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How to Cure Coronavirus’ Effects on Your Business

by Tillpoint Editorial Team 05 Mar, 2020

How to Cure Coronavirus’ Effects on Your Business

The highly contagious Covid-19 is quickly spreading across the world, causing a widespread halt in economic activity, with increasing financial disruption still to come.

The coronavirus turmoil is likely to impact businesses of all types and sizes, from retailers and service providers to food and beverage store owners.

As it travels from country to country and city to city, business owners must think of ways to help curtail the spread of the virus while also managing to keep their business in business.


Remote Working

As a precautionary measure many will find themselves being asked to work from home in order to reduce the spread of coronavirus.

Some businesses will find this easier to implement than others, but you can still design ways of letting your staff work from home.

Flexible working arrangements will require each employee to have their equipment requirements met so they can perform whatever role they have at your company.

In the majority of cases all they’ll need is a company laptop or iPad that gives them access to whatever portals and apps they need to work.

Since they won’t be in the office, remote meetings will need to be the new norm, which isn’t very difficult when you have conferencing platforms like Zoom or Skype at your disposal.

Performance monitoring is an issue which prevents many business owners from offering flexible working to their staff - how do you know that they’re doing what they’re supposed to be doing!

Hopefully you’ve hired staff that you can trust to do their job without constant supervision.

But if this isn’t the case, you can always set your staff daily, weekly or monthly targets that they need to hit.


Expand Sales Channels

Restaurants and retail stores have both reported a fall in customer demand and, unfortunately, these types of businesses don’t allow for remote working.

However, there is always a solution to every problem!

If people aren’t coming to you, you go to them.

Instead of only selling in-store, setup an eCommerce shop and start selling your items online.

Your online store can operate 24 hours per day, enabling you to make sales even when your brick-and-mortar shop is shut!

You don’t have to be tech-savvy to set-up an eCommerce, it can all be done relatively quickly through one of the leading platforms, such as Shopify or WooCommerce.

An F&B type business, such as a cafe or restaurant, will have a slightly different approach when it comes to expanding their sales channels.

If you don’t offer direct delivery of your delicious food, you can always place your restaurant on some of the popular food delivery services available, including Deliveroo and Uber Eats.


Diversify Your Supply Chain

International businesses are tracking the situation closely as it may result in a supply-chain fallout, with many global suppliers shutting down in an attempt to stave off outbreak.

If your business is unfortunate enough to have this happen, look for local suppliers that you are able to source products from.

They might be more expensive, which will invariably eat into your margins, but it’s preferable to have some profit over none whatsoever!

If you’re a little stuck as to how to go about finding new suppliers and wholesalers, checkout this great guide by Startups.


Bonus Tip - Wash Your Hands!

This one might seem simple but a surprising amount of people don’t follow basic hygiene protocol.

To clean our hands properly, the NHS recommends that we:

* Wet hands with clean water

* Apply soap and lather/scrub every nook and cranny of your hands for 20-30 seconds (about the time to sing “Happy Birthday” twice)

* Rinse well with clean running water

* Dry hands with a clean paper towel or air-dry.

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