It certainly is true that hindsight is better than foresight. Still, it is a good idea to look around and learn from what others have done to prevent closing your business. In the case of coronavirus, there is no equal in modern times but lessons can be learned that will help you be ready the next time it comes around – and hopefully, there will not be a repeat.
Many large industries, such as the airlines, have nearly collapsed – except that it seems that some passengers are starting to fly again. At this rate, though, it is hardly enough to keep the industry afloat. The airlines have become so large and they have so many employees that severely adverse circumstances could rather easily bankrupt them, which is why a bailout was needed.
Recover and Prepare
When your business gets back on its feet, take time to evaluate how your business operates. Many businesses have found themselves totally unprepared and found that they had almost nothing in the bank to fall back on for any length of time. Now that the unthinkable event has occurred, figure out how you can be better prepared. After all, we are being told that coronavirus may never completely disappear.
Create several scenarios in your mind that range from mild to another coronavirus-type event – but only longer. Then, determine how you could best survive and plan a course of action to be ready for it.
Increase the Work-from-Home Capabilities
A large portion of America’s workplaces are still sitting vacant and many employees have had to start working from home. It is more than looking like a trend that will be continuing where possible in many industries. Jeff Bezos has said that it can be expected to increase over the next decade. You can also expect that many employees looking for jobs are going to want it as an option.
Money spent carelessly and without real consideration as to its value is apt to run out one day. Go over your business processes and expenditures and aim to simplify them. Eliminate unnecessary redundancy and time wasters. This will enable your business to use it more wisely and put more away for emergencies – and remember to keep some of it liquid for easy access.
Plan Business Growth Carefully
It takes money, time, and a dream to be able to expand your business. Too many companies have invested way too much when taking this step, leaving little to fall back on in a crisis. They acted as though it was a guaranteed thing – only to discover that failure is sometimes still possible. Although growth is always a gamble, it needs to be attached to reasonable, calculated, and solid steps – not a “throw in all you got” approach. Remember that the world likes to throw occasional curveballs. In each new business venture, having a plan B could save the day.
Build People in Your Business – Not on Them
The best industries make their employees feel appreciated. They want to feel that they are a part of something important. Having employees you can count on and that know they are valued will feel more inclined to stick with you when the going gets tough – if it looks like there could be some light at the end of the tunnel. It seems that coronavirus is revealing which employers actually care about their employees and which ones don’t. Sure, times are desperate, but showing kindness when under pressure financially is appreciated – especially when everyone is feeling it.