As we settle into routines and adjust to working from home, it is important to set strategies and maintain consistency to ensure your business is maximizing success during the quarantine. The presence of COVID-19 has brought unique challenges for business owners. While many things remain the same, some elements require extra attention to ensure business success. Here are a few tips to stay productive, stimulate team motivation, and ensure overall business success.
- Keep a close eye on deadlines. Although we are in a country-wide crisis, it is still important to mind your deadlines. Stay conscious of credit card bills, loan payments, tax payments, and utility bills. The last thing you want is to miss a deadline and build late penalties during the crisis.
- Commit to check-ins. Make a commitment to virtually check in regularly with your employees. Stay involved with their projects through video meetings and screen sharing through Google Hangouts or Zoom meetings. This helps your team stay focused and shows your employees that you are involved and interested in their work. Create multiple channels of communication to ensure messages are seen and read by employees quickly and regularly.
- Connect individually. Take some time each week to connect one-on-one with a different employee. Spend a few moments chatting with them about life outside work. This provides an opportunity to connect on a more personal level and gives you a better understanding of their process. Checking in individually also provides an opportunity for your employees to ask questions about topics unrelated to the meeting agenda.
- Encourage continued learning. Learning does not have to stop in this new environment. You may find a little more free time during the quarantine. Consider allocating this free time to focus on online webinars, short lessons, or other resources that can provide educational training for your employees while still benefiting your business. During meetings, employees can share short lessons on a single topic in a 5 to 10-minute segment. These might cover a specific tool, behavior, or skill that is relevant to the company.
- Cut costs when you can. Stay frugal and cut costs to reduce spending for now. Consider investing where long term investments seem profitable, but ultimately, spend only when necessary.
- Keep track of your books. Diligence and precision are key when handling your books – with or without a crisis. Keep close track of your expenses in order to find ways you can cut costs or reduce unnecessary spending. Keep in contact with your bookkeeper or accountant to stay updated on resources or ways you can improve your finances during this time.
At Bakersmith Bookkeeping, we have resources that can help you navigate financial challenges during this time. Find current information on loans or other government assisted programs that can benefit your small business during COVID-19. For more information on general business tips or guidance on business finances during COVID-19, visit our website.