Important Lessons Entrepreneurs Learned During COVID-19

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Things are different and difficult not only for individuals and families but also for businesses. Many companies were forced to shut down operations or close some of their branches. Some even bid goodbye. Others are struggling to survive because of the limitations brought about by the pandemic.

While COVID-19 is making things hard for everyone, businesses still have important lessons to learn amid the pandemic. Here are some of them:

How Deep Is Your Pocket?

We’ve seen many big brands closing their branches or regional headquarters. This is mostly due to the declining sales brought about by the pandemic. Many customers are staying home and avoiding public and commercial establishments because of the risk of getting infected by the deadly virus. The lesson here is that no matter how deep you think your pocket is, you will struggle financially if a health crisis strikes and affects your business for a long period.

As we all know, it’s been months since the virus started infecting people and spreading across continents. Many businesses were not able to sustain their operations and workforce because of declining sales. The only choices they have include reducing their manpower, downsizing their operations, or closing either temporarily or permanently. It’s important to reserve money for emergencies like this one.

Every Business Is Vulnerable

No business is exempted from the effects of the pandemic. In fact, many big brands are also downsizing their operations. Small businesses are struggling as well. Every type of business is vulnerable to damages caused by health and financial crises. Some of the most affected industries include entertainment, hospitality, food, tourism, and construction. Even the healthcare industry suffered because of the increased demand for health workers and the increasing number of COVID-19 patients in some parts of the world.

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Cleanliness Is Paramount

Providing a clean and safe work environment is important to keep your employees healthy and productive. While you can always hire professional cleaners to keep your workplace tidy, having some cleaning materials on site is equally important and beneficial. For example, you may order cleaning rags in bulk so that you will have a steady supply for weeks or months. It is also ideal to provide alcohol and face masks, as well as keep pests away from your workspace.

Make sure every nook or cranny is sanitary and free from pathogens and allergens. Provide your workers with health benefits so that they will have peace of mind. An insurance policy for every employee is perhaps the most valuable gift you can give.

Your Employees Are the Lifeblood of Your Business

Your workforce is the most important aspect of your business. The success of your company depends on how productive and committed your staff is. Now that there is a pandemic, many employees are resigning from their jobs in fear of getting infected in the office or while traveling to and from work. If you don’t give your workers the option to work from home or any other benefit, you will lose them, and your business will suffer the consequences.

Your workers will appreciate you for providing any support while they are trying to work from home. You may provide financial assistance or tech allowance to cover the expenses of setting up their home office and workstations. They will need a stable internet connection and a reliable device that they can use to perform their jobs. If you can do something to make these things easier for them, do it. Your loyalty to one another will be tested in these trying times.

Strong Connections Are Being Tested

Having strong connections with business partners and customers is advantageous to a business. That means you are assured of a steady supply of raw materials or a solid pool of loyal customers who will keep buying your products or use your services despite the challenging times.

They say true friends are those who stay during your toughest times. This could also apply to loyal customers and business partners. Because they know that you need to sustain your business, they will likely stick with you during this crisis.

Perhaps the most important lesson that business owners should learn is that they need backup plans for emergencies. These will include plans for financial sustainability, emergency response, savings plans, insurance policies, alternative sources of funds, and other contingency measures. These plans will serve as cushions that will protect the business against the damage or direct impact of any problem.

Make sure your business is always future proof. Anything can happen, but you can prepare for the worst by making sustainable plans and working with the right people or businesses.

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