How can companies adapt and survive in this new environment? Rest assured, Kiwili is here to help with our survival guide for entrepreneurs in times of crisis.
SUMMARY
I – Adapting to the Market
Take Stock
Start by taking stock of the situation. Which tasks need to be carried out and which can be put on hold? How has your work been affected by the situation and what are the consequences? Make a list of potential problems and rank them in order of priority to form a clear picture.
Take Action
Now you’ve got a snapshot of the situation, it’s time to take action! Adaptability is key. Begin by assessing what’s working and what isn’t. Try and see beyond all the doom and gloom and view the situation as a real opportunity to improve your work flow and put your creativity to the test.
Now could be the perfect time to design, set up, or upgrade to an e-marketplace for selling your products online? Bring in the skills of those around you in your local community who have recently found themselves unemployed due to the crisis, and build your online sales platform while creating new jobs. Worried about the costs and logistics of delivering your products? Use your imagination and get involved with local businesses to create a shared platform for online sales and/or split the service fees for deliveries. Think outside the box and view your problems as challenges!
- Are you a service provider?
- Can your service offering be adapted to suit the needs of the current market?
- Could this be the time to diversify and/or shift your focus?
- Could you use this time to work on your social media and increase your visibility by building an online community?
Spend this time brushing up your content to stay connected with your clients through these difficult times. Don’t forget, this time can be spent future proofing your business. Invest your time now and reap the benefits later!
Communicate
Communication takes centre stage in any crisis. The world has been quarantined behind our phones, TVs, and computers – we’ve never spent so long in front of our screens. Break the cycle and use this time to your advantage.
First of all, you need to reassure your clients. Find a solution for them to use your products or services as needed and consider offering promotions or discounts whilst many are facing financial difficulty.
If your company hasn’t got their own means of communication, set one up! Use social networks as tools for communication and update your Google page through Google my Business.
Send out positive messages and fill your pages with creative and relevant content which will spark some interest and encourage a sense of community. Pave the way for other businesses to support their local communities at this time.
II – Internal Organisation
Forming a Crisis Team
Job loss is a sad reality for many companies, whatever their size. These drastic measures are often adopted very early on in times of crisis, despite there being many intermediary solutions that could bide some time for employees.
More often than not, companies make these staffing cuts and then find it difficult to hire later on when the time comes to find new talent. Try and learn from their mistakes!
For starters, instead of letting people go, companies can adapt their employees’ working hours, dropping from full time hours to part time temporarily. The positions judged as non essential during the crisis can be adapted into entirely new roles. By shifting your company to the reality of the market (as mentioned above), completely new job titles can be formed without having to make huge changes to your payroll. Simply by being adaptable and having a bit of creativity, the new structure might even increase your revenue!
Managing Your Team Remotely
During quarantine, remote working becomes the new normal for many people. The challenge lies in organising your team around this new system. Use the SMART and SCRUM methodologies to enable you to work together closely and get your work done swiftly and effectively.
Find out more about the SMART method in our blog
Applications such as Hangout, Zoom, Slack, Loom, and Skype are available to help free of charge. Our software Kiwili is an effective tool for project and diary management, as well as many other additional features.
You might also be interested in our latest post, The Rise of Remote Working: Working From Home, The New Normal?
Being there for your team is so important. Make sure they’re equipped with everything they need to work well and be productive. You can even use sites like AMAZON to deliver any essentials to them risk free!
For more info on working well together as a team, check out our recent post all about productivity and team building for entrepreneurs
Plan For Your Return To Normality
This situation will come to an end sooner or later, and we will need to make the transition back to normal life. It’s always better to be prepared! To keep things operating smoothly, start by evaluating your former processes and systems. Look at what worked well about your new ways of working, whether that’s remote working or online sales, and prepare to integrate this into your workflow permanently.
Collaborate
If this situation has taught us anything, it’s how to pull together. Putting your community first means putting your company first. Beyond sharing logistical resources to reduce costs, or even putting in place a shared e-commerce platform, this is a time for coming together. Spread the word about products and services from local businesses and suggest potential partnerships.
III — Safeguard Your Finances
Below are some links to info on the government’s efforts to support people through this crisis, whether you’re employed, self-employed, or running a company.
Support
In canada:
- Support measures for the economic and financial sector
- Resources for Canadian businesses
- Support for entrepreneurs – BDC
- Request financial assistance
- Tax deferral
- Guide to continuity on operations and models for entrepreneurs – BDC
- Small business loans: up to $100,000 online – BDC
- Borrow working capital
- Finance purchase orders – BDC
In the US:
In the UK:
Check with your government or local authority for more info about support in your area.
Check Your Insurance
Business insurance policies can also be applicable in some cases. Check with your provider or consult the Insurance Portal.
Diversify Your Bank Investments:
This is a time of economic crisis. Businesses must pay close attention to their finances and it’s a good idea to diversify your bank investments. You can also turn to online banks as an alternative solution.
Whether you’re running a company or working for yourself, a word to the wise, don’t put all your eggs in one basket!
Good luck and stay safe, from the team here at Kiwili!
Kiwili is an all-in-one business management software. It is at the same time an easy invoicing software, an accounting software, a CRM, a convenient project management tool and a time tracking software. Everything you need to manage your business like a pro!