Author : Basu, Head of Investor Relations Jan 9th, 2021
The effects of covid-19 are profoundly felt worldwide and will continue to exist even after 2020. The impact of the biowar on businesses and daily lives have brought dramatic changes that need to be better managed from now on. In order to avoid crisis and to navigate through the uncertain courses, businesses must aim for better Asset Management strategies. They must follow a couple of strategies that can help them to survive and emerge as a winner.
steps that can ease Asset Management during the covid-19 pandemic-
It goes without saying that covid-19 pandemic has given up a new way of working to the government and corporate Giants. They are coming together and contributing to ensure your better public health and mitigate safety challenges. But how far is all this sustainable?
● Focusing on digital defence
Work from home is the new normal and people need more of it from now onwards. Companies must aim at creating such an infrastructure that can add convenience in the life of employees who are willing to continue jobs by working from home. This will not only result in regaining the economic stability but also help in nullifying the unprecedented disruption that has otherwise taken place. Apart from this , steps must be taken to add layers of security in the way we operate things digitally.
Smarter mediums of Communications must be invented and cost reduction should be focused.
● Concessions to the tenants
Another impact of the Global pandemic will be on the ability to pay rents. Already people have lost jobs and the additional source of income will also be on stake. The smart home owners must provide concessions to the tenants so that they can continue to make whatever little payment possible.
● Correct assessment
not all businesses drowned as an impact of covid-19 pandemic. Some of them indeed flourished. The prices of metals increased exorbitantly that indeed helped many entrepreneurs to earn a good amount of money from it. The reason why the prices of metals Rose exorbitantly was because of the lockdown conditions. China being the largest consumer and producer of metals could not continue to operate in many countries. As a result, the existing prices of the stock did rise and gave huge profit margins to the business owners. iron, Copper and gold were a few metals that had upsurging prices.
● safety measures
Ensuring proper health conditions is the key to manage assets better. During the covid 19 pandemic, the primary focus for each business should be to provide the best physical and mental well-being of the staff. There should be ongoing communication and proper measures of sanitation should be taken for the employees attending offices.
● Mental preparation
Real estate businesses must already know the fact that the Global pandemic has brought a huge economic devastation. People are left with meagre Savings and low-paying jobs. This is making it difficult for them to afford rents and purchase new properties. The construction contracts must understand the ongoing scenarios and should patiently wait for a couple of more years for the properties to get sold. They must either stop the work all together or or continue it at a slow rate. Also, the landlords might face longer periods of vacancy as the labour supply is also affected during the pandemic impact. They should lease the property at minimal possible prices.