Businesses all over the world suffered great losses due to the coronavirus pandemic. Many had to halt their business activities as the infection rates increased exponentially.
Now that many months have passed since the pandemic began, we’ve learned to adapt to this new way of life. Businesses have opened up again, and schools and colleges are slowly following suit. However, experts fear that a second wave may develop as the fall and winter approach. In many countries, this second wave is already underway.
So how will businesses deal with the return of COVID-19? Here are some ways American businesses can prepare for what’s to come:
Shift to a socially-distanced way of doing business
Many companies were forced to shift their operations online in order to stay afloat during the pandemic. Now is a good time to assess how working remotely has affected your business and what changes are needed to make things better.
If you need to purchase new software, provide employees with essential equipment to work from home, or iron out any other issues, there’s no time like the present!
If anyone in your office contracted COVID-19 in the first wave, you’d know the struggle and anxiety of having to scramble and make sure their role is covered until they recover and return to work. The symptoms manifest in different ways for people and some may take longer to regain their health than others. When you can’t be too sure how long an employee will be on sick leave, it’s best to cross-train your employees. This ensures that essential jobs that keep the business running are looked after. That way, they can cover for others if the need arises.
This preemptive measure allows other employees to swiftly take over. To make working from home even more efficient, set up training sessions for employees who have struggled with video conferencing programs and other software while working remotely.
Make financial decisions wisely
As the economy took a hit, many businesses financially struggled during the first wave of the coronavirus. They weren’t able to pay rent for their premises, utilities, or even pay their employees. Many workers received pay cuts or were laid-off during this difficult time.
To avoid such financial issues during the second wave, it’s essential to plan out and reassess your financials. Look into areas you can cut back on without affecting your existing workforce and production levels. If your business is likely to experience low demand during this time, reconsider your staffing requirements. Hire only the essential staff during this time to avoid any layoffs later. Also look into reliable financing options that’ll help you stay afloat, such as hard money loans.
Global Capital Partners Fund is a major private lending company that provides hard money loans in Cincinnati, OH. The company has helped many businesses over their 30 years in the industry. Get in touch with their senior partners for more information about their commercial lending options like bridge financing.