Adjusting Business to Face the New Normal

The COVID-19 pandemic has forced us to practice the new normal. Not just in daily activities, but also in the business sectors. Adapting to new routines is the only way to make sure that businesses can keep running.

The new normal pushes business owners to apply a strict health protocol in accordance to the government regulations as they start to open back their businesses, from limiting the number of visitors, keeping the employees and devices clean, practicing physical distancing, as well as checking the body temperatures of visitors and employees.

Ready to Adapt to the New Normal
The first form of adaptation is to adjust your business model to the current new normal condition. For example, if your business works in the culinary industry and has a specific dine-in area, then you must create a safe distance between each table to minimize physical interactions, and you must prepare sanitary facilities, such as hand sanitizers or a sink with hand soap. You also need to consider the possibility of operating a delivery system.

Delivery system in the culinary industry has been present for years, though the COVID-19 pandemic forces other business sectors to also offer the same system. Take supermarkets as an example where many have provided delivery service to help customers shop for their daily needs. Business model adjustment that you need to do is ensuring that your business won’t pose a risk of virus transmission, either from customers or employees.

Maintain Team Interaction and Communication
Business model adjustment can also affect your teams or employees. The worst scenario is that you must end some of the employees’ contracts or cut their salaries. Nonetheless, don’t limit your team communication. Instead, be more open with your employees about the current state of your business.

If your business model adjustment doesn’t require you to terminate several employees, then keep the interaction and communication solid. Build an awareness on how important it is to practice the new normal. Make sure that your teams and employees actively participate in upholding the health protocol during the business operations. If any problem arises, immediately open a chatroom to have a team discussion.

Prioritize Safety and Health
In making adjustments or modifying your business model, always prioritize safety and health. Make sure that your business fully operates under these two foundations. Make it as detailed as possible, such as by creating multiple scenarios for business operations during the new normal.

You can also tell each employee to have doctors check their health status before going back to work. If possible, you should pay for these medical checkups as their employer. It’s better for you to take this responsibility.

Don’t forget to inform your customers about any changes in your business model. Make sure that these customers are aware of your new services, how to order in this new situation, and the preferred payment methods to keep the operations stay under the new normal regulations.

Be Open to Innovations
It’s time to make a more flexible business model that can welcome new innovations, especially now during the new normal condition which is full of possibilities. Keep an eye on the current situation and take any opportunity to create new things that may help your business survive and grow in this trying time.

One example is by being open to digital based business operations, more used to the remote working concept. Other alternatives are observing collaborative business models and implementing cloud systems to your business. With these options, you can join other business owners in one room to simultaneously operate your business with them.

Financial Adjustments
The last thing that any business owner like you must adjust in order to face the new normal is the business financial state itself. Evaluate your business monthly budget as soon as possible. Make it a priority to pay most of your business debts to balance your finances with the current operations. Make a detailed calculation of how long your business can operate normally.

Afterwards, re-arrange your business budget. Cut any unnecessary expenses. If there are certain divisions or teams that can work from home, be sure to apply the remote working system. Inform and communicate with your employees if your company is unable to pay their allowances. 

From the information above, you need to make big scale adjustments regarding your business financial management, such as re-arranging your budget and planning your expenses. By using a financial application, you can track your business income and expenses in real time, anytime and anywhere.

PermataBank is ready to support your business with various financial solutions, from business capital solution, cash management, treasury, to trade finance. Click here to know more about SME products and services of PermataBank.