Twitter's top  priority remains the health and safety of its Tweeps, "We also have a responsibility to support our communities, those who are vulnerable, and the healthcare providers who are on the front lines of this pandemic". 

Twitter CEO, Jack Dorsey, also announced that a similar policy would be put into place at Square (which he is also the CEO).

The company's goal is to reduce the risk that anyone might contract or inadvertently spread the virus. It is important to take these proactive steps to protect its employees and others and minimize the spread of the virus.

Other large tech companies, including Amazon, Google, and Facebook, have implemented work from home recommendations as well in response to COVID-19, while major events like MWC and E3 have been canceled or moved.

Featured image from Pixabay.com

After all, with all of this free time on your hands, now’s the ideal moment to post a little less on your social media profile and work a little more on your future. Assuming that you have already devised a killer home workout routine to keep you in shape or get you beach-ready for when the lockdown gets lifted, there are a few more productive ways you can spend your time in quarantine. Here’s what you should do in order to set yourself up for success.

Cross all of those books off your list

By now, you’ve probably amassed tons of books you wish you had the chance to read in this lifetime, but no matter how long your reading list might be, now’s the time to get cracking and immerse yourself in some quality reading materials. Now, this doesn’t mean that you should re-read the Harry Potter series or that you should stick to that popular 10-minute-a-day rule that the online gurus are preaching – no, this means that you should devote a lot of your time indoors to reading hours on end.

So turn off your phone and your laptop to avoid distractions, and then figure out your reading schedule. You can choose to read one book at a time, or you can choose to create a reading schedule based on the type of book you’re reading. For example, try reading novels three days a week, and read self-improvement, science, and career books and publications four times a week to keep things interesting and to give some variety to your weekly schedule.

Get into crypto trading

Source: Pixabay.com

There are numerous great ways you can start making money online, and now’s probably the best time to try out some of them. One of the most promising options, especially for those of you who truly want to commit to a goal and have no problem following through with their projects, is to start trading in cryptocurrencies. Now, obviously there are many cryptocurrencies out there that you can trade-in, but the most popular and prominent one is Bitcoin, which also has the highest potential for a long-term ROI.

Crypto trading is something you can do from the comfort of your own home, however, you have to do your research first and find the right exchange to trade on, you also need to a cryptocurrency wallet and the amount you’re going to invest, and of course, you need to stay on top of the latest information in the field. This is a great pastime activity that can yield some amazing results.

Transform your career with an online course

Source: Pixabay.com

Another rewarding and productive way to spend your time in lockdown is to commit to learning new skills and to enrich your life with the knowledge that can truly help you achieve more in the future. You have a chance to completely transform your career and take on a new path that will make you happier and wealthier in the years to come.

For example, now that the IT industry is booming around the world, consider applying for an online course in order to get a diploma in information technology that will allow you to enter the IT industry and even apply at prominent companies in your country and beyond. You can choose the sector you’re most interested in, but make sure to find credible institutions and colleges that can give you a diploma that local and international employers will recognize and accept.

Tidy up your finances and make a budget

While in the process of setting the stage for a better and more fulfilling life, it’s important to stay on top of your finances. Now that you’re home and that you’re spending less overall, you can really sit back and reassess your spending habits, and perhaps even note down some long-term financial goals. Be sure to work your way back from your goals and set concrete tactics and objectives that will help you achieve a better financial standing in a set timeframe.

Create several long-term projects

And finally, there’s no better time to start planning one or more long-term projects than when you’re stuck indoors with little to do. There are many things you can start planning for, such as starting your own business one day or taking on new hobbies, or just to devise a plan to travel more or work on your social skills and personal brand – the possibilities are endless. The key is to not fall prey to Netflix and other time-wasters, and remain disciplined throughout because discipline breeds long-term success.

Wrapping up

Being stuck in quarantine can seem like a bad thing, but it really depends on your mindset. Remember, the glass is always half full, so be sure to use these tips to make the most of your time indoors and set the stage for a thriving future.

Featured image from Pexels.com

Software Development

These days software engineers are some of the most in-demand professionals in the tech world. That’s why it doesn’t sound like a crazy idea to take on this skill. Software, as well as mobile apps, are a great tool for companies to generate brand engagement and also optimize some of the company’s operations. 

What do software developers do? They write and modify existing code to create a software product. Some of the tasks you’ll find as a software developer is to design and research new techniques to create a functional outcome. 

According to the Bureau of Labor Statistics, a software developer can make from $105,000 to $120,000 a year. So, where can you learn this new skill while being at home? Thinkful, one of the most highly-rated coding bootcamps, might be the best option for this. Thinkful offers a short period bootcamp where you’ll learn all the necessary skills to become a software developer.

