How Have Businesses Survived With Reduced Staff & Income?

How Have Businesses Survived With Reduced Staff & Income?

We’re probably all sick of hearing about daily cases, industry impacts, and all those unfortunate statistics that have been the result of COVID-19. What we hear about less is how businesses have managed to survive despite the reduced staff and income that they have had to contend with. Whatever shape your business is in, or the journey you have ahead, there isn’t just hope but many success stories that should be getting the spotlight and inspiring those doing it tough. Let’s shake up the narrative and discuss how businesses have survived under the circumstances. 

They have pivoted their strategy and outlook

‘Pivot’ is probably the most overused word lately after ‘unprecedented’ of course, although it’s been the saving grace for so many businesses. Across the board, businesses have adapted to the conditions rather than agonizing over them, choosing to upskill, outsource, or pausing work that isn’t critical in this climate. Payroll services in Sydney have seen a significant spike as staff sizes reduce, choosing to task payroll in the hands of the professionals rather than overburdening skeleton staff. 

Surviving businesses have been the ones who have also calculated their break-even points and base operation so that they can build a strategy that sees them through these times. Essentially, they can tell you how long they can operate under these circumstances, what stages will come for the business, and how this impacts their short and long term strategies. Having clarity even at the darkest times has allowed many to stay afloat.

They have empowered and relied upon their community

Silence has never served anyone, and COVID-19 has proved that we are all stronger as a collective force. The businesses that have honestly communicated their struggle and spelled out the ways in which the community can help have actually received it. Supporting local and community is a huge movement that we have seen gain momentum over the last decade, which is both altruistic and selfish at the same time – after all, who wants to see their local store close down? Conversely, the businesses who have not communicated often or honestly, and when they do they echo the same generic message, they likely haven’t seen the power of community and would be in a fair amount of strife.

If your plan now is to reach out to your community, remember that it is a two-way street. Those who have a reduced income and staff have actually turned this situation into a positive by partnering with complementary goods and services businesses to cross-promote one another at the same time. A problem shared is a problem halved and we have seen some really empowering approaches to these circumstances, and hopefully, these binds will last long after the dust settles.

Working smarter, not harder

Working smarter not harder is an oversimplified way of looking at a business operation, but when the economy literally stops, it’s the only card to play. What this looks like will be different for everyone, but you want to be streamlining and automating whatever you can to keep yourself agile to the ever-changing situation. We have seen this done well when brands reallocate their proactive teams to reactive roles, when call centre offices have been diverted to offshore sites where they can be managed around the clock and more affordably, and really anything that has you working on revenue-generating tasks instead of admin. 

We are not out of the woods yet with COVID-19, but let that inspire you to implement some new strategies and achieve your goals even under these outrageous circumstances. Be honest and open about your performance and remember to seek support (community, financial, or business) as soon as possible if you are experiencing hardship so that you can turn things around and work to a game plan.