Four Factors To Ensure Business Continuity Through The COVID-19 Crisis

Businesses should approach the challenge from two different dimensions: mitigate the current impact of the problem, and prepare for the next stage of it.

As entrepreneurs, when it comes to tackling the effects of the COVID-19 crisis on our businesses, we should approach the challenge from two different dimensions: mitigate the current impact of the problem, and prepare for the next stage of it. Survival is the main challenge for many businesses, yet dealing with the uncertainty is the biggest burden for entrepreneurs. Keeping this in mind, here are the factors that you need to be keeping an eye on as you lead your enterprise through these challenging times:

1. CUT DOWN EXPENSES During this crisis, all entrepreneurs should restructure their resources, costs, and expenses based on the current situation. For example, cut marketing and advertising activities that target acquiring new customers, and focus instead on marketing that is related to existing customers- the aim should be to satisfy all of their needs without compromising the quality of the service or the product. Another thing you could do in terms of restructuring expenses is to cut down on the branches or locations that you are working from in order to reduce operational costs, and instead, try to focus on serving your geographical area from centralized and controlled hubs. While you should avoid touching the salaries of your employees unless only as a last measure to prevent bankruptcy, restructuring financial benefits such as bonuses, overtime, or other financial rewards is something that you should seriously look into. After all, your team should understand that the sustainability of the business is as important as their salaries, and as such, a reconsideration of all other financial benefits will be needed to reduce the stress on the company’s shoulders.

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