The implementation of social distancing and lockdown measures due to COVID-19 has dramatically oriented our lives to 360 degrees. Billions have retreated into isolation leading to a halt of urban activities and driving major financial losses. Workforce management is a difficult challenge to deal with. As a result, the transition to remote work status has scattered staff to decentralized and physically distant locations.
Though relaxation of the lockdown has been provided to uplift the lockdown scenario gradually, embracing the new reality is a difficult step to move on. It is considered that nothing will be similar again, our working model is going to change a lot. Hence, the management team has to make crucial decisions to revive the financial health of the company.
The smaller enterprises, startups are smashed more severely as they have limited cash reserves and smaller margins for growing the company. Reviving the organization’s revenue in the post corona world is the top agenda of all the companies.
Coronavirus has taught us an important lesson:
“Time to act is now, preparing for digital future”
All businesses have to rethink and recreate strategies to upscale their enterprises after such a massive hit on the global economy.
Business strategies framework to consider the following points
1. Investment approach on operational costs
Due to heavy cash flows, the cash reserves are depleting at an accelerating rate.Industries are grappling to manage their costs. In this scenario, it is critical to thoroughly evaluate fixed and variable costs and optimize the investment accordingly.
2. Reframe Business models
Due to current market instability, companies have to remodel their business plans in accordance with the global market. To sustain and flourish the company, implement a proper business model while considering financial metrics and cash flows of the organization.
3. Establish tie set-ups with investors
The pandemic has impacted the global market in such a way that investors are scared to contribute investment in any projects. Transparency and assurance is the key to boost investor’s confidence and to receive funds. Stakeholders of the organization have to be aware of the investment that is going to happen so that unnecessary investments can be eliminated.
4. Build healthy relationship with clients
Companies should remember that customers are the driver for growth. An organization can survive the perturbations only if there is an influx of customers. The company must be transparent to retain their loyal customers and to decrease the churn rate.
Never make any false promises to customers that you can’t provide because if a customer blacklists your service, they will never return to avail of your service.
Be always transparent to customers regarding the products/services that your company can provide in the destabilized economy.
5. Construct an engaging service team
Establish highly engaged and active teams by boosting their morale and providing feedback at appropriate times. As the remote working mode has made all the employees familiar to the digital space, it is imperative to nourish their remote working mode by adopting WFH culture for at least 3days/week in the post corona world.
6.Adopt a superior technology to guide employees
Employees are the ultimate assets to revive collapsing enterprises.But, it is extremely important to ensure staff’s performance and productivity. Remote work mode has made us aware to assess and evaluate employees’ activities to ensure digital safety of company’s valuable data and confidential information.
Employee monitoring software is the handy tool that provides all the necessary features to monitor insider employees at a granular level.
Explore WorkTrak’s features that generate accurate real-time reports of your team.
In the post corona world, companies have to adopt new technologies to combat any further scenario to withstand any economic depression. WorkTrak can be used to manage remote employees at ease.