Every company could completely reinvent itself. The key is not to throw in the towel, but rather, it is time to sit down and analyze the strengths that distinguish our company and start reinventing new processes, through which we will launch our product or service and that will adapt to the needs of the market at this time.
It is true that the spread of the coronavirus has brought with it a crisis never seen before, in which it has hit many entrepreneurs hard, and they are having a hard time seeing the light at the end of the tunnel. However, it is our firm belief that, if we take the right measures, we will not only succeed in overcoming this pandemic, but will emerge stronger when we realize what we are capable of in times of crisis. This is going to happen, and in time we will be remembering COVID-19 as a bad time that allowed us to find new ways of doing business. However, we must plan very well to reduce risks and try to control the anxiety of the work teams, as well as minimize costs, considering that this difficulty may take longer than expected.
Here we mention several measures you can take, seeking the welfare of your employees and your company during the time of coronavirus:
• Develop plans in case this crisis lasts a couple of months (optimistic view) but also in case it lasts much longer (more pessimistic view).
• It is also necessary to agree on temporary salary adjustments, especially those of the most expensive entrepreneurs or managers, since they are the ones who have the most impact.
• Analyze whether it is possible to extend a credit policy or whether a loan can be obtained quickly. Many governments are developing initiatives to access these loans.
• Reinventing your digital media, such as making the company's corporate website in other languages, to reach other markets that we had not thought of before.
• Study the possibilities that your product can be sold in other markets where there is not such a serious incidence of the coronavirus.
• Reviewing contracts and cancelling contracts with external suppliers that are not essential for the development of your company.
Analyze your team's workloads and assign more tasks to those who are left idle.
• Temporary reduction of working hours, so as not to have to incur layoffs of staff currently that all people in the world are going through this crisis.
• All the people in the company, start improving the product if the activity is stopped. This will give your product fresh ideas and allow you to create stock of contents that are useful in the medium term for marketing".
At this time there are many companies that are trying to make available to start ups, free knowledge and learning to work remotely, so that those who have not practiced it can adapt.
Obviously, there will be sectors that will suffer more than others. Currently, among the worst unemployed are airlines, face-to-face events, tourism, among others.
In this situation we are living today, we are forced to do everything online, and this has become a unique opportunity for many applications that were not used until now. The negative part is that many companies do not handle digital tools, and at this time is the great opportunity to quickly acquire, forced by the need, the necessary knowledge and know-how. It is the opportunity for the digital era to be exploited and everyone is forced to use advanced tools and for the SMEs and companies of the 21st century to appear.
Look to the future and start anticipating what the society of tomorrow will be like and reinvent ourselves as the market requires. This will be a boom for tools, such as teleworking, e-learning and videoconferencing - the internet is going to sell more than ever! It's time to go digital and direct all our efforts towards that.