Temporary lockdown: What to do if your business has been hit by coronavirus

StrategyDriven Tactical Execution and Managing Your Business Article |Coronavirus Lockdown|Temporary lockdown: What to do if your business has been hit by coronavirusAs we all know, the world is coming to something of a halt courtesy of the recent coronavirus outbreak.
To say that it is unprecedented would be an understatement of the highest regard. Many countries have insisted that businesses have to be shut down and for the economy as a whole, this has monumental repercussions.

For self-employed individuals, this is a scary time. It’s going to be difficult, and for the time being at least not many people are going to hold many answers. Sure, the government might be pledging various support packages, but it remains to be seen what sort of difference this will make.

Bearing this in mind, today’s article takes a look at three areas which you should be considering if your business is bracing itself for a lockdown (or has already). Again, it might be of little consolation for the time being, but by keeping an eye on these areas it might do your chances of prevailing out of the other side of coronavirus the world of good.

Consider your storage options

Like it or not, this might be a time where you have to close your main premises. Some companies will decide to do this to cut costs, while others might decide that they just aren’t getting the footfall to merit staying open.

However, if you sell tangible products, you still need somewhere to store items. This is where you need to research storage units, or alternative smaller office space, as your business gets through this period. Both of these solutions can save you money in the short-term.

Be as flexible as you can with your employees

As we keep being told, this is going to be an almightily tough time for everyone in the world. Jobs will be lost, and some people really will be struggling to financially survive.

This is where you need to offer as much flex to your employees as possible. Granted, you can’t put the future of your business at risk and there will be times where tough decisions have to be made, but whenever possible try and add a degree of flexibility with your workers. It might be offering them the chance to take unpaid leave now, or even take their annual leave. Some people will realize the difficult positions that businesses are currently in and will accept these decisions, if they at least know in the back of their mind that they will have a job waiting for them when this crisis is over.

Communicate to customers whenever possible

We’ve entered an era into the unknown; nobody has ever experienced this before and it means a lot of issues are up in the air.

This is the time where communication is key. We’ve gone past the stage where we can stay quiet and hope for the best, customers will want updates as to where your business stands on the virus. This will largely depend on the nature of the industry you are involved in. For some, it might be the occasional email about stock levels, while for others it might be reassurance about the steps you are taking to minimize the risk of the virus spreading. Either way, communication is key during this period – people still need to know that your business is operating.