to digital marketing services. 

The right approach:

Businesses can try out a simple five-step approach to help emerge victorious in the battle with the pandemic and restart. These are :

  • Resolve – It is necessary to identify the challenges and accordingly prioritize them. Contact suppliers, customers etc. to understand the ground reality and accordingly make decisions. 
  • Resilience – It is essential to ensure that your plan for improving liquidity and cash flow is executed. Focus on cash flows for the short term profitability. Take the necessary steps to shorten your cash cycle. Don’t withdraw money from the business, reinvest the profits for the growths. Execute the plan to resolve the financial crisis and finally dispose off the uncalled for inventories to bring some cash flows and reduce the inventory carrying costs.
  • Return – It is important to focus on products and services that would easily provide returns in the current situation. It is crucial to sell what is needed and ignore something that has no short term profitability. 
  • Reimagination – A business which was normal before the impact of Corona, maybe impossible after that, therefore, one should imagine the new normal, and should act accordingly to achieve that.
  • Reform – There may be certain changes in rules and regulations post the lockdown or rather when things start going back to normal. Therefore, planning and actions should consider new policies and regulations.

Stay Healthy and happy – Last but not least, it is essential to stay healthy, be positive, and keep everyone (employees and customers) motivated and happy.      

Are You Prepared for the New Era After the Lockdown?

Are You Prepared for the New Era After the Lockdown?

by with No Comment Business

Are You Prepared for the New Era After the Lockdown?

 

The COVID-19 pandemic has affected the world to unprecedented levels. With the infection and death curve beginning to flatten, governments around the world are now beginning to plan their actions in the aftermath of this global illness-causing virus’s impact. As we steadily head towards defeating this virus and containing its advance for the good, we must also take a look at how this pandemic will impact the world as its leaves.

The black death had brought about radical changes in European society and so did smallpox. Similarly, we can expect some very important changes in the social structure and the economy. Not that the current economic system will become completely obsolete; it will go through some strong changes to help accommodate in future cases. 

At this point, all the countries in the world are focusing on how to mitigate the crisis and open the locked world step-by-step.

What will be the Exit Strategy

As new cases start becoming rarer, governments may consider reopening schools, colleges, educational institutions, semi-essential businesses at a distance of one or two days each. Doing this would ensure important social activities such as schooling resume in order to ensure children don’t miss anything further.

As a second step, as the recovery numbers begin surpassing new cases, we can expect a full reopening of all the places, including non-essentials businesses and sectors such as restaurants, travel lounges, hotels, spas, gaming zones and more. Somewhere in between the essentials & non-essentials and services, semi-essential products and services such as hardware, furniture, electronics etc. should reopen just a little while after the full-lockdown is lifted.

Effect on The Businesses Sector

The lockdown has severely impacted the business and retail structure of every country in the world. Barring food, grocery and medical, every other business is currently experiencing deep losses with the smaller players potentially never recovering from it.

From the looks of it, the worst-hit are the tourism and hospitality industries. Even after the lockdown, it appears difficult for businesses in these sectors to be able to recover for a long time as people would still be reluctant to go out.

As for semi-essential products and services are concerned, they are expected to suddenly face explosive demand before returning to normal in a few months. Prices are expected to rise due to a possible shortage of supply. Stocking up or making a detailed inventory chart of your business may be of importance right now. Ensuring that your inventory has a steady flow will go a long way to ensure your business doesn’t face glitches in the aftermath of the pandemic.

What to Expect and Do?

If you are a shop owner, expect more visitors and shoppers your way. Find and implement ways to manage crowds while urging them to maintain social distance. As you get more customers, ensure your suppliers are working smoothly and a steady flow of deliveries and your order placements are in place.

For businessmen whose business does not involve direct interaction with customers and clients, you can ensure your logistics and/or delivery methods are going on glitch-free. Craft your ERP software to keep a track of supply, demand, sales, and deliveries perfectly.

As money begins flowing back in the market, you may also begin making plans to clearing up dues and following up on pending payments which may have gotten stuck due to the lockdown. Checking your books for held-up credits and money-to-be-recovered may be in line with getting your horse back on its feet and running as soon as the lockdown is gone.

Let Your Customers Know

The world is currently in turmoil now. As governments open everything up, we can expect a frenzy-like atmosphere and your customers may not know what to do and in what order. Send out an email, SMS, broadcast or even a simple personal WhatsApp update could go a long way to get people back to doing business with you as soon as your reopen.

