CoronaVirus aka Covid-19 is a deadly virus that must have been heard by everyone by now. It was not long ago that a massacre took place which affected not only the health of millions of people but also the economy of countries around the world, seeing as to save its people from the spread of this virus the countries from all around the world have enforced complete lockdown, meaning all enterprises except some essential services like food, medicines, etc. have been shut down.
It has been more than two months since the lockdown is imposed due to which smaller enterprises have already begun to fall apart and it is not too far to bring down larger-level organizations, so it has become necessary to start the business as soon as this lockdown ends and we are sure the lockdown will be over soon and time will come to rejoin our work but owing to the COVID-19 pandemic aspect.
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While we’re getting ready to get our economy back on track, there’s one question that hit the minds of every business owner and the question is “How can we continue our business after this lockdown ends”. This question leads us to two different ways, one being that lockdown has caused huge loss to a number of businesses and it will become difficult for them to start back with the lack of funds and another being as living life with coronavirus has now become the ‘new normal’, what will be the precautions that one will have to take while performing their day to day business activities.
So, let’s seek for the answer to our first way of question which stands “How will a business owner who has suffered huge losses will be able to continue after the end of the lockdown of course with lesser funds”:
Just as in every other crisis, there have been some champions and some failures. To some, the market has boomed and they are aggressively hiring additional workforce to fill extra demands such as the pharmaceuticals industry, e-commerce industry, etc. But the imposed shutdown has had crippling economic effects on the majority of industries such as airlines, hospitality, travel industry, etc. these companies are going through such huge losses that it is merely impossible for them to stand back on their own.
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We have come up with some piece of advice for the people associated with these affected industries that might help them to start over as new:
- These sectors are likely to struggle if they resume as they are, many businesses will fail, while a few will adapt their business strategies to utilize new and emerging opportunities. This will in some cases provide a strong foundation for ongoing success. For example, “no contamination zones and “social distancing at dining area” will be the new marketing keyword for the hospitality firms, “every hour airplane sanitization and no physical contact” will be a useful keyword for airline companies and “providing PPE kits at the entrance of the movie theatre” might work for the entertainment industry. So, it’s all upon the entrepreneurs on how they plan to work their business strategies on post-pandemic trauma.
- Take advantage of sources of fundings that are being offered by the government such as micro, small, and medium-sized enterprise(MSME) funding schemes or different national, local, or association support. Programs and specifics continue to progress and released on a daily basis.
- During COVID-19 planning, cash flow forecasting is important. Devise a strategy for a planned relaunch and recognize how multiple circumstances can impact your business.
Now, let us talk about the second possible way of the earlier question which stands “what will be the precautions that one will have to take while performing their day to day business activities”:
Once businesses get the free pass to reopen, they will still have many obstacles to determine how to operate safely and reintegrate their employees. Some post-pandemic workplace guidelines have already been provided by the WHO and the government. So, the entrepreneurs should keep a look at those guidelines and start their operations accordingly. Some guidelines are as follows:
- Body temperature screening, hand washing, and sanitizing will be implemented at all points of entry and exit and in public areas.
- Regular sanitization of the entire workplace, specific installations, and all points accessing human contacts, such as door handles, water taps, staircase railings, etc. must be assured even between the shifts.
- Work from home might have to be followed by the IT sector and by all those sectors for whom this working policy is plausible.
- Improved spacing, improved use of disposables rather than reusables, extra cleaning systems, use of suitable PPE, rotating working hours, splitting staff into ‘groups’, or ‘shifts’ that do not overlap with other staff, etc. might become new workplace policies.
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To sum up, entrepreneurs may find it difficult to restart their business adapting to the ‘New Normal’ and the challenges associated with that but through some forethought and planning, the effect of these obstacles can be minimized and dealt with properly.
At last, we suggest all of you take all the necessary precautions before stepping out as health always comes first. #StayStrongStaySafe.