The current Coronavirus Pandemic is hurting all kinds of businesses across the globe. As a result, economic uncertainty is spreading like wildfire and the business owners have realized that it has the capability to threaten their livelihoods for upcoming months.
This is not the only speculation as the current NFIB survey reveals that the worldwide pandemic is negatively impacting 23% of business owners and the worst part is that the number is likely to grow as the Coronavirus pandemic spreads. Business owners are in a dilemma that if their insurance policy can cover these financial losses caused by COVID-19. It is evident that business insurance policies may not cover the losses caused by COVID-19 as it is clearly mentioned in business interruption policies that they do not include losses that are caused by communicable diseases.
But still, you have the chance to protect your company and alleviate the impact of COVID-19 Pandemic. Companies need to ensure certain steps to deal with the current situation.
Encourage employees to work from home:
Don’t pressurize your employees and allow them to work from home so that they can still be the asset for your company. Set realistic targets for employees so that they can achieve those targets while working from home.
Communication is Key:
Communicate your employees to let them know about the daily tasks and conduct meetings with them regularly to ensure transparency in communication. Collaborate with your employees using e-mail, phone and videoconferencing.
Business owners should understand the current challenges and offer employees some leeway. For instance, flexible working hours can motivate employees to manage work with ease along with their personal life responsibilities effectively. If your employees are not familiar with the remote work infrastructure, encourage them to:
- Form a committed workspace
- Stick to a proper timetable
- Regularly take short breaks
- Routinely check in with their colleagues
Get ready for Future Disasters Pandemics:
The impact of the current pandemic may be extraordinary, but it is also true that unexpected events are likely to happen in the future. Events such as natural disasters, diseases, armed conflicts and so on have had a catastrophic effect on businesses through the years. The significant action is to prepare and plan for future risks to alleviate the impacts of these events.
The coronavirus is a major active example of why organizations require a business contingency or disaster recovery plan to prepare for the unforeseen future. The plan should outline how your business will respond when such kind of unexpected events occurs. The plan should include potential risks such as natural disasters, disease outbreaks, workplace harassment, building collapses and so on.
Manage Finances Online:
Most of the companies have transitioned from paper paychecks as well as in-branch deposits but those haven’t should definitely consider the advantages of going digital as it has become the need of the hour. Also, if your business mostly accepts cash payments, now is a good time to set up online accounts using apps such as PayPal or Venmo.
Assemble a Disaster Recovery Kit:
Your employees are definitely going to thank you for taking the time to collect this kit to get prepared before the next emergency strikes and the kit should include canned goods, flashlights, first-aid kits, face masks, sanitary supplies, extra cell phone chargers and so on.
One cannot predict or prevent viral outbreaks, natural calamities, and other crisis but we can get prepared for the same to deal with the crisis. The coronavirus pandemic is a reminder for all of us to re-evaluate our business to respond well to the unforeseen situations in the future. Miri can help assist you to deal with the current outbreak as you can use our remote resources with an 80% reduced cost as per your time zone.