How has COVID-19 Impacted Your Business?

The world is in a race against time to save humanity from the novelle Coronavirus also known as COVID-19. While the virus has infected over 12 million people, with more than half a million succumbing to it (according to WorldOmeters.info), the Economic impact has also been devastating.

For the first time, the global economy grinds to a halt. This was a difficult but a necessary move as advised by ‘Experts’ and implemented by Governments across the world, as a measure to ‘help slow the spread’ of the infection and ‘shut down’ the virus. This sent shockwaves across the business world, with consequences that some consider even more dangerous than the virus itself.

Businesses are Forced to Explore New Solutions

No doubt the pandemic has had negative effects on the world economy. Businesses are counting their losses as Nobody was spared, both big and small. But the effect has been felt more by the small businesses most of whom have had to completely shut down and some will never open again. But those who have managed to survive, now have to adapt to the ‘new reality’. The major item on the agenda is to cut ‘cost’ in a climate of high loss of revenue. As a result, many businesses are undergoing revaluation in principles and practices to remodel their operations in tune with the current reality.

In-House Recruitment

One of the questions that should be asked in the process of remodeling your business operations is ‘How do you want to get your job done?’. Using in-house staff would be a good idea, but that is if you still have any left. It offers the benefit of convenience as one would be able to achieve the same goal with no additional input, particularly cost. But what you gain in terms of having a team at your beck and call, you lose in terms of quality of delivery as these individuals usually lack the expertise and broader perspective needed for top-notch delivery. You should also be getting ready to spend more in the long run, these are cost tied to the leadership and management of these individuals. (Training, salaries, mandatory benefits, allowances, etc).

Hiring a Freelancer

To overcome the challenges of in-house recruiting, Freelancing should be considered. With a pool of highly skilled individuals, you are sure to get value for your money. The overall cost is also lower when compared to the in-house style because administrative costs are taken off the table. With “commitment” no longer a “constant” in the equation, the business owner must have a contingency plan to handle disappointments that may arise, as the freelancer may not always be available. This lack of commitment including the absence of diversity in skillset puts a red flag on this method.

Outsourcing a Small Team

There is a third alternative that takes the best of both worlds. It ensures that the job is delivered in line with global best practices in the sector and also gives the job owner a ‘sense of security’. I am talking about ‘Small Agency Outsourcing’. In addition to these two outstanding benefits, Small Agencies usually feature a team of passionate and ambitious young people (because they are mostly startups) with a wide range of skillset. So, getting them to do your job means you will be leveraging the power of a team that comes with diverse specialties. They are also affordable compared to big agencies. Their ‘portable’ structure means that there is little to no overhead cost of running the company. This impacts the overall cost of service. Flexibility is another noteworthy quality these small agencies have when compared to their big competitors. The absence of ‘bureaucratic bottlenecks’ means that jobs are delivered as quickly as possible despite the number of amendments desired by the client.

Conclusion

Above all, what will ultimately keep the cost of operation of business down, no matter the model you choose to pursue is the use of Digital Marketing. As virtual activities continually replace physical operations, this is the wisest decision you can make to expand your reach and lift your business out of the perils of the pandemic. The future starts right now.