The interns of the “Do More With Your Time” Internship program have been busy researching and figuring out ways to help businesses through the pandemic. Here’s one such article by Palak Surekha, our 16-year-old intern, about the steps businesses should taken to get through the ensuing crisis brought about by the pandemic
The current pandemic is undoubtedly hard on business enterprises, particularly startups. It is high time we realize that this virus is a part of our lives until a certified cure is found for it. While panicking is the easiest way out here, the need of the hour is to come up with a plan, (fast) and have faith in it.
Mindset Sets Apart
A meaningful plan can only be devised and executed if businesspersons and stakeholders are optimistic and willing to discover the opportunities hidden beneath all this panic.
The topmost priority of any budding business should be survival. The prudence concept must be kept in mind. One should hope for the best but be prepared for the worst situation.
It is crucial to develop an effective and efficient communication chain, not only to carry out day to day activities of the business but also to efficiently handle an emergency (which has a high possibility during such times). Enterprises must also try to establish a work from home policy and keep employees updated at all points of time. Confidence and support of various stakeholders such as employees, investors, etc. are very valuable to any organization, especially now.
Firms are often forced to take several cost reduction measures, even if they are brutal. Ensuring liquidity is extremely important for any firm or individual at this point of time as markets are uncertain (not to remind people of the growth recession). Financial statements should be carefully analyzed to ensure liquidity.
It is also important for a business firm to remain relevant during such times. Digital media is this obvious answer here. Promotional schemes, offers, etc. must be planned out well in advance.