The economic shocks triggered by the COVID 19 pandemic put businesses across the globe in a very difficult position. Having to suddenly shift to the remote work culture caused businesses a lot of discomforts and struggle to stay afloat.
Running a business in these unprecedented times requires a deep insight into the future trends and constantly innovating strategies to survive. At the same time, it has brought the topic of employee well-being to the forefront and compelled business owners to ensure their safety.
Since there are very few chances of the situation improving as quickly as it has worsened, businesses need to learn to make the most of the situation. To survive & thrive in these challenging times, we recommend avoiding the following business mistakes.
1. Lack of clear communication:
It is easy for employees to fall prey to rumors in a situation where businesses are looking for ways to sustain themselves despite the declining economy. When business owners fail to communicate clearly, it causes panic in employees and leads to them fearing that they may lose their jobs at any moment now.
Make sure you communicate clearly and regularly about all the changes that are being made to keep the business running. Keeping employees well-informed prevents a drop in their morale and work productivity.
2. Letting go of employees to cut costs:
It is obvious for businesses to consider ways to reduce costs. In such a scenario, the first thing that comes to a business owner’s mind is laying off employees. But this can prove to be detrimental in today’s time where it is already difficult to retain clients. Having lesser employees can reduce your capacity to take up new work.
Instead of firing employees, there are so many incredible yet cheap tools that can help you automate tasks and make operations easier. Using them can not only speed up work but also allow employees to produce better results.
3. Not offering learning opportunities:
A common mistake made by most employers in the pandemic is refraining from continuing their investment in employee L&D initiatives. This is a very wrong step as employees need to stay competitive now more than ever.
For employees to be able to deal with the work challenges posed by the pandemic and to overcome the same, they need to have the right skill set. Using affordable tools like Cornerstone on-demand LMS allows employees to learn from anywhere at any time, reducing the possibility of them having to compromise on work in order to learn.
4. Not having an online presence:
Businesses need to evolve with the changing times. Up until now, a lot of businesses had no social presence. The pandemic has necessitated networking through online platforms since offline is no longer possible. At the same time, it is vital to provide customers a way to connect with you digitally in order to facilitate sales.
However small or large your business is, make sure you have a website that helps customers understand your brand and its products & services. Build profiles on relevant social media platforms to stay connected with your core audience. Sharing good and relatable content will make it easier for your business to get customers from across the globe.
Avoiding these mistakes can save you a lot of stress and come out of this situation stronger than ever. Although this is a very challenging situation, businesses need to look at the bright side of things. Since everything is remote, your business is saving a lot of money usually spent on rents, furniture, office supplies, electricity bills, and more. The best course of action is to make the most of the situation and adapt to the changes being presented.