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Business after Covid-19

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Thinking about and preparing to open your business’s doors again after the coronavirus lockdown is certainly daunting. Whilst the effects will vary greatly from business to business, we’re all returning to a new normal. It’s important to look ahead to the future at this point to be sure that you can hit the ground running and rebuild your business when you have the opportunity to get back on track.anastasiia-chepinska-OBmBHmrc3pw-unsplash (1)

So, what can you do now to put your business in good stead later? It’s important to take small steps and be cautious now more than ever.

Assess the damage

Has your business been significantly affected by the pandemic? It’s important to understand just how much. Take a look at the numbers and compare where you are now to where you were this time last year. Hopefully the damage won’t be as bad as you first thought it might. Either way, this will build the foundations to help you decide where to go from here.

Not only should you consider your sales and cash flow, but also consider the impact of any spending you decided to cut when the pandemic began to take effect. If you decided to cut advertising or marketing, will you have to invest more in this area to now build it up and bring your customers back? Think about which areas of your business will need the most attention during this recovery process.

Bring employees back safely

If you have an office space with employees, approaching how to bring your team back to work can feel like one of the biggest challenges. Even if you buy in all the hand sanitiser you can get your hands on and enforce social distancing measures, you may find some employees won’t want to return to work until they can be sure it is completely safe.

You’ll want to consider the physical layout of your workplace and whether it is suitable for staying two metres apart. Make sure your cupboards are well stocked with cleaning products to regularly wipe down surfaces and door handles, and equipment such as phones and computer keyboards. Could you enforce staggered start and finish times, so that you don’t have all your employees in at once? This works particularly well if you have working from home capabilities and can ask your employees to ‘mix and match’ working from the office and at home.

Make or update your contingency plan

Even though it’s near enough impossible to plan for something such as a global pandemic, the Covid-19 crisis will have taught business owners everywhere invaluable lessons. Returning to normality, these lessons must be at the forefront of our minds. You’ll want to reopen your business feeling as safe and secure as possible. A good way to do this is by having a strong contingency plan in place for the future.

Many companies will now be realizing the need to invest in digital, data-driven cloud-based competences – especially if they have had to tackle running remotely. Making this step can be daunting as your business will be at the mercy of the provider in terms of accessing the software. What happens when that software goes down or the host goes into administration?

Implementing SaaS Escrow into your contingency plan is a great way to protect your business if it’s something that you are worried about being faced with – particularly whilst your business is trying to recover or if you are planning on starting a new business. AccessAssure independently monitors your software provider’s financial position, triggering a cascade of events should anomalies arise, meaning your cloud-based software is accessible for at least three months of business continuity – a welcomed peace of mind in times like these. If this sounds like something that would help your business now and in the future, LEAAS offer favourable terms or deferred payments on escrow provision, so as not to put any additional financial strain on your business.

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