7 Steps Continuity Plan For SMEs and Startups
Businesses that are looking for solutions online are increasing at a rapid rate especially during this Coronavirus (Covid-19) scenario.
As one of the leading business registration, tax compliance and accounting service providers in the Philippines, we’re fully operational and committed to support our clients and our community.
We came up with 7 things we’re doing (and you could too) to continue our operations, even during this unprecedented event.
1. Remote working is the future
We understand that, for us to be able to operate and continually serve our clients, we should leverage existing technologies and create work from home arrangements with our office staff.
In order to do that, we implemented the following:
- Pivot existing processes to adapt to the new normal
- Build an open communication within the organisation
- Implement productivity tools like deliverables tracker and gantt charts
- Apply measures to make sure our staff’s basic and mental health needs are taken care of
No one is prepared for the virus but the essential thing to do as a business owner is to adapt to the changes as quickly as possible.
2. Engage with clients proactively
In the current business climate, it’s more important than ever to ensure that clients’ needs are satisfied and service quality is maintained.
As a service-based business, we did the following to support our clients at this time of crisis:
- Understand both financial and operational issues that clients are facing
- Offer customised strategic guidance to the areas where clients need it the most
3. Leverage cloud accounting business solutions
We understand that technology is the future, that’s why, even before the corona virus struck, our staff are trained with cloud accounting softwares like Xero and Quickbooks online. With this, we can still serve you whether your company is based inside or outside Metro Manila.
The benefits of this for our clients and business are the following:
- Eliminate physical documents and face-to-face transaction
- Reduce storage and operating costs
- Automate your processes and systems
- Speed up collaboration and communication within the organization
- Eliminate manual monitoring of financial data
- Secured database for sensitive informations
4. Take advantage of online banking solutions
We make sure that there are alternative ways our customers can pay us other than the traditional way, which is writing checks and depositing to the banks. This way, we and our customers can minimise the risk of being infected with the virus while being productive.
In addition, these online banking solutions are greatly helping SMEs and startups to continue their operations – whether by managing their cash flow, facilitating salaries of employees, and paying bills, taxes and government contributions.
5. Keep your community updated
Whatever industry or sector your business is operating in, your community (particularly your clients) appreciate being informed of key updates that might affect their business or operations.
It is a way to help clients and the market navigate their way through this current crisis. Moreover, it’s a way to communicate to them that you’re on their side whatever happens.
The following are things you can do:
- Use the power of email outreach for your existing and prospective clients
- Update your business social media accounts like Facebook and LinkedIn
- Call your existing clients to provide information about your organizational approach during and after this pandemic
- Update your blog and create a Covid-19 notification on your business website
- Engage within the community by facilitating free webinars and trainings
In our organisation, aside from doing the above-mentioned, we also kept our clients and staff informed of the latest tax issuances, especially with the extension of BIR deadlines.
6. Have a strategic plan
We understand that we should move fast but we also plan and execute it strategically, not only to survive but also to thrive amid this pandemic.
There’s no “one size fits all” plan. Your strategy should be based on your business model, industry, sector, funding, stage in the business cycle and other business factors. It doesn’t have to be perfect. You can revise your plan as you go. But as business leaders, it is crucial to be level headed and ready to make informed business decisions along the way.
7. Business is always about people
As long as you’re always looking to help other people, you’re in the right direction.
DJKA Business Services Inc.
- Graduated Income Tax Rate with Optional Standard Deduction (OSD) or 8% Income Tax Rate: Which one is Better for Small Business Owners
- How will the Voluntary Assessment and Payment Program (VAPP) Benefit Businesses
- 3 Major Tax Provisions of ‘Bayanihan 2’ That Every Business Owner Should Know
- What You Need to Know About SEC Memorandum Circular (MC) 28 Series of 2020
- How To Check If Your Business Name Was Already Taken