The collapsing healthcare system and the rapid spread of the coronavirus have prompted countries to adopt stringent unprecedented measures to prevent the further spread of the virus. In addition to the alarming health crisis caused by the coronavirus around the world, the epidemic has taken down the entire business sector and left companies in shatters. This is no longer just a health crisis; it is also a significant economic crisis that has jeopardized most businesses.
The scale of the disruption afflicted by the COVID-19 pandemic is unprecedented and likely more damaging than any erstwhile economic recession businesses have faced. The devastating impact of COVID-19 on the global business sector is not momentary; the effects will be far-reaching, pushing many companies into a ‘Permanently Closed’ state. How your company responds to it in this time of uncertainty will be critical in alleviating the future risks and help you weather the storm and come out stronger. The ripple effects of the pandemic on your business are difficult to anticipate, but you can start mitigating its adverse effects by following these five strategies:
1. Build A Resilient Supply Chain
Although China has started to recover with factories reopening, the rest of the world is witnessing a stalled supply chain of products. Many businesses are foreseeing a negative impact on their sales as they are experiencing challenges in getting production fully running. The nub of the problem is China’s dominance in the global supply chains with Wuhan being a highly industrialized city, which is the origin of the virus, has been the hardest hit.
The impact of just the supply chain disruption will last into the future, so considering the vulnerabilities and fragilities in the global supply chain, it is vitally important that you diversify your supply chains instead of relying only on China. The new normal demands an entirely new way of operating and planning supply chains. Apptivo Inventory Management helps you predict and manage the demand of products for planning ahead of the arising necessity.
2. Pause, Analyze And Then Move Forth
Now more than ever, you need to analyze the potential impact that COVID-19 has on your business to gauge your readiness to respond to the crisis. Your existing safeguard might be ineffective in dire times like these, so it is crucial for you to assess your current financial situation by gathering all financially relevant data, from supplier contracts to customer invoices, in order to create a clear picture of reality vs. expectation.
Apptivo’s suite of Financial Management Applications helps you manage and track all the aspects of your financials and can build automated workflows for a seamless operation. This is a great time to modify your existing system, which relies on outdated software or manual processing. Now is the time to integrate your business with Apptivo to survive and thrive in this economic crisis.
3. Communicate Transparently
Notify customers of reasons for potential delays in delivery or inventory issues before making the purchase to build trust. This is a time to show loyalty to your existing customer by reaching out to them to understand their problems and needs in this situation and find measures to support them through this pandemic.
Apptivo’s Email Marketing Campaign helps you reach out to your customers in a very personalized way using customized templates and existing customer data to strengthen the relationship with them. Since communication is a two-way stream, Apptivo’s Help Desk helps you create a platform that will allow for feedback and address technical issues faced by customers. Apptivo’s suite of Supply Chain Applications enables you to manage the inventory seamlessly by tracking the real-time stock so that you can know which item is running low.
4. Embrace Remote Work
As the impact of the coronavirus continues to reverberate across the globe, it is imperative to shift from the mobile working environment to stabilize in the new remote working environment and strategize for what’s coming next. This transition to a new model can be underpinned by Apptivo’s CRM application, which offers a centralized hub of your customer data, project information, and sales activities that is easily accessible from anywhere in the world at any time. As a Cloud Business Management Software Suite, Apptivo offers an efficient and flexible solution for operating a business on all fronts.
5. Practice Social Distancing Religiously
With the COVID-19 pandemic sweeping the globe, you, as a leader, have a key role to play in supporting government efforts to protect your customers, workers, and business partners from the virus. You won’t have much of a business if your employees cease to exist. So, if you are still operating physically, it is of utmost importance to focus on practicing social distancing measures and preferably encourage your employees to start working from home if they can.
While we hope that the economy goes back to normal soon, we can’t ignore the devastating impact the pandemic has had on our businesses. The strategies you adopt today to mitigate the impact of COVID-19 on your business will prepare you for future crisis developments. After this crisis is over, you will emerge more aware and planned to consider preparations for any kind of business crisis in the future. Apptivo is designed to move your business forward in this time of uncertainty. It will help you build a stronger business that is capable of withstanding harsh times like these.