Make Some Changes

Cash is expected to be hard to come by, according to many financial experts. As the world stays indoors for a long time, most of the people have begun using cashless methods of payments as the primary mode over hard cash. As markets reopen for business, people may have gotten used to the hassle-free mode of payments. The days are already here when people don’t carry cash anymore while going out for shopping. Getting multiple cashless payment modes on-board would be the choice a smart businessman makes in the aftermath of the crisis.

Deliver Your Products Remotely

Another effect of the lockdown is that people would now prefer delivery services instead of going out themselves. Multiple delivery partners would also like to push their customer base and try to cater to a bigger audience. As more and more people become habituated to getting their stuff delivered home, they wouldn’t mind paying a fraction of their expenditure as a delivery fee, if they can get what they want without having to venture outside. 

Choosing to partner with these delivery companies or even starting your own delivery service would help you reach customers who do not visit you personally.

In a Nutshell

With this pandemic, the global economy is in the house for a drastic transformation, if not for a makeover. Businesses and institutions will now be able to work remotely on a greater frequency. Most people would prefer to still work from home for a long time after the lockdown is finished. While non-essential businesses will have to see a constant decline for some time, semi-essential businesses and shops are expected to find a surge in demand. Any business that can handle this is sure to rake in improved profits. Taking the help of technology in this upcoming era is also crucial as a cashless mode of payment is on its way to becoming the primary transaction tool for every economy.

Steps to Take To Avoid Panic During the CoronaVirus Lockdown

by with No Comment Business

The COVID-19 Coronavirus pandemic has left the world as we know it in a state of deep turmoil. Businesses are affected adversely everywhere and the effect is serious. People have isolated themselves completely. In such a tumultuous situation, we only have our phones, PCs, laptops to stay connected with the outside world; and as such, it is imperative a lot of panic-based and false news might also circulate causing untoward frenzy and getting people unnerved. Here are some things you can do to ensure no panic and unwarranted/false information is not circulated around you.

Verify the Source of Information Coming to You

As we all know, WhatsApp University is the most dangerous source of misinformation. More often than not, unverified and false news is circulated in groups and spreads faster than the Australian bushfire. FACTLY and BOOM keep a tab on false news and alert people. During these perilous times, it is very important to know that forwarding one message in 5 groups will not grant a kid $5 for every 100 forwards.

This lockdown is also the golden period for scammers and fake businessmen to thrive. Beware of all the “Earn Money From Home – No Investment Needed” and “I have a great business proposal for you” emails and texts. It is far more probable that they are big-time scams asking you to pay upfront in order to continue working and then never contacting you ever again.

Make Contingency Plans on to Get Back in Business

This pandemic has created global unrest and has affected economies everywhere, with the business sector getting the worst beating. Barring essential things like food, grocery, and medicines, almost all other shops are facing a tremendous lack of customers. However, this is a temporary phase and once people are free to go out, there is a surety of more orders and people visiting other shops. 

Ensure your supply chains are not disrupted in this process. Getting more than one distributor on-board may turn out to be a good strategy. This applies to both sides of the distribution – the ones to take supplies and the ones who are the suppliers. 

Keep Yourself Busy During the Isolation

As the saying goes, “An empty mind is the Devil’s workshop”, doing nothing all day will get into your head. Keeping yourself busy during isolation is a sure-shot way of not panicking and also not becoming the cause of it. There is a wide range of things that you can do during the lockdown, closed by the walls; from binge-watching your favorite TV series to spending hours playing various games. Or, you can always visit our channels to check out our informative blogs, and other useful online activities to explore new waters.

Here are a few links to try out: 

  • The DBohra Blog is excellent to find out business ideas and teeny tiny solutions to tinier problems in day-to-day business life
  • For budding business folk, the DBohra Educational Series is an excellent way to make things smoother
  • DBohra Webinars are another amazing platforms to find out the latest trends and have your queries solved

 Keeping the mind busy is a great way to keep panic aside.

Trust and Subscribe to Government of International Organisations

The World Health Organization is constantly in touch with governments around the world, collecting data and publishing it for people to know. Also, for regular updates from WHO, you can add this number +41798931892 to your contacts and send a hi on WhatsApp.

For the Twitterati amongst us, Verified profiles have a blue tick. You can follow your local leaders and authorities for local updates and plans of action. Also, just a little bit of digging leads to the verified truth behind every ‘update’. Stay informed, not misinformed.

Stay Safe, Stay Home

At this point in time, the only thing that remains to be said is, “Stay Indoors and Stay Safe.” May God guide us through these tough times towards a triumph over this illness.