As we know the number of novel coronavirus (COVID-19) cases and their impact continue to create tension across the globe. Both individuals and companies are taking steps to cope up with this unprecedented pandemic.
The government is adopting unique measures to prevent further spread of this new coronavirus. This brings various restrictions such as quarantine or lockdown that has adversely affected our daily lives along with the operations of most organizations and businesses.
Due to lockdown there has been significant increase in the number of employees stay at home, schools, colleges and universities are shut down. The entire situation has turned more confusing because it is not clear how long the lockdown will last. Due to complete lockdown, the impact of this crisis is going to be felt by almost every company.
Before taking a step you need to know what does this pandemic mean for your business and your employees. Although it’s still difficult to predict the full magnitude of the impact of COVID-19, but If you are in the business of digital marketing , you can read this article “How Coronavirus has affected the Digital Marketing World?”.
Regardless of current scenario or how it prevails in coming days; the main concern now is what steps you can take to mitigate the impact of COVID-19 on your business and how to prepare for future. Here are our best pick-
Protect your workforce/Team
Your workforce or employees are the most valuable asset of your organization amid this crisis. In the midst of this global pandemic, public health remains paramount. While many businesses struggle to ensure the safety of their people and customers, they must start evaluating the workforce and talent shortages they will likely face, while simultaneously moving to a completely virtual work environment.
To ease some of the economic strife that lies ahead, the federal government of United States has taken steps to help companies and their employees to deal with this troublesome situation.
Remotely setup home as office
As a business, we need to be more agile and be ready to work from home on short notices as the need of the time may be. In this lockdown situation wherever possible, set up home as an office, and enable your employees as well to work actively from home. This step will promote uninterrupted operations and allow businesses to provide services remotely and on time.
Develop a collaborative approach with your existing clients like that wherever possible, reduce the cost of work by combining assignments so that we can reduce the billing amount of customers to sustain them or offer them some additional innovative services in the same package which can help them to enhance or sustain their business. Ultimately this is the time- “Live and Let Live”.
Approach the Companies who turn to digital marketing
It might be a golden chance for digital marketing agencies to work on new projects as a number of companies are getting more reliant on their digital strategy. But in many cases it is often the deciding factor whether or not they make it through the tough times ahead. Digital marketing agencies can communicate their digital strategy offerings to these companies and help them.
Understanding the economic impacts of the pandemic
The massive impact of COVID-19 is extensively visible. So it is most important to understand the economic impact of pandemic and taking steps accordingly to mitigate financial distress.
You need to completely understand the aid that may be available to you and your employees through the federal stimulus, and the tax and financial reporting implications. Organizational leaders must understand the broad spectrum of the impact in order to make decisions today that will ensure stability and recovery tomorrow.
Get benefit from Government’s Stimulus Packages.
Taking an example of United States, The Coronavirus Aid, Relief, and Economic Security (CARES) Act provides two distinctive employment tax benefits for certain employers under Sections 2301 and 2302 of the Act. Section 2301 provides a refundable payroll tax credit for specific amount of wages paid to employees from March 13 to December 31, 2020. Section 2302 allows employers to defer the deposit of certain employment taxes for as much as two years. Taken together, these provisions provide significant relief for employers and are designed to encourage employers to continue paying wages to employees during these unprecedented times. For more details, you can check “https://www.bdo.com/insights/tax/compensation-benefits/cares-act-aids-employers-who-continue-to-pay-emplo”
Hope these steps help you to reduce the risk of Coronavirus impacts on your organization.
Stay Home, Stay Safe, Stay Healthy!