Understanding Coronavirus’ Impact on the Business Landscape

words Al Woods

Coronavirus Impact

Since the World Health Organisation declared Covid 19 a global pandemic five weeks ago (yes, it was only five weeks ago!) it’s been difficult to predict what’s around the corner, especially for small businesses. With travel restrictions and social distancing guidance being enforced the impact on the business landscape has been huge and you won’t be alone in wondering when this will ever end.

Remote working, economic support packages and a reduction in working hours are just some of the measures that business owners are implementing to keep their heads above water. While you may feel like you’re slowly sinking, there are steps you can take to navigate the hurdles in your way so you can eventually return to business as usual.

Government Support

Burying their heads in the sand was not an option for the government when the devastating impact on businesses and the economy became apparent. Coronavirus business support schemes have been developed and are ready for you to explore now. Jobkeeper payments have been introduced with the aim to keep as many Australian citizens in work as possible. Fortnightly payments of $1500 will be paid to eligible employers who can then transfer them to each individual employee. This subsidy scheme could save millions of jobs across the country and help individuals to upkeep their households. This $130 billion cash injection will only benefit businesses that can evidence a decrease in revenue due to Covid 19 so jump on your laptop and find out what you’re eligible for today, don’t waste any time.

Travel Restrictions

International and domestic travel restrictions are well and truly underway. The eerie pictures of redundant fleets of planes and silent runways circulating on social media are enough to send a shiver down your spine. They also make us realise that travel was such a prominent part of everyday life. Although necessary, it’s frustrating to have travel plans cancelled, especially when they have potential to be profitable for your business. Your ability to adapt and overcome this tremendous barrier will either make or break your company, even more so if you relied on travel to secure income. Investing in software that allows clear and reliable communication with clients and the best place to start, this will show initiative and a desire to remain in contact. 

Remote Working

Employing a ‘can do’ attitude has never been so important. Adapting and changing with the times to overcome these novel hurdles will be essential for success. The most effective way to keep your staff safe is to create a remote working policy. Allowing as many people as possible, if not all, to stay away from the office will eliminate the risk of transmission between colleagues. Protecting your team will also safeguard your business, there will be no money to be made if all your employees are sick. Monitoring this drastic change will be key to making it a success so creating a policy for staff to refer to is essential. Setting clear guidelines, expectations and outcome measures will let your staff know they’re not just in for an easy ride without anyone watching over their backs.

Summary

When it comes to the current business landscape it couldn’t be further from the norm. You are, however, not alone when it comes to these novel obstacles. By taking advantage of the government support that you’re eligible for, creating remote working policies and adapting to a more static approach you’re taking the best approach to keeping your head above water during these challenging times. 

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