Business Basics in the Future Norm

Business Basics
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The world-changing events that happened this year posed new challenges to opening a business. It had achieved what years of business analyses had failed to predict and even avert.

For one, the pandemic showed that large physical offices are not necessary for a business to operate efficiently. Second, it highlighted a lot of commodities that had not previously been thought of as ‘essential.’ Among these are tissue papers, disinfectants, and alcohol. And finally, the issue of racial discrimination in workplaces has burned fiercely again with the worldwide protests instigated by the Black Lives Matter movement.

There are several other realizations this year that would change the ways of doing business once the situation normalizes. If you plan on reopening your business or if you’re starting one, you could look into these standard needs, now with the foresight that what had happened could reoccur.

Insurance

For sure, insurance companies have been pressured in dealing with this year’s events. The health problem plus the looting and violence that followed the wake of riots have closed down several businesses. Even the government has stepped in to provide some assistance to businesses.

When you get your business insured, it will definitely be at a higher price than what it had been in the previous years. But it also means insurance companies will be putting into their coverage these untoward incidences so you can get a good deal.

Legal Retainers

Because of the pandemic and the consequent lockdowns, many businesses had to cancel contracts, and end some deals. Quite a number even had to file for bankruptcy. It had been an advantage for those who had legal retainers as they didn’t have to think about this added expense when they were already wiped out.

Other than the massive filing of bankruptcies though, a number had also benefited when the riots broke out in the wake of the resurgence of the Black Live Matters movement. Although it had been difficult who exactly had caused the damage or hurt individuals, having a personal injury lawyer helped a lot even if it had just been to get insurance benefits.

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Investing in Security

Although security had already been a big deal in the past, the violence and looting in the first half of this year made people more anxious. This was especially since the news of violence came from both the rioters and the police. If the institution that was to guard the people also involved in the commotion, who then could the people rely on?

Incidents also showed that padlocks, steel doors, and even guards are of no use against raving mobs. A lot of businesses were burned without reason. These acts, although extreme, should be the gauge when you think of your security. Would an alarm be enough? Who’s going to respond? Where could you locate your business to lower its exposure to these kinds of risks?

Flexibility Plan

Although remote work had already been done even before the pandemic, this kind of arrangement had primarily been for businesses that were heavily dealing with online products. These were basically the SEO companies and several IT companies. BPOs like call centers did not have this kind of arrangement. After all, it was more complicated to set up a system with their call center agents spread throughout different places. However, when the pandemic hit, the businesses that survived found out that they could move to remote work arrangements after all.

If you are to open a business right now, you could immediately opt for this kind of arrangement. It will save you on office space and other overhead costs. However, you will also have to deal with managing a team that is mediated by the screen. Team building will definitely be different. Balance out the pros and cons of doing things on-site and online and make all your operations as flexible as possible to prepare for future incidences.

Incentives and Staff Development

The emerging new norm will definitely have a new kind of workforce. Some people would be very grateful that they were able to retain their jobs despite the massive lay-offs. But there will be those who know that they can do more when they are not confined to cramped cubicles and desks overflowing with paperwork. There will also be those who will be desperate to find any work to keep surviving.

What you need would be a workforce that would be loyal to you. You can combine their levels of expertise and efficiency and train them over time. Sometimes, business owners are hesitant to invest in staff development for fear that another company would only pirate them. So think about how you could grow your company together with a dedicated staff.

Opening a business has always been a gamble with or without the kind of crises we faced this year. All you can do is lessen the risks and prepare for any eventualities based on your predecessors’ experiences.

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