The pandemic has drastically changed the business landscape in only a matter of weeks. Millions of businesses are being forced to close, operate at reduced capacity, or have their employees work remotely. While current conditions might have some staff overwhelmed, the slowdown has created idle time for many while waiting for conditions to improve. If you find that you have some extra time on your hand and are looking for ways to help your business come back stronger now is a great time to go to that list of things to do that you never seem to have time to get to. Here are a couple of ideas to consider.
Update or Improve Training Material
It is never easy to get a new hire up to speed quickly. Some industries have it easier than others, but for many companies, it can take a considerable amount of time before any new hire is producing at the speed and quality of other employees. One of the best ways to improve this is to have great training and onboarding process. This process will differ from industry to industry but consider taking this time to look over your training materials, go through a mock onboarding process, or invest in new tools to get new hires up to speed quicker.
Look over your Credit and Collection Process
What credit terms do you typically extend to high, medium, and low-risk customers? How many days will you let an account ber past due before you give your customer a phone call or email? How many days until a formal collection letter? It is always important to keep your credit and collection process up to date given the broader state of your company, industry, and the economy as a whole. This situation is no different and it is important to update your process to reflect that. One of the easiest ways to improve your collection process is with great collection letters, here is a guide we wrote to help you get started or for some inspiration.
Take a step back
It is important in times like these to not get overwhelmed with problems you can not control. Make the best of this time by focusing on projects that you have not gotten to or to improve training and processes in your business.