“It is just one of those viruses abroad.
It will go away soon and
everything will be back to normal.”
The pandemic started like an old wives tale. A mountain forged out of molehills by internet users who gain satisfaction stoking fear however they can. Businesses went about their operations with high optimism and little thought to how this would affect investing in technology.
It has now been more than six months since patient zero and three months after a worldwide lockdown to flatten the curve and like the title of popular American rap album by the rapper, Drake, nothing was the same.
Financial markets are facing their worst crisis since the great economic depression in 1929 and the alarm bells are going off. Coronavirus has had a devastating effect on the global economy and the fear is that this will lead to a recession. The labour market has already taken a hit with employment issues on the rise, which has gone on to affect housing and production.
How can businesses prepare to face the complex times ahead? While one way to prepare your business is to invest in technology, some businesses are skeptical. Is it wise to pour so much money in technology now that things aren’t certain? What is the best approach?
Here are ways we think you can do it smart for your business, with technology despite the threat of a recession;
The first thing to note is to be strategic with investing in technology.
This must be the foundation of your entire plan. It is strongly advised to be more conservative in business investments for now. Putting off major purchases and focusing on items that help you thrive is key. It is important to ask, “What is it I need to change/make better, that will help my business stay afloat?”.
That question will lead to the second thing to note which is to fix lagging operations as quickly as possible.
Do an internal review of your operations. Are there things that can be done in a few that are being done for longer? Truth is, there is little time to waste on anything at this time, so the quicker the better. Are there tools you need to do this? Will you be needing the services of an external technology advisor?
Our custom service is dedicated to helping brands fix what needs fixing with innovation. You can contact us later via email to enquire about this. The goal is to only get technology tools that help fix all the loopholes in operations.
A third thing to note is to consider the possibility of going remote.
Chances are that you may need to cut down on the expenses of onsite work and go remote. Going remote will save you money for the things that really matter; like fixing sub par operations. Invest in technologies that ensure that your business goes on no matter what. For cooperatives, EasyCoop will be a good technology investment for this.
And lastly, look out for deals.
Just like your business is trying to make money in these times, so are other businesses. This means you now have an unusual opportunity to get tech products and services at a discount that will help you keep investing in technology.
Although it is unlikely that all the tech products will go below usual, feel free to take advantage of the ones that do. Be on the lookout for businesses closing their doors. This unfortunately, happens in times like this. Many times, these businesses affected will have to liquidate entire fleets of recently purchased high-end gadgets. Feel free to get in on it.
While you are being careful not to splurge and unnecessarily revamp your entire business, you want to make sure you are not too careful that you overlook all the things you need. Revamping may cost you now, but failing to attend to what you need to may just be what saves you from sinking into the murky waters of a pandemic induced recession. Invest in technology that you need to stay afloat. Upgrade only systems, apps and gadgets that are key to your business’ operations. You don’t want to hurt your business in ways you can’t afford during these trying times.
Feel free to send us an email if you want to discuss this further. We have a team of professionals dedicated to helping businesses innovate right. Your business can be one of them.