Running a business during the pandemic is nowhere easy. The government already set new and stricter rules that every business should follow to lower the chances of spreading the virus. But this is not the only thing that scares the business owners. Many threats are surrounding businesses that one may not have to deal with before COVID-19. The following are three examples of things that are threatening businesses in the time of the pandemic.
Cyber Threats
One may think hackers will give businesses a break considering the current worldwide recession. But it seems they are using the pandemic as a chance to spread fear and terror among unsuspecting companies. According to the World Health Organization, cyberattacks increased five times ever since the pandemic struck the world. The scammers were targeting the general public in an attempt to direct donations to a fake account. This made the organization boost its efforts to better secure their systems.
In the first quarter of 2020 alone, large-scale breaches grew to 273%. Many claim that the increase in remote work drove the increase in cyberattacks. This is why it makes sense for businesses to take cyber threats seriously. To avoid this, invest in reliable, third-party investments. Luckily, many competent companies can take care of memory protection, web application security, DevOps security, etc.
Financial Risks and Impacts
Many businesses fear they can no longer ensure business continuity as their finances are being affected due to the crisis. More people chose to stay indoors while others can no longer keep up with their payment after losing their jobs. Because of this, sales can be a bit slow even if your business expenses never fail to decrease.
This is why an emergency fund is a financial savior during a crisis. Having a contingency fund you can draw on times of unexpected crisis makes it easier for business owners to keep the business from closing. It becomes a must to evaluate the financial health of your business. This way, you are updated if you are making or losing money, and find ways to reduce your spending. You also have the option to avail of small business financial assistance programs or choose a business line of credit instead.
Customer and Employee Disengagement
Such a task becomes even more difficult with all the health regulations we need to follow. Thankfully, we have the technology to aid us during the pandemic. We can use digital marketing to attract customers and keep current clients informed and engaged. We can accept digital payments and even delivery systems to make sure they get the products they need from the store.
As for your employees, you can choose to allow some to start working from home. This will give your staff who are more susceptible to catching the virus peace of mind. For those who chose to report to work physically, giving them incentives, and following the policies recommended by the government. This helps reduce the number of people working in your brick-and-mortar company, thus reducing the risk of spreading the virus within the business.
Health and financial threats are not the only things business owners are worried about. They also worry about losing customers and employees because of the pandemic. Many don’t believe they will be a victim of cyberattacks until it happens. Knowing how to avoid these threats and what you can do to deal with them is one way to ensure your business can stand strong amid the crisis.