The world is undergoing one of its most turbulent periods in history. The streets are deserted, people are losing jobs on a massive scale, and markets have been crashing all across the globe. The destructive market impact that has resulted from the covid-19 quarantine measures have already driven many SMB companies out of business, while others are balancing on the verge of bankruptcy. As some business owners admit, their companies can only pull through one or two months of the quarantine period. Beyond that point, the future looks grim and uncertain.
With such looming challenges on the horizon, there has been an increase in appetite for management & connectivity services in the market, especially in the B2B sector. A complete online shift will be a viable strategy for many SMB business. Employers & managers are heavily relying on web-based services like Zoom, Notion, Hubstaff & xTimesheet for managing their expenses, keeping track of their project progress & many other aspects of their business. Furthermore, businesses are getting increasingly inclined towards a digitized framework to keep their head above water, in these times.
One way or the other, the COVID-19 outbreak will subside, and the global economy will embark on the long and painstaking journey of recovery. How well your business survives the crisis will depend not only on its inherent resilience but also on how well you prepare your company for the coronavirus lockdown and its limitations. We don’t mean to sound overly optimistic, but for some small businesses, the coronavirus crisis may be loaded with opportunities. Because of the great shift in the job market, SMB companies have the potential to attract better talent and enrich their human capital. The shift in demand is also the best time for startups to introduce new products and services for the vast online market and its diverse community of customers.
To manage the new economic order of the SMB companies in this period of crisis, SMB companies need to adapt to online ways for their smooth management without spending a ton on this. xTimesheet has been a pioneer of this new economic order, with its built-in features like project expense & progress tracker & employee work/hour monitor, xTimesheet is providing an easy-to-use & efficient solution for business-owners, of all scale & size. With the help of determination, pragmatism & xTimesheet, your business, too, can wade through this crisis, to emerge stronger & perseverant than ever.
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