The pandemic is still raging on without any end in sight. Beginning in March 2020, most businesses were ordered to shut down. However, most of the landlords never stopped charging overhead. Aside from the government-imposed rent relief for a few months — 60 days at a maximum, businesses were forced to pay their rent to retain their stores. The worse thing is, other overhead costs and expenses like electricity, water, and utilities continued charging away.
Entrepreneurs were cornered, simply put. They had to pay without profiting. They also had to decide whether to cut employees or continue paying laborers. Nobody knows the exact number, but around 60 million Americans have filed for unemployment. It is a staggering number which rivals the Great Recession of 2008.
At the end of the day, I think we are all certain that nobody wanted this crisis to happen. In a time where the majority of the people don’t want to go out and spend, except maybe for necessities, what can you, as a business leader, do?
You can only maneuver your way across it and stay afloat until better things come.
Remembering Your Employees
Employees are the backbone and lifeblood of your business. You must always remember that for anything you do in this world, you will always be held accountable. As business owners and leaders, you must always remember to take care of those you adopted as employees. Your laborers, workers, and personnel are not your slaves. These are the people that help your business grow and continue. Without them, you will be left without any help to linger your business on. As the one with capital, you might think that you alone hold the power. However, you must remember that your business is built on the backs of your trustworthy employees. To release them from employment at a time like this is downright cruel. As much as you can, maybe it’s time to consider giving back to your workers.
Conducting Business Virtually
Taking your coworkers’ and employees’ talents online can be difficult. However, it is the most practical thing to do during a pandemic. Rigorous systems, such as the Miick method, would actually encourage you to explore paths where you can take your business to another level. Integrating online systems to accommodate both your employees and your clients is the best example of taking things to the succeeding level. Most business can be done in the comforts of your own home. From writing reports to talking with potential clients, maintaining a work from home environment with accessibility through the internet is the best outcome for everyone. With the virtual environment for work, contact from others can be minimal. The spread of the disease can be prevented.
Taking Your Business Online
Most businesses thrive through online selling. Many entrepreneurs have decided to expand their services and their products through digital platforms. E-commerce has increased activity ever since the pandemic shuttered millions inside their homes. Most are afraid to go out due to social distancing restrictions. Also, healthcare to treat COVID-19 has become scarce due to the overflow of patients across thousands of hospitals.
Amazon, eBay, and Walmart have taken their businesses to the internet and are now reaching critical heights even more. Craigslist and Facebook have been the new avenues for newly connected entrepreneurs to the internet. Online food deliveries are now also a hit for those in the foodservice industry. To go the digital route means no employee has to get laid. The demand still soars for various products.
There is no certainty for anything at this time. The pandemic is here to stay. However, no matter what the challenge is, we, as entrepreneurs, must learn to evolve. Most of the problems can be outdone through the power of the internet and technology. While we wait out the overarching solution, we must weather through the storm in a way that we wouldn’t be leaving anyone out to drown.