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8 things your SMB needs to do in the time of COVID-19

8 things your SMB needs to do in the time of COVID-19

The world’s fears have been realised and it is clear we are facing something very serious that is going to change how we do business for many months to come. These are difficult times and it is crucial that we work together to get through and out the other side. We will fight the coronavirus and we will win.

Your business’s survival is critical. It is your livelihood and it provides employment to others as well as necessary goods or services to customers.  It is vital that you not only protect your business but also do this in a responsible and, above all, safe manner.

Let’s take a look at how this can be done.

1) Take another look at your cashflow forecasting

Cashflow is the lifeblood of your business and it is what keeps you ticking over from day to day. You probably regularly examine your cashflow forecasts and you know what you can expect to be working with over the next few weeks or months. That is, until now. The situation has changed dramatically and you might find that your cashflow has changed too. Take the time to re-evaluate and make sure your business does not get caught out.  Also ensure you are utilising all possible resources and assistance the government is offering SMB’s

2) Lay the groundwork for flexible, effective remote work

Remote work is going to be crucial to your business’s long-term survival. If you have not already begun to embrace the possibility of remote team deployment, now is the time.

What tasks can be handled off-site? What do you need to do to support your employees while they work from home? What tools and software will help you make the transition?

Lindentech have recently partnered up with a few providers to bring you products that will make home user environments secure. Both uSecureCisco, and Mailguard bring enterprise level security to the SME market.

Hackers usually target the three most used and vulnerable aspects within your company’s technology set up – weak networks, email security and website security. These make up about 95% of the data breaches. Lindentech’s security solution eliminates nearly all the spam your team receives with malicious content, continuously scan links visited by users to eliminate any illegitimate sites, and locks down environments using enterprise level security to ensure enterprise level security in users’ homes.

3) Keep hygiene as your main focus

Each and every one of us has a responsibility to halt the spread of infection. While we may not all work in hospitals or in medical laboratories, we can do our part by focusing on hygiene.

Make sure all employees are washing their hands and adopting stringent hygiene regimes. Remember to follow all social distance guidelines and to keep up to date with the latest developments.

Govt of WA

WHO

4) Remember that communication is key

You probably won’t be having quite so many face-to-face meetings with your team, but this doesn’t mean communication has to suffer.

Set up a schedule for virtual meetings, and put software solutions in place that will support high-quality communication throughout. Please consider that conditions may get worse and that isolation may be required for your staff. Be prepared and make sure that communication protocols are already set up, just in case.

Cisco has recently announced free access to Webex during COVID-19. To setup your free trial follow this link 

5) Begin the shift towards digital-first

Digital transformation is a hot topic these days and rightly so. It brings a whole host of benefits including diversified revenue streams, a more robust set of business processes, and an optimised market position.

Unfortunately, many businesses have struggled to find the time to make the transition. Now, many of these businesses are being forced to become digital-first because of the global situation so this might be the perfect time to invest.

We might find that international travel does not resume for quite a few months to come. How will that effect your business? What strategies can you put in place now to help alleviate the inconvenience that will cause?

6) Review your overheads

Is your business paying more for something it doesn’t need now? Are certain business practices holding you back? Are you wasting money through inefficiency? This is not something you can afford to be doing right now.

Review your overheads and make sure your business is as lean and mean as possible.

7) Set up and test your contingency plan

The situation will improve eventually  but it could get worse before it gets better. With this in mind, what are you going to do if your key markets are suddenly inaccessible? What if your business premises need to close to the public, or your team?

Build a contingency plan to deal with these scenarios, and test them so you and your team know how to execute the plan, and know that it is effective.

8) Look to the long term

It is likely that the world will be feeling the effects of COVID-19 for many months to come and that the ramifications of the outbreak will continue to echo for years into the future. Consider your response in the long term, not just during the virus’s peak, but way, way beyond that. What can you learn from this new way of doing business? What can it teach you?

Perhaps you will have developed new ways to be productive through technology or you will identify new markets to explore. Whatever it is, begin considering how you will transition to this new way of being, post-virus.

 

Stay safe, stay healthy, and stay strong in this difficult time

To learn more about how to transform and future-proof your business, reach out to the Lindentech team today.

  • April 7, 2020