The Coronavirus outbreak is having an unquestionable impact on the business world.
The economy relies heavily on the flow of people and products across the world. The shift in suppliers, event cancellations and postponed travel has created a large level of uncertainty on how certain businesses will survive.
The important thing to remember is the outbreak is not the first pandemic to exist. It might be a rocky couple of months, but life will return to normal and it won’t last.
BUT If you want to survive, it’s time to make a plan. To tackle the Coronavirus your business will need to make some essential changes to your company processes.
Developing an Alternative Revenue Stream
The true impact COVID-19 will have on your business is determined by the quality of the planning that you do now. If you wait around for the worst-case scenarios, you could be too late.
It’s all about being prepared to change your business approach to help keep operations running.
If your business involves products or services designed for in-store purchases, it’s time to re-think your approach. Leveraging opportunities for alternative selling points is becoming key to surviving. So, if your current business revolves around in-store sales, it might be time to start looking online.
Employees Working From Home
As people make up the very core of many businesses, considering their health should be a priority.
It’s essential to include strategies that include a potential increase in remote working. Whether that means for your team or yourself. The Coronavirus doesn’t discriminate.
If an employee becomes sick, it should be reinforced that staying home and separating themselves from the rest of the workforce is ok. If guidelines and deadlines are established with your team before the need for quarantine, it will help the workload continue, even from home offices.
However, if around 50% of the workforce are not being able to work during a pandemic, it’s eventually going to put a strain on the financial side of a business. This is why it’s important to look into the tax grants available since The Budget 2020 was released.
During the recent Budget 2020, the Chancellor announced the measures in place to provide the public services, individuals and businesses the support they need during the COVID-19 pandemic.
The Coronavirus Business Interruption Loan Scheme
The loan scheme will allow businesses with a turnover of no more than £41 million to apply for a loan of up to £1.2 million, with the government covering up to 80% of any losses with no fees.
This will unlock up to £1 billion pounds to protect and support small businesses.
Statutory Sick Pay
If your business has fewer than 250 employees, the cost of providing 14 days of statutory sick pay per employee will be refunded by the government in full.
There will be a £3,000 cash grant to 700,000 to the smallest businesses, delivered by Local Authorities and worth a total of £2 billion.
The government is temporarily abolishing business rates for smaller firms, leisure and hospitality with a value of up to £51,000. Meaning that nearly half of all business properties will not pay.
Emerge from The Chaos
There’s no argument that the Coronavirus will impact the future of the workforce. It’s important to remember that if you take the time to build a successful and healthy organisation moving forward, your business will survive.
It will take time, but eventually the world will be back to normal and both the markets and economy will have had the time to heal. In the meantime, whilst the crisis is unfolding business should be taking notes of their survival for later reviewal.
Once the business world has recovered from the crisis, companies will be smarter and have learned enough to change their future. It’s likely that the business world will focus on online platforms. If you can adapt to the new way of business, you’ll pull through better than ever before.