A large number of businesses have been struggling during the recent coronavirus outbreak. The pandemic has impacted companies in a variety of ways, affecting revenue streams and employee incomes, which has led to emergency techniques being employed in order to stay in business.
It has hit everyone from online casinos in New Zealand to supermarkets in Poland. Below, we take a closer look at some of the techniques that businesses have used to make sure they are still operating when we come through the other side of this crisis.
Online casinos have had to use a few useful techniques to make sure that they maintain their customers during this pandemic. The first is by offering increased rewards to players: this increases the likelihood of members staying active, as they are being rewarded for doing so.
Secondly, the best online casinos are using the latest technology to offer players new kinds of games. One of the leading new technologies that have been introduced is virtual sports. This is used as a replacement for real sports, while global sports leagues and events are suspended. This option enables customers to bet on a virtual simulation of their favorite sporting events.
One technique employed by many UK companies is using a government furlough scheme designed to keep workers on the payroll, without making a negative impact on company finances. This scheme pays employees 80% of their regular wage (up to a maximum of £2,500 per month) through government funds.
The company has the option to pay the remaining 20% if they can afford to do so. If not, at least the employee is still receiving a significant portion of their income to maintain their quality of life, pay bills, and care for their families. They won’t be left with anything.
Video conferencing tools have become a critical communication method for a large number of companies, allowing employees to stay connected while they work from home. This provides companies with the means to operate as they usually would and reduces the risk to employees who might have had to travel to and from the workplace without this measure. Video conferencing has become so crucial during this time that Microsoft has announced record usage of Skype, and other video chat platforms have also reported similar surges in popularity.
This means that many office workers are still able to perform their primary duties and tasks. As such, both the company and the employees don’t have to worry about the potential economic damage caused by the coronavirus.
It’s also been used by other businesses to provide services without asking people to travel. For example, estate agents can continue to undertake valuations for houses via video calls, which negates the need to break social distancing guidelines. This convenience means the housing market hasn’t completely dried up during this crisis, as people can still carry out virtual tours.
While it may not be the desired outcome for businesses, some have attempted to move with the problems in order to limit the impact on them. One example relates to companies delivering outdoors-based services, such as window cleaners or gardeners. They are obviously unable to offer their services over a video stream, and the vast majority of them are self-employed. As a result, they are unable to get any income unless they work.
Fortunately, because these professionals work outside, they can continue to perform their job as long as they don’t have any contact with their customers. It might not be the most ideal situation, but this is the only way that businesses delivering such hands-on, manual services can continue as they always have.
These are just a small sample of the innovative solutions that companies are using to survive the coronavirus pandemic. This is the first time in two generations that any of us have experienced such a momentous event, and businesses are learning as they go along, just like the rest of the world.
If you are interested in even more business-related articles and information from us here at Bit Rebels, then we have a lot to choose from.
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