The devastating effect of the pandemic is worldwide and has affected all of us in one way or another. It has left a distressful impact in almost all areas of our lives, in not just the way we live but also in our health, livelihood, business and economy. The coronavirus disease, also known as COVID-19, started in late 2019 and was first detected at a local wet market in Wuhan, China. It has now spread around the globe and remains until today. It feels like it will never end soon.
Whilst some businesses have shut down because they were unable to sustain the financial needs of their businesses, others are reducing costs by laying off their staff. So, how can one keep going and cope, especially during this awful time? Should you just close your business and give up? Or hold on until the pandemic ends? Here are some tips that will help your business thrive in the midst of the pandemic without sacrificing the quality of work needed to keep going:
1. Be ready to adapt.
It was Darwin who said that ‘It is not the strongest of the species that survives, nor the most intelligent, but rather the one most adaptable.’ Many businesses have shut down because they didn’t adapt well to the pandemic. They thought that the pandemic was just a flu that would eventually go away, but they were wrong. It’s been years since the pandemic started. Remember, adaptation or being flexible is the very first step to move your business forward and stay productive.
The first thing you need to do is to enumerate what the needs of your business are or what types of improvements your business requires. You may start with the principle of asking questions and/or suggestions from your team. Brainstorming or asking the right questions, especially from your team, is not an act of weakness, but rather a step up and a skill to becoming a great leader.
2. Invest in the work-from-home setup.
Investing in the work-from-home setup is one of the best solutions to cut costs, particularly if your business is about customer services, bookkeeping, accounting and other non-face-to-face office-related tasks. It will help you save in shouldering the cost of office lease, electricity bills and other infrastructure costs needed from an office environment.
3. Find a smaller office space or consider shared office space.
IRe-evaluate if you need a smaller office, and go search for one. Finding a smaller office is indeed necessary, especially in this time of pandemic; it will help you cut a lot of expenses. The average office cubicle size is 5.5 square metres per person, and the current rate per square metre is $940.00 per annum. Let’s say you have 12 persons in your office, including you. The cost will be $62,040.00 per year or $5,170.00 per month, excluding electricity bills, water bills, costs for additional spaces, such as pantry and rest rooms, and other expenses. If you have a smaller team in your business, you can set up a small office or a shared office space somewhere in the city or at a convenient location close to home so that your leasing cost will decrease drastically.
4. Shift to online! Increase your online presence.
Most people are using the internet. Online presence, such as via classified ads, SEO and websites, is one of the best keys to marketing your business, whether it is about providing food or services. It is a great marketing tool, particularly during this time of pandemic. You can endorse your company without breaking a sweat, and it is very cost-effective.
5. Hire a virtual assistant.
Every business, no matter how big or small, requires a person or a team that will take care of the time-consuming admin tasks (e.g. marketing for social media presence, accounts to manage the money that comes in and out of the business and customer service to handle client retention and satisfaction).
Hiring a virtual assistant is one of the best solutions for cost-effectiveness, not just during the pandemic but especially after, to ensure continued and sustainable business growth. You can work less, earn more and grow your business faster in the most cost-effective manner, ensuring the success of your business in the many years to come.
Conclusion:
If business is a gamble, then stop taking risks and make calculated decisions for sustainability and growth. Be patient and courageous, and master resilient skills to survive. The best solution we can do is to learn from our mistakes; don’t give up, continuously market your business, and do your best to always adapt to the changing situations continuously.
We, at Virtual Office Angels, Australia’s best virtual assistance provider, have been providing accounting and bookkeeping virtual assistance services to Australian SMEs for over 10 years. We offer peace of mind to business owners to ensure that they can focus on growing their business faster and more efficiently. With Virtual Office Angels, you will have your own H.R. management team working and ensuring that support is there for you every business hour of the day.
For any other online virtual assistance services, we are here to help. Contact us now!