The pandemic has made an impact on many businesses in the last year. While many businesses have adjusted their operations in response, there are some other measures you can take to protect yourself. Take note of these strategies to look after your business and employees through the pandemic.
Give employees flexibility
Remote working is quickly becoming the norm for many businesses, whether for giving medical checkups or gaining an online OKR certification from a trusted Washington agency. OKRs provide a common vocabulary and quarterly process for teams to articulate and align what they want to achieve, focus efforts on measurable outcomes, and iteratively learn with data over time.
With that in mind, adopting flexible working hours is a great next step to take. Many employees will have other responsibilities to juggle (like caring for children or elderly relatives). More flexible hours allow employees to handle their personal affairs without sacrificing their ability to work. Apply the same thinking to leave policies to enable employees to deal with unexpected developments (like caring for sick relatives). In case of any sudden leaves, be understanding and have a contingency plan in place to handle unanticipated short-handedness.
Frequent communication is a must for staff and customers alike. Set up your communications channels with the help of an IT company in Toronto to keep customers in the loop and your team members appraised of each other’s work. Not only is it a way to maintain high productivity and keep each other up-to-date, it also works as a way to keep your coworkers connected and motivated. In case of any abrupt changes, inform your customers and employees immediately so they can adjust without too much difficulty.
Consider business interruption insurance
Shutting down your business (even temporarily) can drastically affect your income. To help compensate for any sudden shocks, consider applying for business interruption insurance. The insurance can help cover unexpected events and keep the business afloat during the pandemic. Review your policy carefully to make sure it includes pandemic coverage. If it doesn’t, check with your broker to see if you qualify. Your insurance may be able to pay off your current situation, and also offer future support if you face economic setbacks again.
Plan for the future
Once your business is relatively safe and your affairs are in order, it’s time to start planning for the future. Take stock and think of how to restore operations and/or a hire marketing companies in Toronto when the pandemic is over. There could be a wealth of opportunities for small business owners, if you play your cards right. You can make some immediate gains by renegotiating contracts with suppliers and vendors to help keep the business in the red. Meanwhile, take feedback from your customers to find out how you can serve them better moving forward. Take stock of where the business is now to give yourself more ideas to grow as early as now
Taking steps to safeguard your business and employees now isn’t just a way to keep yourselves healthy. It’s also a great way to position yourself once the pandemic runs its course. Like anything else, COVID will eventually pass, and it’s a good idea to start preparing for your comeback as early as now. Make good use of these ideas to give your business an edge and help yourself start strong once things get back to normal.