The virus has many business owners very uneasy. Unfortunately, the pandemic has hit small to mid-sized organizations the hardest. Many experts believe this is just the beginning. So, what can you do to keep your business running smoothly?
When will the pandemic end?
It could honestly be a few more months for the large restrictions and some say up to a few years for a full recovery. Regardless of how long COVID-19 hangs around, we all need to be prepared. Buckle down a bit, reassess, and make a few changes to our business strategy in order to keep things running smoothly. Here are 7 great tips that may help you get started.
1. Review and adjust your business based on your burn-rate.
What is a burn-rate? It’s typically the rate at which your company is spending money to cover your overhead before generating a positive cashflow from operations; cash spent per month divided by operation expenses. Review how much your company is spending and reduce non-essential spending as much as possible. Most companies have a few items that are just excess like expensive advertising campaigns, unused assets, and extraneous employee expenses. It is also a great idea to call and discuss reducing your monthly payments with essential vendors like your merchant payment provider.
2. Cut excessive advertising.
All those marketing companies out there won’t like our advice here, but there are high-end expensive advertising options and there are low-key advertising options. Cut those costly ads and work with other businesses to create co-marketing campaigns, send promotions through the mail, offer expert advice to your community, or even consider telemarketing.
3. Embrace telecommuting as a part of your business landscape.
Many business owners restructured how their company operates when COVID first hit. They immediately plunged into telecommuting when the “stay at home” orders were released across the nation. Now, most companies are re-evaluating the need for in office hours. Office overhead can be one of the most expensive parts of owning a business. Reducing the amount of people in your office may allow you to rent or buy a smaller space and reduce your monthly expenses significantly.
4. Take on a new lease to rejuvenate your business.
Regardless of the pandemic, many business owners have failing or outdated equipment that must be replaced. We are seeing companies enter into equipment leases to spread out the financial obligation for their new hardware and software. This option allows you to bundle your entire project into one low monthly payment.
5. VPN’s are the best defense!
A VPN or virtual private network connection is ultimately the best way to keep your company information and communications safe from afar. This type of connection gives you a secure remote path to your data and allows you to take advantage of the security that your organization already has in place. Anyone trying to intercept information sent or received through a VPN connection would not be able to read any of the data communicated due to the high level of encryption.
6. Use an anti-virus solution.
A good up-to-date anti-virus protection program will give you the security you need to keep hackers and thieves at bay. Anti-virus companies work tirelessly to keep their databases updated so you can rest assured your computers are protected. Be sure to update your anti-virus program regularly on any computer you’re using for work so you don’t miss important protection against new threats.
7. Keep up your IT management.
This may be the single most critical component to ensure your operations are running smoothly. Regardless of where your staff is working, your network needs attention 24/7 to stay online and available. Talk with your IT provider to make sure you have viable backups and ongoing monitoring. Updates from vendors and patch releases can be critical in this new landscape of remote work.
Worried you may be missing something? Give us a call today. We will conduct a full review of your network and present you with a list of suggestions to help.