Effective Business Management Strategy During COVID-19

Entrepreneurs are trying to find the right way of business management when the COVID-19 pandemic hits. They are looking for the best way to survive while waiting for this epidemic to end soon and looking for answers amidst this uncertainty.

Many bad things have happened in the global and national business sector. According to CNBC, 40% of businesses in America decided to close by the end of March. In addition, 76% of MSMEs felt a big impact due to the pandemic.

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Domestically, export and import activities fell by 7.16% as reported by Detik. The tourism, retail and manufacturing sectors were identified as the three sectors that were most affected by the negative impact.

The government does not remain silent and has produced a number of stimuli to ensure economic activity continues. However, it is only temporary. Entrepreneurs need to move quickly and adaptatively in response to existing conditions.

The best solution that can be done is to create a new business management strategy as an adaptation step. So, how to apply the right business management for your business?

Business management perspective on COVID-19

It is undeniable that the COVID-19 pandemic forces all employers to make policy changes at work. Almost all employees have to work from home and rely more on job support applications such as Zoom, Google Hangout, Slack, and other work support software.

Here are the steps that entrepreneurs need to take to regulate their business during this outbreak:

Prioritize your health and employees

Given that the current economic crisis is due to the COVID-19 virus outbreak, you must prioritize the health of you and your employees. That way, the business will keep going as long as you and your employees are healthy. The work from home regulation recommended by the government can be the right solution while being supported by intense communication and the use of technology for business management, data monitoring and decision making.

Create short, medium and long term strategies

According to business management expert, Nicholas J. Bahr, every business needs to make a short-term strategy for day-to-day business operations, medium-term to assess the problems that will occur as well as anticipatory and long-term measures considering that this outbreak will have an impact on the country’s economy which will affect the situation. business too.

Create proper communication point

According to Bahr, communication is one of the important keys in business management during the crisis. Therefore, make sure that your communication with other colleagues is maintained. The existence of increasingly advanced technology makes human work easier, including communication matters.

Assess the risks in business operations

Operational activities are an important factor in the continuity of a business. In a crisis, you need to look at what areas are affected and plan steps to protect them. For example, F&B entrepreneurs will definitely have difficulty managing their inventory considering that the food ingredients they buy have the potential to expire.

Seeing new opportunities in the future

In an interview conducted by the Paper.id team with Coach Tom MC Ifle, he predicted changes would occur in the business world. There will be a lot of trial and error that will be carried out in order to find the right way in the new world of business. For this reason, business actors need to analyze current trends in order to formulate new business patterns that are right for them.

McKinsey Managing Director, Ian E.L. Davis once issued an opinion regarding the global financial crisis in 2008. At that time, he said that things would turn around as usual after the crisis was over. So, what will it be like? No one can predict when this crisis will end, but what we will face will not be the same as it is now.

This confirms that everyone will face a new world after the plague. There will be many changes, especially in the business world. One of the things that has already been seen is the industrial revolution 4.0 which is likely to be more intense.

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Until now, only a few of the more than 59 million MSMEs in Indonesia have gone digital. In fact, business digitization can help business management be more efficient and reduce the error rate in decision making.

Moreover, business can be managed anywhere and anytime, so the business will continue to run. This is very important, especially in these times. This will encourage every entrepreneur to apply digitalization to their business.

Have you implemented it? If not, this is the right time for you, because it is never too late. Better late than never. For a more orderly business management in terms of invoicing, bookkeeping and inventory, you can rely on Paper.id.

With a variety of features and an affordable price, you can get everything in just one application. Run paper.id anywhere and anytime either from your PC / Laptop or from your cellphone. All business matters will be completed quickly.

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Want to use it for free? You can register yourself by clicking button above. However, you can click here to find out more about what features and packages are offered by Paper.id. Be part of the future by applying technology in response to increasingly dynamic business developments.