TPL PH | How to Save a Company In Times of Crisis

TPL PH | How to Save a Company In Times of Crisis

The COVID-19 crisis has spawned unprecedented effects on society, the government, and most notably, the economic sector. Multiple government and private agencies are scrambling to figure out not only how to ensure the safety of employees and consumers during this pandemic, but also on how to keep the businesses afloat in this time of uncertainty.

We compiled a list of tips to help struggling businesses deal with the crisis.

Have selfless concern for the well-being of others

The world is experiencing a global pandemic — and we’re at the peak of it. A lot of people are worrying about their safety, security, health, and a million other things on their mind. This is the time to be concerned with the physical and mental health of others, especially your employees. It wouldn’t hurt to check up on them and ask how they’re coping and to let them know that you’re there to answer any concerns that they might have.

This concern also extends to any clients, customers, suppliers, or any other partners that you may handle as a company. Everyone is experiencing the pandemic differently, and to different extents. We have to be empathetic with how this affects others.

Be transparent to your employees

In a time of crisis, employees being worried about their position in the company cannot be avoided. Employees might not be comfortable with reaching out to you directly, so it’s best to take initiative and be transparent with the financial status of the company, the future plans in terms of managing wages and cashflow, and more. Employers should be able to tell them about the company’s position and capabilities to ensure that everyone can approach the scenario realistically. Being able to set expectations as a company can help manage the stress and anxiety at work.

Reconsider your social media plans

It’s time to be responsible and to adjust your social media content to be sensitive to the situation. Try to realign your content to be more positive, reassuring, and supportive. If your company doesn’t have a digital presence, this crisis is a wake up call to start curating one. Most, if not all, of the population is at home using social media, so making use of technology to still forward your brand and operate remotely would be a huge plus.

Adjust your goals based on the current situation of the company

Companies need to be practical and realistic in these times. Assess the new challenges your business is facing and adjust your goals accordingly. What is achievable? What needs to be let go of? What are the new priorities?

These are important questions your company needs to think about and establish. Things are changing drastically around us, and the company needs to embrace and adapt in order to move forward.

Prepare for a post-crisis situation

Experts predict that this pandemic will leave long-lasting effects even after its decline. Thus, companies need to prepare for a long-term rebuilding approach to their business and other clients. Do we need to strengthen our digital presence in order to attract more customers? What costs can be permanently eliminated? What is the best way to allocate our budget to cover the losses incurred over the pandemic?

In every crisis exists opportunity — the opportunity to stand in solidarity with your clients and community, to reassess your company, and to strengthen it even in the worst of times. It’s important to understand the impact companies now have. If companies cannot sell, it can affect the livelihoods of the many people who depend on it for the circulation of cash, the services they provide, or the products they supply.

Here in The Scoop Asia and Triple PH, both founders value each person in their company. With that, an initiative to take care of everyone’s well-being even before the ECQ was implemented is prioritize. That’s why our founders came up with this list of tips to help other businesses focus on what’s important. With that, we hope that these tips point you to a direction of keeping your business afloat despite everything happening.

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