4 minute read
the COVID-19 Crisis
Opportunities during the COVID-19 Crisis
Th e impact of COVID-19 cannot be overlooked. Businesses and entire industries have been aff ected tremendously. Many of us cannot wait for life and our businesses to go back to normal yet we also wonder whether the normal as we knew it will ever be back. Our team put together a few tips on maximizing your time now and preparing for business post-pandemic.
Better work-life Balance
Time with kids & loved ones
One of the fi rst and most obvious benefi ts of the unprecedented times of COVID-19 is the increased
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To find your nearest CBDC visit www.cbdc.ca or call 1-888-303-2232 opportunity to spend time with loved ones who live with you. For many entrepreneurs, this can be one of the most diffi cult areas to control especially if you must travel frequently for your business. Enjoy this opportunity. It can also be a time to show your family a bit more of what you do daily. Th is can go a long way when it comes to understanding one another’s needs
Flexibility of hours
Another benefi t of the situation brought on by COVID-19 is the ability to be more fl exible with your workday. Individuals may be able to start their day earlier or extend their day later. Th is can be benefi cial with children at home. You can adjust your working time to align with the time your children could use your attention. As clients adopt this work style as well there may be more room for fl exibility in your service delivery.
Less commuting time
Th ere are signifi cant studies that compare commute times, job satisfaction and overall wellbeing. In summary, the studies show that shorter commute times lead to overall more positive results for wellbeing. With many businesses and organizations working from home, we may be able to see a clear impact on people’s overall wellbeing.
Time to re ect and review business practices
As COVID-19 disrupts current businesses, there is an opportunity to refl ect on your business model, including service delivery. Many businesses took a traditional approach to these elements and because they were generally successful, there was not much thought put into improving their models, for example implementation of new delivery methods. COVID-19 has forced many businesses to leverage technology and other tools to remain relevant. Now is our opportunity to continue reviewing and improving our models, where appropriate, into the recovery phase and beyond.
Testing new markets
If your business has lost clients or suppliers, there is oft en an opportunity to explore additional markets. You may also fi nd suppliers that work better for your business aft er recovery. When other organizations are looking to diversify their off erings and client group as well, the opportunities could come knocking on your door.
Developing new policies
Many Organizations’ policies were created in the early days of the businesses and have not been reviewed since. COVID-19 has given such organizations the opportunity to review their existing policies and create new ones. A great example of a good policy to have right now is a remote work policy. Some organizations may have had a remote work policy that they have now had a chance to test. For those that did not have one, now is a great time to assess what works well and what does not and formally write it into a policy.
Adopting new technology
Businesses that previously employed only traditional tools and processes have been forced to adopt new ways of doing business. Business owners oft en fi nd that the adoption of modern technology creates signifi cant effi ciencies in their businesses in the long term. Take for example, creating an online storefront. Th is is important for the continuity of businesses now and aft er the pandemic and there are many tools on the market such as Shopify that make the process easy.
Government support and programs
It is unfortunate to see how many businesses are experiencing hardships and need fi nancial support from the provincial and federal government as a result of COVID-19. In many cases, the support provided is aimed at keeping the business operational and ensuring the founders and employees still have an income. While businesses are becoming more familiar with the process of searching for government programs, BBI continues working with founders to see what programs they may be eligible for. For us, this is an ongoing service for businesses even outside of a crisis such as this. COVID-19 led us into an uncharted territory. As we try to make sense of what is going on around us, putting some thought and work into ways to improve our businesses will ensure that we survive and perhaps thrive aft er the crisis.
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