Future of Your Business - cfagbata

These Questions on the COVID-19 Pandemic Can Define the Future of Your Business

In this very defining moment of our lives due to the pandemic, a few thoughts, or rather questions, must have been running through your mind on what the future of your business will entail.

The pandemic has altered the way business is operated, across the globe, however, are these changes temporary, or permanent?

In my years of experience in dealing with hard times, such as recession and some unexpected financial downturns, there are some vital thoughts that have crossed my mind, which I would be sharing.

Let us examine some of these salient questions you need to ask on the future of your business.

Should I provide paid time off?

In these pandemic times, business owners have frequently asked, if offering a paid time off should be considered, in their employees’ benefit package?

As at the period COVID-19 was at its peak, many employees with sickness had refused to take days off from work, due to financial reasons.

In some countries, the legislative arm of the government had to, temporarily, enforce employers of labour to offer family and paid sick leave to their employees.

The question is, therefore, what happens when the temporary legislation is over?

Will you continue paying your sick employees paid leave, or not?

Also read, 3 Tips That Will Keep A Business From Failing

As an employer, you may try adopting a policy on a paid time off, for your business.

This will ensure that your employees can get the necessary time off, when they are ill, without worrying about money.

Alternatively, your employees can work from home, if they just have a common cold.

Preparing for future emergencies

You might not have had preparations for the pandemic, however, you do not need to start mulling over the present.

Rather, take a lesson and make plans for the future. Whether it is a pandemic crisis or another emergency, you should have plans that look like these:

  • Alternative form of work arrangement, e.g., remote working
  • Mode of communication with your employees
Should I take my business fully remote?

For some businesses, the pandemic was the drive they required, to kick-start a remote working model.

Are you one of those ventures that started work remotely, at the onset of the pandemic?

You might just be wondering, whether, or not, to continue with the model, after the pandemic abates.

If the remote work appears to be working for you, then, you can just permanently adopt the model, moving forward.

Since the beginning of the pandemic, adoption of the remote model of work has given us what to think about, in terms of what works and what does not work.

You might ask questions like:

  • Was there a drop in the productivity level?
  • Can it be maintained, over a long period of time?
  • What are my employees thoughts about it?
  • What about my customers? what do they think about it?

Remote work might be the best for you, or not, depending on your operations and business model.

Working remotely comes with its advantages, such as:

  • More flexibility for your employees
  • Attracting talent without borders
  • A drop in overhead cost

It, also, comes with its own disadvantages, such as:

  • More security risks
  • Miscommunications

If you are not sure of adopting the remote model of work, fully, even after things return to normal, let some of your employees stay back at home and compare their productivity, with the ones working in the office.

From the statistics gathered, you can determine what to adopt, thereafter.

What are my strengths and weaknesses?

Put down your strengths and weaknesses. Make a SWOT analysis, so as to better your organisation.

In this period, ask yourself these questions:

  • What made me stand out in particular?
  • Why did I fall short?
  • What do I need, to make improvements?

Observing the strengths and weaknesses of your business operations would open your eyes to possibilities to explore.

Featured Image: us.anteagroup

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