The coronavirus has brought the entire world to stand still. Apart from the large-scale devastation caused to human lives and health, the economy is facing a huge crisis resulting from the complete lockdown imposed across the globe.
While employees and workers are locked inside their homes, businesses are predictably witnessing record slump and losses. The fear of virus spread, social-distancing and travel restrictions have resulted in a sharp decline in consumer demand and consumption.
Therefore, in such a grim situation, many business houses and medium and small organisations are facing huge distress while trying to keep their business running and pay salaries to their dear employees.
To ease out this concern, here are certain tips for entrepreneurs to take care of their employees during the coronavirus lockdown.
Plan Your Liquidity
Companies should plan their liquidity properly to weather the cash crunch in their business. Prepare a team to manage and control your funds and focus on timely payments of salaries to the staffs. Have contingency funds for emergency payout to employees and tax payments with the proper gst number format.
Innovate And Improvise
Since the lockdown has left many businesses in bad shape, entrepreneurs need to improvise their operations. Use your resources optimally by reducing wastage and focusing on the multiple uses of your raw materials.
This experience has granted many enterprises the chance to adapt to technology and grow their reach. Now is the time to take your operations over the air. This will not only save you a huge functional cost and also allow you to keep your business running, but also help your employees get paid.
Empathise With Your Clients
During this hard time, it is important to keep a steady relationship with your clients, as they are also facing distress. Try to create a digital pipeline to maximise your reach and dealings. Halt your ongoing advertisement campaigns and promotions and instead offer discounts and incentives to customers to retain their loyalty.
Remember that after the pandemic, you will need the same clients to get your relevant business leads and dealings and your skilled workers to deliver the output.
Distribute Your Limited Funds
During this situation, the organisation must look after the welfare of the staff. There may be situations when the company is dealing with a severe cash crunch or limited funds to pay out salaries.
In this circumstance, it is crucial to distribute the fund properly among all your employees. It is always better to pay a reduced amount to your staff than paying nothing at all.
Manage Your Logistics
During a situation like a total lockdown, it is imperative to manage your inventories and logistics. If you need to buy extra materials, stick to local dealers for good deals. For product deliveries, try to hire a local courier service who will charge you less than national courier services.
Protect Your Employees
Try to reassure your staff during this most critical time in their lives. Let them know that you are there for them and do not abandon them.
Cover their insurance needs and pay attention to any medical issues. Be sure to provide your staff with all the health benefits, assistance with mahagst, and various government aids and packages available to fight the crisis.
Do Not Cut Corners
As a business, you might not get the expected profits at this time of crisis, but that does not allow you to cut corners by firing your staff or entirely cancelling the income that your workers and their families rely on.
Being without debt is important for your business to survive, but instead of downsizing, make the best usage of your available resources to stay afloat.
Remember, this crisis is a singular occurrence that will pass one day, but the damage to your reputation by choosing immoral practices will haunt your business in the long run.
The spread of coronavirus has resulted in a global crisis that has changed the entire business scenario. However, enterprises can still manage proper customer relations through technology, allowing a steady flow of income for their employees.
Be clear in your messages towards your customer and staff and stay transparent. Let them know about your financial crisis and try to reach a solution point together.