As the COVID-19 pandemic hit – sales were low, operations were on pause, towns were in lockdowns and a lot of businesses were on the verge of closing… or closed. As of June 2020, the GDP was reported to have dropped a record 7 per cent and in July, Australia’s unemployment rate peaked at 7.5 per cent – the highest in over 20 years.
Our businesses have experienced a lot of loss in these trying times; from revenue to opportunities and our employees. But if was anything to be gained through these trying times, it would be these lessons:
Expect the unexpected
Always be prepared. You should have a business contingency or emergency plan. These plans should include to-do’s so as not to avoid business interruption and confusion to employees. Taking into consideration what happened and what will likely happen again, can solidify these plans to ensure that your business is ready for any unfortunate event.
Collaboration is IMPORTANT
Collaboration brings out great ideas. When great minds meet together and brainstorm, everything is possible. But to harness and bring this creativity in your employees they need to be healthy; both physically and mentally. This should be a key consideration for employers, especially in the business climate that we are in.
A good Work/Life Balance
Remind everyone in your team of the importance of a work-life balance. Learn to appreciate what you currently have. It has been proven that both a healthy mind and healthy body makes for a more creative and productive workforce. And these ideas are what is needed to survive in these times.
Be open to the idea of remote work
Going back to the office might be unsafe for you and your employees. Being open to this option may help your business save money on rent, utilities and other overhead costs that come with keeping a physical office.
The future is digital
Upgrade to digital transformation. The ease and efficiency provided by softwares, platforms, and online management tools can help you scale your business.
