Amidst the National State of Disaster, it is agreed that the economical/financial impact of the virus will have a major impact on the continuity of businesses. At least in the short term, one already experience a reduction in the income for many businesses, the most affected are small businesses, sole proprietors, restaurants, etc. The value of the Rand is seeing all-time lows compared to the USD and other currencies.
How do we ensure that the business survives and that we, post-Corona, have a viable business to return to? There is no doubt that the stringent measures implemented by South Africa and globally force business to assess their survival strategies. In many respects, with all of the negative business consequences, it can also be viewed as a positive imperative compelling us to review our business options and strategies. This is a natural process that would in many instances have taken many years for business owners to reach such a crisis point in order to consider the future direction of their businesses. A Game Changer – What to do?
Again, these are my immediate thoughts planting a few ideas for our clients and is not meant to be a comprehensive resource piece.
Restructure employment options
A viable business requires thinking of survival from both management and staff. Within the spirit of this type of engagement, how can the business operations be restructured? I know of many employers who contemplated flexi-time at some stage but decided against it as a result of fears of non-delivery or having employees take advantage of the situation. Now you have an option to put it to a test, and promulgate it as such for the next 3 months. Remember the health and safety of your staff is a huge responsibility for the business with dire consequences if employees start to test positive. Reduce the numbers in the workplace, at any one time, sooner rather than later.
It is also a good time to consider re-skilling your workforce. Identify essential skills and find online courses.
Review how services are delivered
A restaurant is a prime example of a business that is / will be affected severely. The usual perceived “good service” protocols between customers and hosts and waiters/waitrons must change. Frontline staff have to be more creative with their engagement with customers. Similarly, consultants or business specialists can move from face-to-face consultations to remote media conferences. But do the fee structures still stay the same? It will be interesting to hear your views as businesses or service professionals.
Close an import gap
Imports from many countries have halted or at least slowed down significantly. Can we manufacture some of these items or products in South Africa? Currently, it is easy to import almost anything from eg China, whilst we could potentially retain manufacturing in our country. Bring back the clothing industry, I say. Many of our crucial supply chains channels will run dry . . . take the GAP.
Move your business On-line
An obvious move is to take your business online, especially if you sell items or services. It eliminates people from going into shops and malls to look for, and buy items with full contact at a time that we are encouraging no contact or social distancing.
I’ve learned of a few restaurants whom you can call for your order now, and instead of going in and sitting down, as usual, or to pay and collect your item, you have to use an online/mobile payment channel and collect at a table without having physical contact with any of the restaurant staff.
Even a full-contact shop now have to consider their online options. This would have been an eventuality in a few years in South Africa and is now time to fast-track this move.
People will stop moving around soon, and those who establish the online channels now will have an advantage.
What are you doing to survive?
ArenaPS