COVID-19 has caused the Philippine economy to drop to its lowest level since World War II. For the past two years, businessmen struggled to keep their businesses afloat. Some were forced to stop their operations while others had to reduce the number of their employees.
The pandemic was really a hard time for the negosyantes. Fortunately, after a dreadful period, there’s now a chance for businesses to bounce back. According to an infectious diseases expert, COVID-19 seems to be turning endemic in PH. Although the threat of COVID-19 remains, business owners should take the chance to fortify their businesses to succeed in the post-pandemic world.
Why now is a good time to resume business
The economy is forecasted to improve.
Experts are optimistic that the Philippine economy will improve this 2022. Its growth trajectory is expected to return to 6 to 7 percent as the country transitions to the new normal.
There is an increase in consumer confidence.
Consumer confidence is growing. Foot traffic is now higher, especially with the increasing vaccination rate in the country, relaxation of lockdowns, and lifting of mobility restrictions.
Many are seeking employment.
The pandemic has led to work disruption and job loss. Displaced workers are now on the move to be employed. Filling vacancies would be easier, especially with the availability of talented and skilled workers in need of a job.
Tips to fortify business in a post-pandemic world
1. Plan the cash flow
There will be money involved when businesses transition to the recovery phase. Most companies will need to spend money in order to earn money since some resources must be made available to go back to normal. Aside from the usual business spending, working capital may be needed to:
● Recall employees
● Hire and train an additional workforce
● Create an environment that supports the current health and safety guidelines
2. Make health a priority
The pandemic taught people the importance of health. Diseases like COVID-19 come with physical, psychological, and financial inconveniences. While no one can tell what type of disease may still arise in the future, it still matters to prepare for uncertainties.
One way to avoid the setback brought by health problems is to find a partner in health. Health insurance for business owners, provides a safety net that can be depended on in times of sickness. It will take care of treatment costs from diagnosis to rehabilitation to prevent serious financial disruption.
3. Support the workforce
Businesses won’t operate smoothly and efficiently without employees. Loss of manpower could lead to disruption in processes and lower productivity which may affect a company’s bottom line.
The provision of a comfortable work environment and incentives are some of the ways to support the employees. Group Life insurance with comprehensive coverage is another option to secure the health of employees and ensure that they will have the protection they need from life’s uncertainties. Aside from a show of support for the workforce, these options can also draw top talents to a company.
Sun Life offers an affordable plan for SMEs. Check out the 5 Plus group insurance now.
4. Reassess business processes
The pandemic has brought a lot of changes to how businesses operate. New systems emerged to keep up with the changing times. As the transition happens, it is important to reassess what will work best for the company. Would the pandemic business setup still work? Are there modifications that must be implemented? Know what’s to keep as well as what must be changed. In the process, business owners must look into what’s best for both the employees and the company in general.
One way to sustain businesses after the pandemic is to reconnect with business partners, suppliers, and customers. As operations gradually resume to pre-pandemic status, companies need to be in touch with their business partners and suppliers to ensure a smooth flow of operations. At the same time, companies may
need to take more effort to deepen their relationship with their clients in order to make their presence felt even in industries where competition is expected to be very tight.
SOURCES: bdc.ca CatnapWeb wolterskluwer.com forbes.com Nikkei Asia
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As the world prepares for a post-pandemic world, entrepreneurs can rely on Sun Life to be their partner in navigating through the challenges that they may encounter. No one can tell what life-changing crisis may be waiting out there, but one can have peace of mind knowing that they can bounce back, fortify their business, and stay afloat whatever challenges may come their way.
There’s a chance to rise up from the losses caused by the pandemic. Get the right financial planning advice for every stage of business so you can bounce back. Reach out to one of our financial advisors to be guided through your journey as an entrepreneur.