The year 2020 is drastically changing our perception of normal daily life as well as the passage of time. Even though the first quarter is barely over, there are fewer viable choices to sustain a successful business plan during this period of global instability.
One way forward is to try and cope with the changes based on our usual operating methodologies.
The other way is to start from scratch by adapting our goals, daily tasks, duties, and obligations to match our current financial situation.
What changed the balance?
The first issue causing an upset in the global economy is the oil price war that began in mid-March. The second source of uncertainty is the coronavirus pandemic, which poses a major threat to individuals as well as whole countries. Widespread fear and doubt has impacted the economies of even strong states like the United States, the United Kingdom, and Germany.
Just as a living being consists of many cells, the global economy is its own entity consisting of smaller parts.
Every business, big or small, must re-evaluate its strategy and conduct an effective audit to monitor ongoing changes. Otherwise, these businesses risk remaining in unstable, costly positions that leave them vulnerable to market volatility.
What about cost optimization?
In the recent past, companies may have been able to spend millions of dollars in discretionary funds on optional programs or corporate events. Today, that is likely to have changed as companies reduce their budgets.
Panic on financial markets, shutdowns in many countries, and closed borders have caused many businesses to take drastic actions, such as:
- Stopping development projects and programs for prospective development.
- Laying off workers, especially if businesses (like many stores) are closed.
- Revising business plans, since even established companies are at risk of suffering significant losses.
There is no magic wand to stop all of these threats. No single solution will fit every circumstance.
The changing world is pushing us to grow accustomed to telecommuting or, if not done before, to shift as quickly as possible to using the internet to the greatest possible extent.
Months from now, many companies that weathered the financial crisis will be able to explain to us how they managed all of the associated challenges.
However, we can predict some common features and propose a few recommendations of our own.
By outsourcing, you can maintain your key functions without requiring in-house personnel. You will eventually grow accustomed to having fewer internal staff members, which also reduces the number of ancillary costs, such as computers and office supplies.
Transferring your work into the cloud can help to eliminate physical storage needs. For example, you may be able to relocate to a smaller facility.
We understand that some businesses simply can't support stay-at-home arrangements. However, manufacturing companies and other industries that require employees to be on site can still remain flexible by outsourcing IT or hiring consultants.
As a business owner, you don't have to start from scratch, since there are many SaaS products already available to meet your needs.
You don't need to pay for multiple servers and administrators to oversee them. Instead, you can easily align your data with the tools of a single provider, no matter how large the data set. You won't need to juggle a disjointed system anymore.
For example, if you're in sales or manufacturing, try intelligent services based on science and math to improve your business.
Evinent Analytics, a SaaS product, helps with selling and marketing as well as fraud detection.
Precise task management and workflow
Companies stuck in bureaucracy are at risk if they're unable to adapt to changing conditions. Streamlining your business is as simple as identifying key tasks and reducing obstacles to efficient operations. One quick method of improving flow is to eliminate unnecessary paperwork. A completely digitized work environment is more accessible and flexible.
By constantly evolving and implementing best practices, you will finally see which workers are truly adaptive in addition to being competent at their core duties. Employees who are mired in bureaucracy or unwilling to embrace innovative growth are unlikely to succeed.
Productivity and efficiency as milestones in performance for every operation and company
In time, it will be evident that tons of time and money were wasted on unnecessary actions.
Many companies that adapt and respond well to change will encourage individual innovation. When employees are not restricted by rigid operating processes, they are more likely to contribute new ideas, brainstorm, and evolve along with the company.