Whether your business has been running for six months or sixty years, adjusting to the new norm has been the hot talking point of 2020. While there are many new obstacles to consider, protecting the company from every angle should be one of the top items on your agenda.
Success in other areas will feel futile unless the future of the company is secured. Here’s how you can keep the immediate and long-term health of the business under control.
Focus on employee productivity
Employees are the driving force behind your business operation. Like you, however, they are currently in a period of transition. As an employer, you must ensure that they are equipped with the tools needed to perform. Meanwhile, morale and motivation are equally key features for remote-based teams. Staff surveys by PeoplePulse allow individuals to have their voices heard. When supported by your conscious effort to adapt the business accordingly, employees will feel valued.
In turn, their increased respect for the company and engagement with the work should drive them to even better results. Increased productivity and improved client UX should give you the best chance of keeping the business afloat.
Protect all assets
The need to prevent potential threats is nothing new. However, the harsh reality is that burglars and cybercriminals know that many companies are in a vulnerable position. They will try to capitalize on inadequate cybersecurity or a lack of protection for brick and mortar premises. Using cloud-based managed IT solutions, keeping online threats at bay is a lot easier. Still, employees must be suitably trained to understand the right protocols and the latest phishing scams.
Adding CCTV and alarms to your offices, stores, and warehouses is vital too. Finally, you should protect intellectual property. This can be achieved through copyrights, trademarks, and non-disclosure agreements.
Build winning partnerships
When managing a small business, it’s important to avoid the “it’s me versus the world” mentality. In truth, a wide range of other companies can become major assets to your journey. Right now, though, the pressure to find trustworthy suppliers, partners, and service providers is huge. You can’t afford to encounter disruptions caused by poor partnerships and other businesses going under. After all, you have far too many internal obstacles to overcome due to the new way of working.
Perhaps one of the most important partnerships right now relates to the choice of cleaning teams. All workspaces must be disinfected on a regular basis, while personal hygiene systems should be in place too. Without them, major repercussions could follow.
Managing your expenses
If the business is to have any shot at sustained success, the financial elements need to remain under control. Given that the income levels have probably fallen, it’s imperative that the expenses follow suit. Accounting software from Xero will help you gain a clearer image. However, success can only occur when you make conscious efforts to reduce financial waste. Improved energy usage, cheaper service providers, and habitual upgrades are all a part of the process.
Above all else, financial control allows you to plot the next moves with confidence. As we continue to move through these unprecedented and turbulent times, that ability to maintain positive cash flow is key. It could be the difference between success and failure.