Manage your business during the covid-19 crisis

The first quarter of the year is proving to be one of the most difficult times in world history. In just a matter of a few weeks, the Covid-19 virus has spread worldwide and we are all trying to cope and manage with the pandemic. People are being asked to stay at home, governments are all implementing measures on how to prevent it from further spreading until a cure is discovered.

Businesses, big and small are all trying keep up with the fast changes and are all trying to find ways on how to continue business operations despite these trying times. Here are some tips on how you can ensure lead your business and your team through this crisis.

Review your current financial situation.

Check and assess how you are financially and make decisions based on this. Check for available government and bank assistance. Seek help on deferring payments. Review how you can keep your business and your team financially secured but at the same time preparing your business to any economic recession.

Consider how it affects you and your team.

Not only should you ensure the safety of your business but it also your responsibility to take care of your employees. Keep an open line of communication and discuss how you can help them and how they can help you. As much as possible, avoid layoffs. Engage with your employees through activities that would keep them financially, physically, mentally and emotionally stable.

Find ways on how your business can continue operations

Since most governments are implementing community lockdowns or quarantines, almost everyone are stuck at home. Asses how you can still continue with your business operations by researching for methods, tools, applications and software that would enable your team to work remotely.

Build network

And since you now have some extra time, use this efficiently to build and expand your network. Reach out to people from the same industry and other experts to seek and share tips and advice and become your support group.

No matter how this crisis is affecting our lives, this too shall pass. Together and united, we will all get through this.