Be it a small business or a giant one, keeping it afloat during the difficult hard economic times is challenging. The COVID 19 -pandemic has made everything challenging for everyone. Such a complicated situation we are facing for the very first time in the past 100 years. And we do not know how to sail through such a violent sea. It seems like fighting with a completely unknown enemy with no armor readily available in the market. But humans make everything possible. After doing deep market research and future risk assessment, we have set some strategies so that business owners can follow them and stay profitable even during pandemic situations. In order to get the help of those strategies equipping the organization with an HRMS software solution is mandatory.
We know that every business is different and comes with unique risks and rewards. So, copying any other company’s turnaround strategy is neither fruitful nor realistic. But while dealing with the second wave of the COVID-19, we did some research and had sessions with various industry experts so that we can create some general yet super effective strategies for businesses. We aim to make all businesses survive as well as grow irrespective of the present and future market conditions.
Important facts to remember always
- Keeping a small business surviving and growing during a challenging time is difficult. But pouring added attention to detail can keep a business survive.
- You know that every business is different and has its own risks and benefits. And that’s why there is no fixed theory for survival for all business organizations.
- Some facts to consider from the very beginning to survive during hard times are always be attentive about the big picture, do inventory of the staff, keep ready access to cash, try sweating the small stuff, do not avoid the quality of service or product.
So, after conducting deep market research, we prepared a list of strategies or tips that you can actually use along with the HRMS software in order to ensure growth during hard times. Here, the HRMS software will act as a positive catalyst to make the strategies or tips truly effective for your business during hard times.
Tips to stay growing and profitable even during the pandemic
- Analyze present burn-rate and ‘bare-bones’ scenarios
Such a kind of practice you have to start from the very beginning of your business. From the very start, you have to keep a close eye on areas where you normally spend money and which areas can be eliminated from your expense list. In order to effective expense management, you can take the help of an HRMS software solution like HRMWARE.
Apart from this, you need to take care of excess marketing, rent, the size of your business, and so on that you can easily eliminate without reducing the quality of your service and product.
You must agree that efficiency is crucial in order to be successful and leave behind the competitors. We have seen that many organizations run with a lot of excesses and you have to eliminate those first.
You need to identify the areas where you can actually optimize your burn rate. There must be some areas where you can reduce spending and make up the gap with added efforts. Your motto will be surviving and growing to the minimum while keeping the quality level intact.
- Adapt present market trends in a complementary manner
You may feel that the current market trends are difficult to digest as well as predict. But we can say that this may also add some advantages. You should spend a sound time routine-wise in order to understand the landscape of your market and the world. It will help you reoptimize your business positioning. If you can reoptimize your business in the best order, you are all set to have a completely new revenue system in the post-COVID days. You will be ready to direct and grow your business in two market conditions without facing any interruptions. You will always have plans A and B ready to keep your business functional and prone to growth irrespective of the market scenario.
In 2021, you can see that in order to make all approaches remote, companies are enabling cloud-based software solutions. In this way, they will be able to perform remotely and keep the production level up to the mark. On the other hand, remote technology is super secure and offers centralized benefits.
- Analyze your competitors
Yes, during the beginning of this blog, we have said that copying others will add no value. But here, we are talking about competitors analyzing so that you can have new sights and ideas in order to make everything completely future-proof. We have been seeing that some businesses are suffering more than others during this pandemic situation. Along with this, some companies are actually making the growth even during such a complicated situation. You need to study them in order to know what difference they are actually doing to grow in a difficult situation.
You should properly concentrate on both direct and indirect competitors in order to understand which strategies are going to actually succeed. You will find some strategies that cannot be shifted but you will definitely get some robust elements to build your own.
While analyzing all these things, you will realize that there are a lot of ways in order to adjust the micro strategy and positioning of your business and leave competitors behind. When you will properly know how others are positioning themselves during the pandemic and after the pandemic, you will be able to advance your business and it will start to return to normal operations.
- Make the right use of the time
According to many business entrepreneurs, this pandemic is an excellent opportunity for proper introspection. During the pandemic situation, you will get a chance to properly assess all your business operations. You will get more time to focus on time spending, profit generation, weak areas, strengths, and so on. After analyzing everything, the entrepreneur will be able to understand if he/she is using his/her time and effort in the best way it is time to redesign everything.
