The initial response of Singapore to the COVID-19 threat was hailed as an excellent strategy that contained the virus without the need for extensive lockdowns. However, the threat of a second wave has triggered a more stringent response by the government. With the active cases exceeding 1,000 and 10 casualties, all schools and non-essential workplaces have to remain closed for the next couple of months. However, COVID-19 is not just causing human casualties, several businesses have also died. More than 200 companies have gone into liquidation within the first quarter of this year. A further 19,000 have ceased operations.
Prevent your business from being a part of the statistics with these tips to help keep your company safe during COVID-19.
Cut the Overheads and Marketing Costs
When facing an economic downturn, cash is what will keep you afloat. You’ve got to plug the cash holes as much as possible. Start by cutting down the overhead expenses. These include payments made towards the office for rent, utilities, telephone bills, travel bills, and office supplies. Now that most companies have implemented the work-from-home measures, some of the bills will naturally go down, including utility bills, travelling expenses and office supplies costs.
In normal circumstances, you’d still have to pay rent even if your team has decided to work remotely. But fortunately, there are government initiatives that you can look into to help cut down your costs – one of which being enhanced rental waivers up to 1 full month. Thus, keep a constant lookout on governmental schemes that may be of use to combat your financial hiccup.
Carefully assess each cost, it’s necessity and return before choosing to cut it out or retain it.
You should also look at your marketing and advertising costs. If you had booked for TV, radio and newspaper slots, consider retracting. Instead, focus more on digital platforms for your marketing and advertising. Apart from being less expensive, you’d have a greater reach now that people are spending more time online now than ever before.
Keep Your Clients Informed
Your clients are your best bet of staying afloat. You must clinch customer retention by reminding them of your business throughout this crisis. Start by putting out messages of the actions you’ve decided to take to combat COVID19. It’s not just wanting to keep your clients in the loop, but it also hints that your values resonated with the community.
As such, keep all customer channels open and free at all times. Now that they are unable to head down to your physical office, this is the only avenue that allows for any communication. Let your customers know that you are available for whatever support they may need.
Keep Your Employees Safe and Motivated
Your employees are the most important asset in your business. As the crisis ravages firms and communities, know that it affects your employees mentally and emotionally.
Keep them safe by observing all the Ministry of Health Guidelines. If they must operate from the office, consider finding an additional office space for lease to accommodate staffers within the recommended social distance. Always check in on their health – both physical and mental – and offer them support should they need it. Also, be sure to update them on the health status of the company. This not only eases the tension, but the assurance of job security can motivate. Don’t forget to pay them on time and follow up on their well-being.
Push for on Innovativeness
You should also push the staffers to come up with innovative solutions to meet customer needs. If your company had already established an online platform to serve the customers before the COVID-19 outbreak, strive to make it better.
Task your team to come up with ways to serve clients remotely. Encourage them to take up online courses and sharpen their skills. Also, encourage employees to innovate or adopt innovative ways to keep operations running remotely. In fact, you can still implement these approaches when this crisis blows over.
These tips will help keep your company safe during the COVID-19 crisis and beyond. To help business deal with the crisis better, we are offering you office services whilst you work remotely! With Greenhub Singapore’s virtual office, you can continue your operations without having to incur any financial loss due to an unoccupied office. In fact, we currently have a promotion whereby you can enjoy 1 month and 2 months of free rent when you sign up for 6 months or 12 months respectively. With Greenhub Singapore, your business can still be up and running during the global pandemic.