How to survive a pandemic without cutting back on the company budget
The COVID-19 pandemic seems to have shown up out of nowhere, suddenly changing by force the way we work. Organisations around the world have had to quickly figure out how to survive in a turbulent market and they have learned many valuable lessons. One of them may sound like this: even though cutting back on the company budget might seem like an obvious choice, it can actually prevent your business from developing.
Even though the cost-saving approach is widely touted, it should be implemented without affecting any digitisation processes, since these may be crucial in terms of achieving/maintaining a competitive edge, and can mean the difference between your business staying afloat and sinking.
Remember that while times are tough, they are definitely not hopeless. We’ve prepared some business survival tips that don’t involve slashing budgets and focus more on making the most of what we all have to deal with these days.
COVID-19: Top 3 business survival tips
- Diversify human resources
Never rely on just a single source of specialists, especially when there may be an increased number of sick leaves and reduced labour productivity in the near future. You may want to consider outsourcing some processes, or using staffing agencies or freelancers who work remotely. There’s no need to start using these services immediately, before you really need them, but it’s good to have some backup resources to rely on in case of an emergency.
- Diversify IT providers
The pandemic is global in nature and it affects, to varying degrees, companies almost everywhere in the world. That’s why, if you’re using the services of just one IT provider, you should start looking for some back-up options as well. Best-case scenario: you find that you have a few different providers to choose from, ready to start working for you in different parts of the world. Due to it you can react with flexibility and adapt quickly to changes and disruptions in regional business environments.
- Diversify workplaces
You probably went either fully or partially remote at the very beginning of the pandemic, but your company should be prepared to work remotely at a moment’s notice by now. Equip your teams with the necessary hardware and software solutions they need to work from home comfortably. An official set of company procedures should be introduced in order to make the process more efficient.
Focus on your customers
- Build even stronger relationships
Difficult times bring people – and companies – together, especially since everyone is going through the same thing (more or less). You should be able to provide your clients with a sense of security, and offer them comfort within your cooperation. Stay in touch, provide them with regular updates, be helpful whenever you can, and just continue to deliver your products/services, which is the most important thing here. Don’t forget to be honest and transparent, in case any problems appear on the horizon. Your customers should know that you are a partner they can trust and depend on.
- Take care of security
A new reality requires a new set of rules and guidelines. Provide your clients with an updated security policy that covers remote work, mobile infrastructure, data security, preventing infections, dealing with cases of COVID-19 in your company, and disinfection guidelines, etc. Show your existing customer base that you have everything under control, and use this to attract new clients as well.
Find new solutions
- Accelerate your system modernisation
You have to be able to operate flawlessly in a more challenging reality. Working remotely, even if it’s only partially, requires that you get rid of your legacy systems; this means that they should either be modernised or replaced with totally new solutions. You may need new tools for communication and collaboration, task management, logistics, production processes, and more… so reducing your IT budget isn’t a good idea. However, you might be able to reduce some costs within other areas of your business. For example, you may not need that much office space or as many supplies anymore.
- Think about digitalisation
The pandemic creates a chance for you to discover new streams of revenue. Step up your efforts to come up with new products or services that may be particularly useful for your customers these days, and turn a difficult situation into an opportunity. This may require some investments, of course, particularly in terms of time, human resources and money, but the future ROI is worth it.
Adapt to the business environment
There are many ways to operate and do well during a pandemic that don’t involve cutting down on your budgets. Diversification, making your clients feel safe and accelerating your digital transformation are just a few of them, but you can also find your own way to survive, and even thrive! The most important thing is to keep up your digital transformation efforts, always putting your development – and therefore your customers –first.
And if you’re looking for some help to make sure you’re doing this right, just get in touch with us, and we can deal with this together.