Due to the pandemic, businesses have to face disruptive effects. Lockdowns, local and foreign travel restrictions, and other such hindrances are causing a setback to operations. Stocks, futures, and bonds have become volatile. Yet, companies have to chug and churn. Some industries are worst hit, but everyone needs to be on their guard to ward off the negativity and emerge stronger. If you also run a business, here are three things that you can do at your end to cope with the unpredictability and precariousness.
Partnerships and deals
The impact of disruption can be imminent on your contracts with partners, suppliers, and other third parties. There can be a breach of contractual terms. It would be best if you were wary of them as they can affect your business operations, says Eric J Dalius. To be precise, your supplier may not deliver raw materials on time, which may delay the delivery date you must have committed to your customer under a contract. To avoid such situations, you should reach out to everyone to obtain a regular update about the status. It will give you an idea of what to do next.
If you also fall short of fulfilling your promise, you should know your obligations to tackle any legal implications. Have a trusted legal advisor around so that you can get your contracts reviewed. It can come in handy in getting some relief from the liabilities.
Any business survives and thrives because of its employees. If they are safe and satisfied, you can make your venture successful. Right now, they can be working from home or on a paid leave based on the location of your business and COVID-19 rules. Make sure you comply with the norms. After all, you have to ensure the safety of your workers. Any amount of negligence can prove dangerous in this respect.
EJ Dalius suggests you should check whether your business belongs to essential services and can continue to operate. If you can open office, you should not just abide by government standards; you must take additional measures for your employees’ wellbeing. For instance, switch to online meetings, change office design for safe distancing, and so on. Besides, you can use a time-tracker to ensure productivity. However, it doesn’t have to be a priority. Some people may not like this arrangement.
There can be a drop in sales figures also unless your product has widespread indoor use. Some companies have started offering discounts to attract customers. But it can give only short-term benefits. Nobody knows when lockdowns will end. If you continue to give discounts, the downward spiral risk can get maximized, warns Eric Dalius. The best way to tackle this is to do intensive marketing. Let your customers know about your products and services and add a bonus for them. You don’t have to slash your prices. Instead, you can develop more favorable returns and exchange policies to make their shopping experience convenient for them.
Businesses going through tough times need to be on their toes and work towards reversing the effects. Things may not happen overnight. But diligent efforts can eventually pay rewards.