A home business is probably the best option every entrepreneur has right now amidst the fears brought by the coronavirus pandemic. In Australia, a nationwide lockdown has forced numerous small businesses to close down either temporarily or permanently. Moreover, big companies such as Qantas Airways, Virgin Australia, and Crown Casinos have stood down employees in huge numbers after closing down operations in the past two weeks.
Economists predict that restrictions on public gatherings will last for at least six months. For most small businesses, recovering losses after those six gruelling months might become close to impossible.
Thus, business owners should plan as soon as possible to protect their cash flow and, above all, their employees. On the other hand, entrepreneurs should not depend on government grants or stimulus packages for assistance.
Transition to home business and save your business from succumbing to the coronavirus. The following ideas will be an overview of how you can switch from a brick-and-mortar infrastructure to an entirely home-based operation.
1. Upgrade Your NBN connection
Improve your internet broadband connection to handle extra traffic into your home network. Ask a local telecommunications operator for mobile data plans to act as a backup in case of power outages as well. Having a backup data connection will ensure you will not miss opportunities and have no delays in any form of transaction.
2. Know Available VoIP Services in Your Area
Because of the coronavirus outbreak, people have shifted to online meetings instead of face-to-face conferences. Computer software such as Zoom, Skype, and Uber Conference have become extremely useful in continuing employee and client meetings without breaking social distancing protocols.
Become familiar with any available options for telecommunications software and run a test with it. Invest in high-quality headphones and web cameras too.
3. Connect With Customers Through Digital Means
Successful businesses can adapt to changes quickly. Besides, they can find alternatives and have a pre-planned contingency to minimise losses. Even without having a face-to-face transaction with patrons, bringing your brand online will ensure a continuing relationship with your customers during the lockdown. Create a page on social media platforms such as Facebook and Instagram to keep in touch with your customers. Improve brand visibility and let the public know you are still around.
4. Modify the Operating Model to Suit Home Business
Guarantee that you will be working with your employees and suppliers continuously despite the lockdown. Orient them with the changes in operations and the temporary transition to home business.
Inform your staff of scheduled meetings via remote conferencing software and ask for any concerns that they might have with the new arrangement. Ask your contractors if you need to pay them in advance to avoid postponements of delivery.
5. Conceive a Plan in Advance
For businesses that get their supplies abroad, make sure that you know when closures and delivery disruption will begin. Strategise to avoid delays in delivery. Also, check for changes in shipment schedules and freight costs. Because of the coronavirus disrupting the global economy, expect a longer wait time for your goods to arrive. Do a forecast and see how much impact the lockdown has on your business.
6. Do a Safety Check on Your Distribution Channel
Ask your suppliers and distributors what their plans are during the temporary closures and what alternatives they have to offer. Will they still be able to work with you during the lockdown? Will they be able to continue delivering supplies? Asking these questions will help you in making crucial adjustments in the company.
A home business with the right infrastructure may have a better chance of surviving the coronavirus market crash. Furthermore, by adapting through the changes, you are ensuring yourself and others of financial security during these trying times.