Tips to Keep Your Business Financially Healthy During the Coronavirus Pandemic

The Coronavirus pandemic has ravaged various economies around the world. The virus is slowing in some areas with numbers being misreported by countries around the world. Businesses of all kinds have gone bankrupt or had to get rid of a large percentage of their staff. People have seen their retirement accounts dry up while others look at the stock market’s downturn as a huge opportunity.

Business has to continue as usual for a bulk of companies that do not rely on a physical location to generate revenue. Below are tips for those companies to stay financially healthy and potentially thrive in the monetary sense during this unprecedented time.

Remote Work

The ability to generate revenue at the same rate as before the pandemic spread is a blessing. This is not the time to allow your remote workers to start slacking off as being employed during this time is a stroke of luck. There are plenty of people that are out of work and do not know how they will pay upcoming bills. Below are tips to manage your remote workers:

• Time tracking software can help hold remote employees accountable as the tendency to slack off is prevalent for workers that are not always remote.

• Project management software should be used as it can be difficult to get everyone on the same page when staff is not all in the office.

• The setting of daily agendas can allow workers to get started instead of thinking about what they should do first. Structure is important in not wasting time, especially during these trying times.

No Physical Invoicing

Sending invoices should not be done as the virus can live on certain materials for days. The last thing you want to do is delay payment and increase the number of infections throughout the country/world. Visiting can provide clarity to what solutions you should be using for your type of business. All organizations differ so one solution could work for a company while another is nothing short of a disaster to use.

Do Not Stop Selling, Just Sell Sensitively

Selling during this time for the sales team needs to be done sensitively. There are plenty of businesses that are going under that do not want to discuss a product or service that can be provided. Below are tips to help sell during this time:

• Stress the importance that life will go back to the way it way. A marketing company could stress getting ahead of the competition when certain brick and mortar retail stores open up again.

• The sales team should take no for an answer in today’s time as being pushy could result in a PR disaster.

This time is a struggle for many but for those that survive the pandemic in terms of business, this can be viewed as a huge opportunity. Investing company money can allow the company to thrive as well. The market plummeted for some valuable stocks which present a great opportunity. These were most likely shares that were sold off in a panic that didn’t reflect the true value of a business like that of Facebook or Amazon.