This year, businesses all over the world have seen some of the most challenging times in history. Fortunately, we have compiled a list of main tactics to assist tech companies in navigating this time of uncertainty.
All companies face volatility, but COVID-19 posed a crisis and recession danger to many economies and markets around the world this year. It is no different in the software industry.
As a result of the social distance, activities and business trips were cancelled, restricting technology companies’ exposure to potential clients and partners. With global business down, it is no wonder that the tech industry has had to deal with uncertainty.
Companies with the right attitude and strategies, on the other hand, have a chance to lead the market and emerge ahead of the pack.
We looked at various tactics and theories and came up with four realistic tips for tech companies to handle volatility and capitalise on this once-in-a-lifetime opportunity.
1. Get Ready For the Age of Remote Workers
The rise of remote working as a response to the pandemic has been substantial. How have the tech behemoths reacted to the change?
Facebook confirmed that employees would be able to work from home until July 2021, while Google announced that employees would work remotely until the following year. Since the pandemic, they are not alone: more than 40% of American employees have been working from home.
According to the rest of the IT world, work-from-home is predicted to become the current world order in the technology sector.
You have nothing to worry about if you are concerned about the productivity of remote work. According to a Gallup report, remote workers are more committed than those who work on-site. They can also increase production by up to 20%–25% with the right equipment.
Few organisations did have a robust process in place for handling remote workflows. Fortunately, time management, project management, and file management tools are available to assist.
Employees may use Hubstaff, Harvest, Team book, and others to control their time while operating remotely efficiently. Trello, Asana, Jira, and Basecamp are standard project management tools, while Dropbox and Google Drive can manage files.
Whatever your team’s needs are, there is a tool that can help you boost productivity from the comfort of your own home.
2. Increase Workplace Elasticity and Flexibility
When times are difficult, many tech firms resort to conservative tactics such as halting recruiting practices or laying off employees.
Although those solutions may quickly address the short-term challenges of uncertainty, such static methods may be counterproductive to your company’s long-term success.
The emphasis of your business’s continuity plan should be on workplace elasticity and management flexibility. Investing in your current employees will potentially improve the financial health of your company.
In other words, instead of laying off staff, the company should invest in them and help them develop new skills for the modern age.
3. Focus heavily on effective communication.
Effective communication is something that all businesses aim for. Still, it can be much more challenging to accomplish in times of confusion. Smooth projects need a team’s connection, which can be difficult due to physical distance.
Employers can, however, improve their remote team’s communication skills with the right tools and a well-thought-out action plan. Here are three main points to remember:
1. Keep in touch on a frequent and reliable basis.
2. Encourage staff to be flexible and adaptable.
3. Pay attention to and comprehend your staff and customers.
With such measures mentioned above, your company should communicate as clearly as when you were all in the same office.
4. Maintain Business Processes with Discipline
Uncertainties, of course, cannot always be expected. And if anything happens to interrupt your activities, you can always rely on your business processes to keep things running smoothly.
As much as possible, strive to maintain your internal success and continue to meet your clients’ standards.
You would be more likely to attract customers, keep production costs down, and maintain a sense of normalcy if you keep your business processes disciplined. You will also be reinforcing the trustworthiness of your brand.
So, how can you ensure that your business processes continue to run smoothly? Consider contacts as a priority, and consider adopting an agile approach to your work, which will allow you to succeed rather than survive.
Agile workflows assist businesses in automating processes, reducing the number of errors associated with manual activities. It also keeps all development teams on the same page, allowing leaders to track progress more efficiently.
Also, do not be afraid to use your QA tools to their full potential. It is crucial to be confident in your work during periods of uncertainty.
Keeping Calm in the Face of Uncertainty
Uncertainty is just what it sounds like. There is no guarantee that anyone plan will keep your company alive in a crisis, but these four suggestions will help you get ready.
If you follow these steps, you will be able to transform your company’s obstacles into opportunities.