A global pandemic that causes an economic disruption can make it difficult for businesses to generate revenue and grow. There are several aspects of a business that can take a huge hit at such times especially since it’s difficult to predict these kinds of events. 

Not only business owners and managers but employees, especially those with kids that require attention, do not have it easy! Running a business is now different than it was before. Here are five things that you should realize about business today.

Work hours are changing

Working parents not only have to commit themselves to work, but also take care of their kids. Taking care of kids is already a full-time job and child care services aren’t available. During work hours, working parents who have to keep an eye on their kids at home are essentially juggling two jobs at the same time. 

Taking care of kids while working is a huge challenge now that parents play a bigger role in their kids’ educational development. Parents have to be on top of their game to keep up with their kids’ classes and studies, especially for younger children who probably never used video conferencing software before this year. Not to mention trying to avoid distractions and keep their focus on work tasks. 

You may have to be more flexible with their work hours if possible. 

Be understanding

If you are a business owner or a manager, you can make your employees’ lives a lot easier, especially those who are parents, with just a few simple changes. Your employees would welcome any support and communications. You can be more accessible and understanding of your team members’ circumstances at home.

In almost all countries, every academic institution has moved to online learning. That may not be as effective, especially with children that get distracted easily. Now that children have to adjust to online learning while stuck at home, parents may need to offer more support to their kids. 

Set up a schedule that will allow anyone who needs it to work in blocks of time. If there are times when you need team members to absolutely be available, communicate that ahead of time. Allow them enough time to plan ahead so that they don’t stress over a disruption to their schedule.

Replacing employees costs time and money

If it comes down to it, really consider whether letting employees go is the best solution. Letting employees go due to the pressures of adjusting to this new lifestyle will give you your own difficulties. You’ll have to spend more money on recruitment and training. 

Aside from money, spending your time finding replacements is an opportunity cost to finding other ways you can improve your business operations. Studies by National Association of Colleges and Employers, Society for Human Resource Management, and Glassdoor found that hiring a new employee costs anywhere between $4,000 to over $7,600 while taking over 40 days to fill the position.

On the other hand, reducing the salary would only cause more stress on the employee. This would affect their efficiency and motivation, leading to less productivity and, thus, less revenue.

Set goals and expectations

With all these considerations, you may have to adjust your business goals and expectations. That doesn’t mean, however, that you can’t set goals for growth and productivity. 

During any time of economic downturn, it’s crucial to stay focused on clearly defined goals. It’s all the more important that you define your goals properly. Goals should be specific, measurable, and realistic. 

Every business wants to increase revenue but think about specific aspects and areas of your pipeline when you consider how you’ll accomplish that. Will you focus on boosting leads, optimizing processes, or some other facet of your business?

You may have many considerations to handle in such a different environment, so keep the number of goals manageable to maintain focus. This means prioritizing goals that produce the most value for your business. 

Review goals and expectations

The goals that you set should have a timeline after which you should review performance. Analyze and evaluate any variables that might have affected performance. 

Note any insight that you’ve gained to improve and optimize your programs moving forward. This process will help you generate new ideas to test even if it’s reallocating resources.

These reviews will help you understand whether your business is moving in the right direction and if you are getting the most out of your initiatives during this pandemic. 

Once you’ve evaluated performance against your goals, update and create new goals. 

Conclusion

When you understand the importance of business efficiency, it is important that you learn to adjust accordingly. Even during the pandemic, you must realize the efforts and time your employees, especially parents, are putting into their work. It’s double the effort and work. 

You have to focus on your core values and make sure you can keep up with the demands of your customers at the same time. As you move forward, you can always adjust to improve business.

Isaiah Stone is a digital analyst in the consumer goods industry. He is fascinated with productivity, business growth, and accomplishing more. He contributes content to sites like OAKFLOW and Growth Learner to help people enhance their lifestyle.