The global economy is hanging on the edge of an exclamation mark created by the pandemic COVID-19. Aftermath is quite scary for that section of the society dependant solely on their businesses to survive. Workers and employees suffer too. Among the entire Crisis lingering and looming in every part of the world concerning how to survive and how to stop businesses from perishing, the most concerning is how to manage reactions.
Like individuals, each business has reacted to this epidemic differently. When some businesses promised full pay to its employees, some others started firing of its employees. Profit or non-profit business, the first survival tactic is building confidence.
Well, it might sound like a soft skill session. But, this is the fact. Haven’t you heard ‘act it till you make it’, statement before? This is just the starting of sleepless nights to devise strategies and tactics to stop the boat from sinking permanently. The first wise step is to study the shift and second is to learn adaptation. For example, in the time of the COVID crisis, the workforce environment has changed totally.
There is now a permanent shift towards WFH –Work from Home, which might prove productive or it might not. Whatsoever, businesses should adapt to ways of operating businesses.
This Ossisto blog is not about the present economic condition or tips and tricks about anything. This is about how the digital economy has more lifelines and shelf life. Read on…
COVID has hit 7 major industries. Information Technology, Hospitality, Hyperlocal markets, Insurance, Sports and Entertainment, Retail & eCommerce, and Fintech, these industries are crashing and closing slowly.
Who cares anyway? Among lockdowns, self-protection attempts to flatten the Corona curve and toilet paper crisis, who would want to buy a luxurious car, have a 3-course meal, or lookout for a Jacuzzi or play golf! According to an insightful report published by CNBC, as on March 24, 2020; more businesses were closed as compared to the same date in January.
Online businesses are still thriving compared to their brick and mortar counterparts. This is the key. Businesses can hold on to life by navigating their digital marketing strategies properly. The cost-effective way would be to rely on virtual assistance.
No extra resources required or no physical office is needed. Get done all the tasks at cost-effective prices. Yes, online business and virtual assistance are the new cool. Shift and adaptation detailed in the first paragraph of this blog are what businesses need to keep in mind.
In the current situation, no one knows when the shutter of a shop can be opened or when a restaurant will be full of foodies or when a business will be able to greet and’ meet its regular customers. Moreover, there are many souls living off of business. Employees and workers need support more than anybody else. Well, do not disappoint them. Your business surviving this pandemic is way too important to many people out there.
CONTINGENCY MONEY SAVER PLAN
In the year 2018, Fobes magazine published an article that said, ‘cash is the key to surviving recession’. Reducing operational costs during the season when the sales are down is the only choice. However, this might affect the quality of the product and service. What is the solution? Try virtual assistance. Cut down on budget without the quality crash.
A virtual assistant is an independent contractor who is capable of completing a business project from a remote location. This way there are absolutely no worries on social distancing or COVID spread. Then there are virtual assistance agencies that provide a wide range of services exclusively to help save businesses their time and money.
Even during COVID time, these agencies function well. Perhaps, each of the experts from a remote location and comfort zone but managed by a well-defined team structure and work monitored. The perk of it all is the pricing. It is any day cost-efficient than getting the work done by an in-house team. A virtual assistant team can do any business tasks and they do not require micromanagement, isn’t it the best part?
SAY GOODBYE TO UNCERTAINTIES
Permanent employees of many businesses are refusing to come to jobs following government regulations. In a country like India, a nationwide lockdown is declared. During this situation to Virtual Assistance can become a savior.
Employers everywhere are facing uncertainties concerning employee policies, contracts, and workplace rules. Large stoppages are happening everywhere around the globe. Still, businesses need to run its show. It can’t just die in front of a micro-organism with club-like spikes.
The solution is to reach out to those people who can actually help. Outsourcing to larger companies is not the right approach. The most famous outsourcing companies such as Concentrix and EXL service in India and bigger sharks in the market like the Philippines are hugely affected by current shutdowns.
These companies are dealing with accounts of bigger companies. So, when we are thinking of outsourcing tasks, smaller agencies should be in mind. Outsourcing agencies like Ossisto is still functioning fully-fledged amid all the chaos catering to its various clients in the US and India alike.
Its employees are working from home efficiently like in an office environment. Project managers keep monitoring the productivity with the help of technology that connects all from any nook and corner of the world. Time doctor, messenger, slack, Plutio, and the list is never-ending making alternative ways to run a business smoothly.
TIME AND TIDE WAITS FOR NO MAN, NOT EVEN DURING COVID TIMES
From the time Covid-19 started spreading all throughout the world; many political and economic conspiracy theories have formed. Some claims with proof that Coronavirus is a genetically engineered biological weapon, a few others allege it to be China’s careful strategy to break down the world economy. Whatever be the truth, businesses need to function as in not to be rejected from the market forever. Each minute is valuable and it determines the chances to win or lose in the current scenario. The Economic outlook for businesses is bleak. In a reliable article, economists reveal that the overall global debt has reached $184 trillion, which is 11 percentage points of GDP higher than in 2009.
Today, what businesses should adopt is operational strategies in accordance with 2 things. That is unpredictability and uncertainty without any delay.
Even if outsourcing is not the first choice, one needs suitable reformations. Flexible hierarchy, boosting employee confidence based on data, relying on information-based data, dealing with emergencies with patience, etc. are the best reforms businesses can take during this COVID time but how many things can be done all at once? This is why outsourcing is the only clear option for many businesses in the future.
In a very important blog posted by Financial Post, it suggests that Virtual Assistants can actually save companies up to 78 percent on operational costs. Isn’t that enough to run a company smoothly?
Success or failure in this critical stage totally depends on a business’s reaction to the scenario. Companies like Amazon, instead of having a jittery panic attack have stepped forward to help those needy. It is donating more than 8000 laptops to schools in Seattle along with its other numerous initiatives. Responsible capitalism is followed by many brands and they all learn to thrive.
So, the point here is, one cannot wait for the Government to do all the tasks and uplift the economy post-COVID. The contribution should also be from the brand’s and businesses’ side. A famous book by Paulo Coelho ‘The Alchemist’ says “And, when you want something, the entire universe conspires in helping you to achieve it.” Similarly, the entire outsourcing sector is conspiring to help those businesses ready to work hard to survive; all that these agencies need is trust and faith from brands.