Or we can say that there is no value in pouring bulk time as well as effort and resources into your business. Temporarily you can reduce your burn rate at zero or near zero. It will help you in identifying other ways of making and saving money. When you will feel that the time is right, you can pour your effort and time back into your business.
- Try to manage the minimum
The entire world is badly affected by the COVID 19 -pandemic. But you will see that some companies are still growing, offering amazing increments to the employees, and shining as the leaders of the industry. How are they making it possible? They are deploying disaster-improvement strategies, more technologies, and so on.
Being a small or mid-level business owner making all these things possible may not be possible for you. We can understand that. But you should take the initiative in order to keep your production at a satisfying level. For that, you may have to enable alternative ways.
For example, we can say that maybe before the pandemic, you used to spend money on various software solutions. You used to follow some manual processes. But now you have to change all these ways. You will get complete HRMS software solutions with cloud benefits to manage all your organization remotely. There is no need to spend separately on each part of hr management.
For payroll management, employee management, task management, attendance management, leave management, and so on, many companies used to have different software solutions. Now they enable cloud-based remote HRMS software solutions to manage all these things from a single and centralized place. This is actually a good practice that you can continue even when the world will be COVID-19 pandemic-free. This is a future-proof way of the organization rather than business management.
- Think more about the security
Not only the pandemic has put you inside your home and let you get some free time than expected. The hackers and cyber attackers are facing the same. We can say that now they have more time to do more mess. So, in such a condition you should take all preventative measures in order to secure all your business data as well as practices. Neither manual nor software solutions without cloud storage benefits are safe for organizational data storage, maintenance, and access. Such a data maintenance style can lead you to data loss at any time. We can also say that there is no need to roam between various files and apps in order to get the required information, data sets, and do the needful.
Cloud-based HRMS software solutions come with amazing storage benefits. There you can securely store organizational data and keep them safe from misusers. No data manipulation or data loss will take place. Most importantly only allowed persons with the right user ids and passwords will be able to store and access data based on the requirements of the organization.
Generally, cloud-based advanced HRMS software solutions can record data in real-time. So, there is no chance of manual data manipulation. From attendance timings to payroll details-everything will be recorded in real-time. Based on the real-time data, such software solutions also help in getting data-driven reports so that you can make efficient organizational decisions during a crisis.
- Try to get data-driven and accurate reports
When the market situation is not stable and predicting the future becomes too tough, you should pour more attention into reports. Reports generated with the help of real-time accurate data are truly helpful in making effective decisions. During a crisis, you cannot take any chance. Every step you should take with great care and sincerity. If you try to generate these reports manually, a lot of errors can easily take place. And that can completely ruin your decision-making procedure and lead your organization towards more crises.
In such a condition, we always suggest using any cloud-based HRMS software with real-time data recording and automatic report generation abilities. From data analysis to data-driven report generation, everything will be super easy if you equip your organization with such a software solution.
Accurate data sets, perfect reports, and a board of experts will help you in making effective decisions to make your organization survive as well as grow even during the pandemic. Informed decisions will also help you in getting some stunning advantages when we all will go back to our normal life i.e. when the pandemic will be over. In this way, you will simply make all your steps completely future-proof.
From the above discussion, you may have noticed that we have mentioned cloud-based HRMS software again and again because there is no better alternative when you need to run your operations remotely. So, now, if you feel the need to have such an HRMS software system, you can subscribe to HRMWARE. This is a leading cloud-based software solution with multiple benefits. This single software solution can manage a wide variety of tasks such as payroll management, employee management, task management, leave management, organization management, data-driven report generation, unlimited data storage, and so on.
There is no need to spend lots of money on multiple solutions in order to do complete organization management during the pandemic. Just a single software solution like HRMWARE is sufficient to satisfy all your requirements. We can understand that small businesses and startups are facing the hardest time due to this pandemic. And that’s why we are offering HRMWARE benefits completely free of cost for organizations that are running with up to 10 employees. They will be able to complete hr management and organization management with the help of this HRMS software and save a lot of time and money. Saved money and time can be used in other important places to make the organization grow during any kind of hard times.