COVID-19 is showing how unprepared many companies are for a crisis. Businesses and their employees are suffering losses unseen since the 2008 financial crisis or even the Great Depression. Not everybody has been able to react promptly to the challenges of running their newly remote businesses effectively. The pandemic has caused uncertainty and disruption. But we have a chance to learn from this experience and build a strong foundation for the future.
Are you ready for another crisis?
Has your business adapted for another pandemic or other unpredictable situation that requires an immediate response? Such as a second or third wave that requires more shutdowns? Now is the time to think about actions and precautions that can be taken to help you secure the future of your business. But how?
First of all: Learn from the current situation. To adapt, you have to know WHAT are you adapting to. In the case of COVID-19, the first step was adapting to remote work. Sure, home offices are not that uncommon across the whole spectra of different-sized companies, but the entire company working from a home office is a situation unknown to many. Let's not talk about psychological aspects, instead let's discuss business tools, because… well, we have one that can make a real difference. Especially in a situation like the one the world finds itself in now.
Read on: Remote work- a new way forward
It would be hard for us without Vault-ERP
Many of you are using different tools to achieve specific goals. We all do. The problem is those tools vary. While working remotely, you have to synchronize with colleagues. No experimental time-tracking, no trendy chatting services, or file managers. Why? Because if everyone is using different tools, something might get lost. And if something bad might happen, be sure it will.
How does Vault-ERP help us?
You don't have to use multiple systems to keep track of your people. Vault-ERP brings together the key employee resource functions such as time tracking, time off, on/off-boarding, and all employee data into one secure place.
Time Tracking and Task Management
With the prospect of more employees working from home, it is vitally important to have an effective tool for the home office. Working from home can be difficult. Not everyone can have a high level of self-organization and timeliness if an efficient time tracking tool is missing. The manager can easily lose touch with an employee and in turn that employee can easily burn out due to the lack of organized workflow processes and tasks provided by the manager. The business needs a tool to track and measure every task.
Read on: Remote company 101: the starter pack
Solutions for remote home offices
- Manage a remote worker when implementing his/her tasks
- Count time spent on doing one or another task or on project
- Be integrated with other software used for work
- Create analytical reports on the work of remote workers
- Calculate staff costs according to the number of hours worked
- See the levels of effectiveness of your staff
Read on: Advantages of using software for resource management
Contract Management System
Centralizing all your employee data like home addresses, personal emails, positions, salaries, contracts, etc. into one secure, cloud-based platform, is the ideal solution for future needs and growth. This will ensure a greater level of security as well as making it easy for different parties to access this information remotely. The virtual back-up of business-critical information helps to build a business’s resilience.
Learn how Vault can support you here.
On/Offboarding checklist
If you want to survive, react promptly. An effective way of executing recurring tasks are Checklists. Create and follow recurring tasks while carrying out on/offboarding duties. Tasks can be assigned to other employees, so everybody knows what to do and cannot miss any step. Things will be done promptly and correctly.
Project Management
On the hard days it is important to keep all your projects running smoothly, on budget, and on time with unique resource insights. You need to minimize risks, create new business opportunities, and achieve objectives successfully. The company needs to be able to manage several projects simultaneously and with profitability.
- Safely store all agreements and documents related to the project
- Monitor progress against plan
- Manage and control the project budget
- Manage the project delivery team
- View details of project members, status, time tracking, and tasks
- Monitor actual and planned expenses
Read on: Gain insight with ERP project management dashboards
Financials
Take control of your company's finances. Vault-ERP brings all your financials into one place, giving you the big picture.
- Cash Flow Management and Forecasting
Cash flow is the lifeblood of all businesses. It's vitally important to know the company's cash flow and expenses, to be able to predict if the business has sufficient funds and survive shortfalls in certain months. If the business is struggling during the hard times, the business owner should be able to forecast and revise his or her cash flow daily. Cash flow forecasting is crucial. Relying on spreadsheet records is risky due to the need for multiple parties to access. Vault-ERP will make it easy for different parties to access the mission-critical data remotely and get all the information you need to run your business smoothly.
Read on: CEO KPIs: KPIs a CEO’s Dashboard must have.
- Invoices
In these difficult times we have to keep an extra eye on all our invoices. Do you know how many invoices were sent, which invoices are overdue and which clients paid on time?
Track all invoices and their status, reference, subject, invoice date, due date, and amount. It's beneficial to have a graphic overview about the client, status, amount, and costs.
Learn how Vault can support you here.
Don’t let your business struggle by being caught unprepared. If you are wondering about how YOU would benefit from using Vault, feel free to get in touch with us. We would be happy to help you on your way to growth.
