Archive March 2020

Top 5 Ways to Save Your Business During a Pandemic

Top 5 Ways to Save Your Business During a Pandemic

The situation today around the world, because of the COVID-19 caused by coronavirus, is devastating. I mean, the virus is not killing people by the thousands or millions (at least not yet) but it has already caused uncertainties for everyone, including how to save your business.

 

Some businesses have been closed and only a few essential establishments are allowed to operate. Business owners had to lay off some of their employees. Some employees begin to panic and some brought it to social media to protest. Schools closed early and students are asked to stay home.

 

Then there are those who are able to adapt almost immediately and made work from home arrangements with their companies. Some businesses started bringing their products and services online. Some creative schools opted to do their classes in a digital classroom.

 

So what now? With people staying home, businesses are losing money because there is few to zero foot traffic. What do you do to save your business during a pandemic?

 

Here are a few tips you may want to consider.

 

Consider Running Your Business At Home

 

By this, I mean running your business online since there is a need for social distancing these days. So ask yourself, “Is it possible to bring my products and/or services online?” Or, if you have different types of products and/or services, “Which of my products and/or services can I bring to the online world?”

 

While deciding, consider the logistics for physical products. Will you be allowed to go out to do your business – get in touch with logistics for pickup and delivery?

 

If you are unable to bring any of your products and/or services online, then consider getting into the digital space while waiting for things to get back to normal. You never know, what you start may become a long term venture even when things are up and running again.

 

Renegotiate Your Rent

 

If you are renting your office or commercial space, consider discussing a new payment scheme with your landlord. Ask if a discount is possible during this time of crisis. You won’t know until you do it – renegotiate to save on monthly rent if you want to keep the space. This will help save your business.

 

Relocate to Save Your Business

 

Sometimes it is hard to renegotiate rent for commercial spaces, so you might want to consider relocating to a smaller office/space for lower rent. That is if your government allows you to leave or move around. But even after the lockdown is over, it will not be easy to get back your losses so finding a smaller office or commercial space may save you a few thousands every month.

 

Lay Off Non-Essential Employees

 

This is one of the hardest decisions a business owner has to make during this time of crisis. Some of your employees will surely take the step negatively and some would understand. But as the business owner, you cannot continue paying for a non-essential employee when you are running low on cash. If you do out of pity, you may be out of business and then risk losing your source of income as well as risk having to fire every one of your employees, essential ones and non-essential ones.

 

Make Work at Home Arrangements for Your Employees

 

In relation to tip #1, you can make work at home arrangements for your employees, if possible, instead of firing them. Depending on how big your company is or how much your budget is, you can provide each one with a computer set and an internet connection. If this is not possible, then use only employees who have computers at home and then do tip #4 for the rest. Hard decision but necessary.

 


 

Do you have other tips that you can add to save your business during a pandemic? Share in the comments or submit a guest post.

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How to Delegate Work to a Remote Assistant

How to Delegate Work to a Remote Assistant

 

If you can learn the power of delegation early in your business, then you will have saved yourself enough time to do big things and become successful. Today, it is easier and more convenient than ever to delegate work to a remote assistant.

 

As scary as it may seem to those who are new to this setup, working with a remote assistant has helped many small businesses take their products and services off the ground. Others have become more productive that they were able to accept more clients and grow their email list! Isn’t that amazing?

 

So how do you begin delegating work to a remote assistant?

 

1. Have a plan in place.

 

If this is the first time you are hiring a remote assistant to help you in your business then you definitely need a plan! You need to have a list of tasks or projects you would like to delegate. Your list will help you decide what type of assistant you’d be bringing onboard.

 

Your plan should also include how long you expect to work with the remote assistant and whether or not you need to get on a trial work period. Decide on a budget—how much you are willing to pay your assistant per month—and prepare a work agreement if you want to, although not necessary.

 

2. Schedule a time to meet online.

 

Meeting your remote assistant online through Skype, Zoom, or whatever call app you wish to use will instill confidence to both parties. During this first meeting, you could get to know each other and learn how you can both benefit from the work relationship.

 

Some projects may not require a meeting; sometimes an email would suffice. You will have to work it out with your remote assistant. The purpose of the meeting is to make your assistant feel valued and part of a team, if you already have a team (virtual or not).

 

3. Agree on a work process.

 

Will you be sharing documents through Google Drive, Dropbox, or Asana, for example? Do you prefer to receive weekly invoices every end of the week or twice a month or monthly? What will your main communication channel be? How can you contact each other in case of emergencies or, say, in case of power outages or loss of internet connection? How often would you like your remote assistant to send you an update about his/her work progress?

 

4. Prepare to train your remote assistant.

 

Training is often not necessary when you work with a remote assistant because he/she comes with all the skills you need to perform the job. But in case you have a platform that he/she may not be familiar with, then prepare a video tutorial. Processes that are only known to your company/business should also be taught. Most often, training will only take a short time for a skilled person.

 

5. Give constructive and appropriate feedback.

 

At the start of the working relationship, when your remote assistant is still learning the ropes of your business, it is helpful to give regular constructive and appropriate feedback. This will help him/her understand your business better and improve based on your feedback.

 

Once he/she gets the hang of things, you can stop with the feedback, although from time to time, it would be good to give words of encouragement and appreciation for the work he/she does.

 


Want to know what tasks/services you can delegate to a virtual assistant? Click here.

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