COVID-19: How Can You Prepare Your Business
07

Jul 2020

At the beginning of the year, there were only talks around the water coolers about a virus that had come from the bats, but nobody paid attention to it. Gradually this virus spread all over the world, but still, the people used to think that this virus can be contained to a specific location. And now we are all looking at the impact of the virus from our homes as all almost of the world is under lockdown because of the coronavirus, also known as COVID-19.

There has been a huge impact of the coronavirus on the economy as well as the businesses all over the world. The COVID-19 pandemic has affected every business on earth, and the after-effects of this virus will be bigger. It is anticipated that as the lockdown will get over, the world will face a huge recession.

This will create a cash crunch for all businesses, and thus they all need to be prepared for the future. Professional Accounting and Auditing will play a major role in helping the business create a better future.

Is your Business Ready?

Here are some ways which can help your business to prepare for the Coronavirus:

1.Maintain Social Distancing for Employees

This is the most important and effective method to reduce the impact of the virus on the company as well as the employees. As no vaccine has been developed for this deadly disease, maintaining social distance is one of the best ways to help curb the virus. Always remember the three main methods to defeat this pandemic:

  • Wash hands regularly and with soap for at least 1 minute
  • Maintain Social Distancing
  • Wear Facemasks and Face Shields

2.Communicate the Situation and the Present Scenario of the Company

In the present scenario, it is very important for the management of the company to constantly communicate with the employees of the company and provide them with information about the present condition of the company. They should also discuss how is the company tackling the pandemic so that the employees do not lose faith in the company and feel as if the company is keeping all employees in the communication loop.

3.Provide Health and Safety Equipment to the Employees

The most important resource for a company is its human resources. A company should always keep the employees first and takes care of their employees. Implement rules which will help keep the employees safe and allow them to work from home. The company should also provide Hand sanitizers, Protections kits, and Masks to all the employees.

4.Get ready to Propose Additional Services

This virus has affected the lives of everyone on earth, and many industries have come to a halt. This sudden change in the business environment has forced the companies to rethink their business plan. As the people have to be very careful during any kind of physical contact with each other, the companies are looking into alternative sources of revenue. Many companies have now entered into services that will be feasible and keep the companies afloat.

5.Provide Flexible Working Hours

Most people are stuck in homes and have to manage their personal lives with their professional life. The management of the companies should be flexible enough to understand this and provide the option of working from home whenever it is best suited to the employee.

  1. Become Fluent in the use of Technology

Businesses are more dependent upon technology as most of the companies have allowed all the employees to work from home. Normal work, meetings, etc. all are happening from remote places, and this is possible only due to technology. The companies need to be more tech-savvy now as people are slowly becoming dependent upon it. Not only during the business but also the functions to keep the business in checks such as Accounting Services and Auditing Services are also slowly getting influenced by technology.

  1. Prepare for the future

The companies now rely heavily on technology, and this trend will be now visible in all the companies. The management of the companies should be gradually moving from an offline approach to a mixed approach which will consist of both offline and online methods of doing business.

The management should prepare the company for the virus, and the after-effects as the effect of the virus will be felt for a long time. If the company is fully prepared, it can withstand the after-effects and also grow according to the needs and requirements of the people at the moment. All in all, the dependence of a company on technology will make life easier for the company, management, and customers. But heavy reliance on technology can prove fatal for a company.

Services such as Accounting and Auditing also need to be followed to understand the present financial condition of the company and plan the future accordingly. Outsourcing Accounting and Auditing can help the company to understand which are the functions of a company that can be performed online.

Accounting and Auditing Services

If you are looking for a company that will help you in this matter, then JAXA Chartered Accountants can help you in this regard. JAXA is a reputed chartered accountant firm and has the ISO 9001:2015 certification which guarantees the quality of its services. With extensive experience in the field of accounting and auditing, JAXA will provide the best quality services to its clients at an affordable price. For more details on the services provided by JAXA Chartered Accountants, Contact Us. We will be happy to clarify your queries.