The global economy is facing a huge challenge. The general slowdown, the restricted flow of people and materials, and the frequent shut-down of manufacturing plants result in poor bottom lines and, in consequence, a crisis. But do the present circumstances get us into nothing but trouble? Not at all.
How should entrepreneurs react in the time of threat and downturn? Of course, there is no one rule of thumb which can be followed in each and every case. However, there are several guiding principles which can help companies survive the hard times and emerge from the crisis in a better shape.
First: stay calm
That’s what any entrepreneur should do first of all. Haphazard actions and panic are the worst enemies of business. Though the pandemic made companies face new, sometimes completely unprecedented situations, disorganized and arbitrary reactions will not help them keep their heads above water.
Second: look, analyse, eliminate
Another thing an entrepreneur should do is to analyse all processes happening in the company. Why? To check if resources are used in an optimized way and if there is any waste down the lines. For many companies which normally operate on the basis of automatic routines, a crisis is a good opportunity to take a closer look at how they actually function. Thus, they can detects areas and processes that need improvement. They can fix defects and reduce costs.
How can you analyse processes? Well, TIMATE is a useful tool for that. One of the modules in the solution can perform analyses of various collected data. Importantly, TIMATE also generates indicators. You don’t have to analyse your data on your own and then wonder what they actually mean.
The system does it for you. TIMATE can analyse data from various angles and combines them into a transparent whole that can be easily understood. In consequence, entrepreneurs get a clear insight into how their employees work, how they use their working time, if they are safe and where they are located. Based on such data, you can organize work more effectively, you can eliminate inefficient processes and you can ensure optimal management of resources.
Third: contain the threat
The COVID-19 pandemic is a threat to employees’ health. A disease outbreak on the company premises often means you have to shut down all operations and go through the quarantine procedure. Such downtime generates losses.
However, this can be avoided. Again, TIMATE can be of assistance. Its functions allow the employer to remind the employees of the necessity to keep the distance and to wash or disinfect hands. The system can measure the employees’ temperature remotely and react when it exceeds a predefined level. Additionally, the smart card prevents larger groups of people from gathering at one location. If anyone gets ill, the location function will show the interactions of the infected person so as to decide who should be quarantined.
Another function useful in containing COVID-19 is the SOS button which normally serves to report accidents and dangerous situations. Under the new circumstances, an employee can press the button when he/she feels unwell or meets a potentially infected co-worker. A quick response in such situations, isolation of the ill person and immediate medical aid effectively contain the spread of the virus.
The economic slowdown affecting companies all around the globe does not have to result in losses and close-down. A calm and smart approach to the new situation, an analysis of the company’s operations, implementing optimization, a better use of resources and ensuring employee safety will bring short-term positive effects that will translate into long-term benefits in the future.