A month ago, Forbes already wrote “Cash is king in the time of the coronavirus”
(click here to read more)
That’s hardly surprising of course because cash is always king… So, what can a company do and how can a company like ours that makes, implements and supports HRIS and Payroll software help?
Firstly, it’s important to have the right timeframe in mind… a lot of the measures that countries have put in place are not going to go away anytime soon. The new normal is not the normal we were used to. Unless a virus is found, physical distancing, facemasks, temperature checks and other measures will be around till at least the end of 2021. We’re no health experts but as a business we’d better hope for the best and plan for the worst.
Secondly, working from home – we all know the acronym WFH already – is not going to go away. All the more reason to ensure staff actually can work from home implying that all your systems, files and communication is digital, and cloud based.
Thirdly, focus on OPEX, not on CAPEX. Now is the time to invest in lowering your operational costs and streamlining your operations. Efficiency is a buzzword and it’s actually a quite simple principle: just do more with less people.
Fourthly, bank loans were already cheap but with government grants and stimuli, conditions were never as favorable as now.
Many companies in SE Asia have neglected their payroll operations; the process is often error prone, manual and time consuming. And more often than not at a high cost. Investing in payroll software might seem costly but if you can reduce your monthly operational costs by 50% and can get your investment returned in less than a year, the decision shouldn’t be that hard.