The coronavirus is the headline in almost every newspaper and news channel in practically every country in the world. It came like a tidal wave, with no prior warning. Before the world could take it seriously, it had already swept across the globe, harming unprepared healthcare systems around the world with its unprecedented rate of spread. 

Not even the best healthcare systems in the world, including those in the most advanced countries on the planet, could handle the severity of this health threat. But while we are still in shock and our primary focus is on what the human cost of this pandemic will be, as it still continues to spread, we also need to focus on its economic impact.

From travel restrictions affecting trade to a drastic fall in the share prices of some companies, the current situation’s economic effects are limitless. While some companies are struggling, others such as Zoom are now finding themselves performing better than ever before as its market value grew by more than $4 billion since the start of the coronavirus outbreak. 

Some businesses in specific sectors have actually increased the number of their workforce and are actively looking to hire more and more people. If you just look up “companies hiring near me” in your preferred search engine, you’ll be surprised at the number of businesses looking for new employees. This just goes to prove that even a serious pandemic like COVID-19 won’t stand in their way of scaling up their business. If you want to learn a bit more about how you can deal with the latest developments and emerge victorious, we’ve created a list of useful guidelines to help you out.

Manage Your Remote Team Effectively

Remote working is now a necessity as businesses are forced to operate entirely online. While working remotely is routine for some companies, others are finding it quite challenging to keep up with this new normal. Lack of face-to-face interaction and several distractions at home can potentially turn otherwise high-performing employees into those who aren’t productive at all. 

If you’re in charge of a team that now needs to adapt to working remotely, there are multiple things you can do to maximize productivity. For instance, you can set a time when you should check-in with your team members, either independently or collaboratively, depending on the nature of their work. What’s important is that these calls are regular and are part of the routine, so people know that they’re still being heard, even if they’re not around you.

Additionally, you should also take advantage of the many video conferencing tools that are available to you. Email alone will not work, and communicating on video helps eliminate the feeling of isolation. On the other hand, some cases demand a quick turnaround that video conferencing may not solve. In these cases, you should use mobile-based tools, such as Slack, that can help communication.

Focus On Data

As the situation changes rapidly, it’s vital to stay ahead of the curve as much as you can. Tracking data and understanding global trends can help you improve the overall efficiency of your business and potentially predict the various ways you may be impacted, and hence, react proactively. 

Analytics also help you determine the areas of your business that may be affected the most, thereby forcing you to adopt newer, more innovative ways. For instance, brick-and-mortar stores would undeniably be hit if they’re non-essential, allowing businesses to capitalize on their e-commerce divisions.

Keeping an eye on data and changing trends can help you adapt to the current situation. Data presentation and making charts, sheets, and diagrams help you understand data more efficiently, especially if you’re working remotely. One of the best ways of having this data available for all of your employees at all times is by using Microsoft Excel. Although chances are all of your employees are well versed in it, you may need to contact Excel consulting services to help you solve issues only applicable to your business, or even create customized Excel solutions to help you run it smoothly.

Be The Leader Everyone Needs

In these tough times, good leadership is more critical than ever, and the coronavirus is resulting in leadership challenges like never before. If you own a business, you will have to do more than just be an owner for your business to survive and thrive in these tumultuous times – you will need to emerge as a leader. 

What’s important to remember is that something like this has never occurred before, and it’ll require you to shift your leadership style and communicate more openly with your team. If you followed a more authoritative approach, current times might demand you to be more participative to encourage collaboration between team members. Additionally, it’s also important to understand that the current climate may have a psychological impact on your employees, and you may need to relax the rules for them if the situation demands you do. 

Adjust Your Marketing Strategy

Current times might need you to adjust your marketing strategy since it has the potential to be a deciding factor for the survival of your business. You are probably already noticing that some of your carefully designed marketing campaigns cannot proceed as planned. It’s obvious that traditional marketing channels are not functioning at the moment so transitioning to digital ones is a must.  

If you were reluctant to invest in digital marketing, create a strong social media presence or improve your website then it’s time to reconsider your decision. The crisis has especially taken a toll on business depending on real-life events and finding digital alternatives for them. Your ability to adapt and come up with a creative yet equally effective alternative will be your lifesaver right now. 

Remember during this period even if you’re not seeing an actual purchase from your customers, It’s important to be there for them as a brand. They are still there monitoring your moves and evaluating how you’re responding to the crisis. This means that your content strategy needs to be at the center of your marketing efforts. Be there with educational and creative content and they will be there for your brand in the long run. 

Conclusion

These are unprecedented times that require unprecedented measures from businesses. By understanding what strategies could help your business survive and thrive during this time and implementing those strategies, you can ensure you’ll be able to bounce back easily once this ends.