In adversities like this, carrying out business operations becomes an intimidating job. In the present situation, entrepreneurs not only have to keep the business running but also have to ensure that the workforce does not contract infection. Consequently, the companies anticipate maximum output from a small set of employees.
According to the recent survey, approximately 30 to 40 per cent MSMEs are operational during the pandemic. This states the small companies have either run out of business or are still expecting the market to return to normal state, presumably to a pre-pandemic state. However, this cannot be possible as no one knows when the disease will be wiped out from India. Thus, the rest of 60 per cent MSMEs need to transit the present scenario into a new normal and work effectively.
In order to survive, it is significant for every entrepreneur to ensure business continuity. Business continuity can be achieved in four approaches that are, response, alleviate, reassurance and retrieval. The companies have to go through cited phases to embrace the present situation and become operational.
The four approaches that businesses need to follow to attain business continuity are mentioned below.
This phase had started months ago when pandemic emerged in the country and started spreading its roots. During this period, individuals, as well as business corporations, were adversely impacted and had to follow social distancing norms to avert contracting infection. Besides this, small businesses, who had not adopted technology then, had suffered which resulted in temporary business closure.
It was a period of emotional upheaval as corporations were tense as to how to operate business remotely. It took the emergence of various working policies for Work From Home (WFH) that were not created earlier in many corporations.
In this stage, companies try to preserve their business from harm. They resort to WFH policy and fully adopt the virtual world. Through various applications and tools, companies coordinate with employees via video calls, video conferences and groups. Zoom, and Google Duo are some of the applications that corporations use to connect with employees.
While employees work remotely, the companies also track their performance and keep motivating them to perform better. These practices help alleviate the effects of pandemic over businesses.
In the lockdown 5.0, the Indian government decided to restart the economy that got badly affected due to the pandemic. As a result, many corporations that were working remotely decided to reopen their office premises and ask employees to join the office.
While initiating the business operations, corporations are reassuring safety of employees and also, taking strict measures like testing body temperatures of employees, and cleaning the office frequently. The companies also ensure to take adequate steps to deal with this crisis. They use technology to complement the work of employees.
Technology can be further used to complement work of the employees. The use of cloud communications and collaborations help do work efficiently from any place and device.
In this phase, companies will start production and recover losses incurred in the last few months. While businesses would be in the recovering stage, the entrepreneurs have to eliminate poor technologies like tech-enabled communication apps from the system.
By doing so, companies would cut down extra cost and realise usability of applications considering business requirements. Instead of using different apps like Zoom, Google Docs and Hangouts, the company should try to identify technology where everything from typing to sharing video to chatting can be possible. These important moves will help define the future of the companies and also prepare them for the forthcoming crisis.