The whole world is in lockdown due to a deadly virus – Covid-19. Nowadays, it’s like there are no news that is not, in some ways, connected to this global pandemic. Unfortunately, this is the harsh reality that all of humanity is facing. Now, it is up to us how to fight against it (Coronavirus Lockdown). The IT industry is not an exception either. It is facing its biggest catastrophe since we are in the world of technology.
What is inevitable is the economic loss that we all have to bear. On the other hand, we must find alternatives to curtail financial loss. Similarly, we must find suitable procedures to keep rolling the stones. In short, we must stay protective. So, in this article, we will suggest some ways how an IT-based company may survive Coronavirus Lockdown.
In every crisis, people look up to someone. That someone eventually becomes a Leader. Now, as you are the owner of a company, it is you who is supposed to be the Leader. So, the first job of any leader is to provide a bit of positivism. So, you must be the one who has to make all your employees believe that we all can overcome this crisis.
The next obvious step is to convince your fellow employees that there are ways they all can be productive. Take professional help if in case you need assistance while dealing with this epidemic. But you got to let your employees trust the system. Here, you must be the person who should assure them financially and morally to overcome this economic hindrance.
Make Realistic Goals
You will inevitably suffer a loss! Sadly, this is a reality that you must accept and move on with it. Now, take help from experts if you must, but set your goals correctly. This, according to us, is the greatest challenge in this global crisis, because whatever decision you take and implement on your business will determine the fate of it.
So, being an IT industry, now that your production part is completely shut, you must focus on the digital services. For example, Bookmyshow is a mobile app, which is a ticket booking app. So, ideally, they earn revenue each time when people buy movie or event tickets.
Now, when the situation for them is adverse, they can try and implement streaming services on that app, and people who are sitting idle on homes can watch that. Of course, there are a lot of ifs and buts here, but it is a positive and realistic move to make something out of nothing.
Assist your Employees
To continue the company operations, the best way, which is no brainier, is to let your employees work from home. However, there are tons of other issues that ride along with this incredible idea. Companies that rely heavily on data security might be at risk.
There are chances employees could leak critical information, or worse, sell them to rival companies. Many people may not have adequate infrastructure to work from home.
You must carefully deal with those situations. One step that might morally challenge you is to choose which employees you need to trust. It is apparent that not every employee will be with you in this crisis.
So, you need to chalk down a strategy with your R&D team and figure out whom to keep. Once you select your core team, it is your responsibility to take care of every necessity. You need to assure them that the company is there for them amidst this pandemic.
Maintain Hierarchy Level
One thing that you must maintain is the hierarchy level. Yes, it is vital that you be in touch with every core member that you have chosen for this battle. But at the time, you must maintain order in the general company operations. Tasks should be evenly distributed as per the capabilities of the employees.
As the workforce is not adequate; of course, there will be chaotic situations. So, you must sit with the managerial personnel to sort down the workload promptly to deal with this mess.
Every employee must know whom they are reporting and the TAT behind every assigned task. Any corporation can survive only if the chain of command is in fruition. This is true even if there are no pandemic.
Make Realistic Commitments
Every people who is working should have a clear vision that the company is in an emergency state. So, whatever commitments that you are making to your fellow employees, you must have a clear understanding of the consequences if things go south. We are in a global lock-down situation. So, your employees can feel the wrath of it.
Therefore, it is extremely crucial not to make any false promises that the company failed to live up. When an employee sees the current state, they can sense what you can deliver and what not. So, it is time you should clear every bit of fog and let them know what the company is aiming for. Also, make them aware of the negative consequences they may have to face. They will only be with you if they feel you are honest with them.
Your clients and customers are the reason that you have managed to build a business empire today. So, that vintage formula is still going to be the same even in this lockdown situation. It is imperative to keep a healthy rapport with your existing customers if you are following a subscription-based model. So, you must ensure how they are doing in this tough time.
Now, you run a business where you need new clients every day to sustain your business. So, it is this segment where you must put most of your company resources and workforce. If necessary, you must provide discounts and rebates to get something out of nothing. The key is to let the communication services active. If someone sends you an email or call the client support, make sure there must be a reception.
Find Alternatives to Generate Minimal Cash Flow
While you are running your existing business model, you must make probation to find new alternatives to operate the business in the future. You can take the example of Bookmyshow that we have stated earlier in this article. Over there, it is a positive initiative to generate revenue in this crisis.
We understand finding an alternative is a tough ask for every business. So, we suggest you keep on the R&D team or do self-research at a high priority. It is crucial even if your existing business model is working as it should be. The future is uncertain now more than ever. So, we advise contingencies before disaster strikes.
It is not a secret that we are marching towards a global recession. So, it is our primary objective to do what we do best. Now more than ever. A recession is inevitable; what we must stop from happening is a global depression.