How to Maintain Business Growth during COVID-19?
The COVID-19 scare has created widespread disruption. What started with practicing social distancing to avoid mass gatherings was soon replaced with nationwide lockdown and complete shutdown of day to day life activities.
Students had to study from home, the corporate workers were given guidelines to start remote working, and others were incapable of conducting business from home and had to remain indoors anticipating what will be the next.
It is true that conditions have only degraded since then, but so is the need for digitization. For example: The need for electronic signing (using tools like CocoSign – read here), has increased.
Business leaders have realized that sitting behind wouldn’t work and that they must redesign their strategies to keep their business operations afloat both during and after the pandemic. Even though the revenue generation wouldn’t be as high as you expect, staying out of the race would only have a ripple impact, disrupting your entire business. Sending contracts or invoices would require you to leverage electronic signatures, check CocoSign to know more.
Today, the battle is not to be the best but to survive. In case, you aren’t sure, here are a few tips that will help you get started.
Maintain Business Growth during Times of Uncertainty
- Induce Transparency in Customer Communication
Times are tough but not your customers. There might be issues and service delays. Neither your customers like it nor would you. The best way to deal with this is to ensure total transparency. Meaning that you must stay transparent with your customers and tell them all that you are going through. As long as you maintain transparency within your line of communications, your customers will trust you and empathize along.
- Keep Your Contracted Parties Updated
In case you have been in the middle of an agreement and then COVID-19 happened, putting everything at a halt, reconnect with the parties, and update them with an ongoing condition.
With respect to rescinding the agreements or sending an approval, you can resort to electronic signatures. Unlike the traditional way of emailing the contract and expecting the signed copy, scanned and mailed back to you, digital signatures are both quick and easy. They save time and can be accessed across all devices, speeding up the entire process.
- Manage Your Employees
Not just your customers or vendors but the employees are important as well. Given the current situation, furloughs have been a common thing. However, that’s not the best way to cut down your expenditure. An alternative here would be cutting down a percentage of the total salary and paying everyone as much as possible. It might be the case that you are experiencing extremely low revenue and that laying your staff seems the only option. Base your decisions smartly and manage all effectively.
- Employee Engagement
Working from home might have fascinated the employees before but it doesn’t appeal today. The fact that people are all away, communication becomes tough. The daily meetings are now replaced by video calls and the monthly conferences are now webinars. Even though technology has streamlined every activity, it is important to have a holistic view and stay updated on everything that’s happening within the organization. Interact with your employees on a regular basis both personally and professionally to ensure a healthy and happy working environment.
- Embrace Digitization
This is a must. No matter what type of business you operate or what niche it is, digitization today is the need of the hour. From IT to retail, healthcare, and supply chain, everyone around us has resorted to digital tools for communication and conducting business operations. Staying connected with your customers, vendors, employees and even the stakeholders requires everyday interaction.
Seeking a real-time experience, video calls are the new normal and one must actively adapt to the same. Further, keeping an eye on your projects would require you to go track and monitor activities that again require digital tools. Put simply, digital transformation is a necessity.
In a time when everything else is falling apart, sticking to your business and employing measures to ensure its continuity is of paramount importance. The above-given tips will help you stay ahead of your competitors and sustain the threat of dissolution. Keep in mind that the best way out is to move along and for that, you must redesign your strategies.