Mobile Development

According to a recent report in Mobile App Daily, 70% of global transactions are conducted through mobile apps. So this could give you an idea of how important mobile development is. Mobile development is a profession with a large work field, which is why it deserves a spot on our list. On top of that, mobile developers are a lucrative role, raking in between $144,000 to $155,000 a year.

Mobile developers create functional apps for mobile devices that are powered by iOS or Android system. Mobile developers work with different coding languages depending on the system they’ll be working on. For example, iOS developers currently work mostly with Swift. People used to work before with Objective-C, but since the language was pretty hard to work on, Apple created this new language called Swift to create mobile iOS apps. In the case of Android mobile developers, they use Java as their primary language. You could also use C and C++ to develop Android apps with Android Native Development, but most users don’t recommend to do this. 

Web Development

Source: Pixabay.com

Web development is everything involved in the creation of websites—from designing the visual aspects to everything within the algorithm. To create a functional and operative website, you’ll need the skills of a web developer. And, of course, you can specialize in either front-end or back-end development depending on what makes you feel more comfortable.

Web developers work with several coding languages such as HTML, CSS, and Java. The key to a functional web development relies on several aspects such as user experience, responsive design, loading speed, among other crucial points. This is the ultimate recipe for a successful website, and you can learn to do this while observing the quarantine period. General Assembly is one of the schools that is currently working completely remotely and offers a high-quality web development Bootcamp. 

Want to know how important is web development for companies? A report from Impact shows that 81% of customers look for products online before buying at a physical store, so this is a field where you’ll be very likely to find a good job.

Conclusion

So are you ready to learn all these new tech skills? This movement restriction period could be the best opportunity to expand your career opportunities, so let’s take advantage of the spare time and invest it in something that will bring benefits to your career after this situation is over. It’s important to point out that most of these schools are currently working completely remotely. Besides, most of them offer you a plan where you don’t have to pay everything upfront, you can do it after you find a job and start working with the new skills you learned from them.

House photo created by freepik - www.freepik.com

If you are struggling to work from home effectively, here are some tips to help you.

Have a workspace

When you work from home, you need to have a designated workspace. Set up your work equipment and materials in a place that is free of clutter and distraction. 

Your workspace should be a place that puts you into a professional headspace as well. Sitting in your bed while working might be comfortable, but it can reduce productivity and may even lead to sleeping problems in the long run.

Develop a routine

Even though people might not see you when you work from home, you should maintain your regular schedule. The routine will ensure you are awake and ready for the day in the same way that you would be if you physically went to the office. A routine also reduces the chances of you overworking since you will end your workday at the same time as usual.

Plan your meals

Despite working from home, you might find yourself doing less than you would at the office or finishing tasks faster. When you have little to do, you are more likely to eat out of boredom. 

Planning your meals can reduce boredom eating. When you plan your meals, you plan what you will eat, in what quantities, and when. Eating on a schedule might be difficult, but it will reduce overeating and weight gain caused by eating for the sake of eating.

Have a work plan

Business photo created by Racool_studio - www.freepik.com

In the office, you might have a manager or senior staff member telling you which tasks to complete and in which order. Working from home might mean this is no longer a daily luxury. 

You should make contact with your management team to ensure you are completing the right tasks at the right time. Set up a weekly work plan to ensure you stay on track and meet deadlines. 

Use tools to maintain the quality of work that you do and also the ones that make your work easy. The https://edubirdie.com/plagiarism-checker, time-management apps and work schedule creators are some of your best options. This will help you in being highly productive while working remotely.

Stay in touch

Offices are usually social spaces. Even if you don't get along with your coworkers, the chances are that you have had daily conversations in the break room or at the coffee maker.

Keeping in touch with your coworkers in a similar way is still important even when you work from home. This fosters a social setting and can help you feel less isolated when you work.

Put on your headphones

At home, there are a number of distractions. If you have children, you might be able to hear them playing. Perhaps your pet is barking or chewing in the corner. 

Using earphones not only keeps work meetings focused, but it also helps you to eliminate auditory distractions. Without these distractions, you are likely to work faster and be more productive in general throughout the day.

Take time out

Just because you are working from home doesn't mean you don't deserve time for yourself. COVID-19 has brought a large amount of stress and uncertainty, and you might require more time to take care of your mental and physical health. 

Affording yourself these breaks will keep you in a positive headspace while maintaining your immune system, allowing you to be more productive during this unique time.

Be mindful of children and pets

Working from home brings a special aspect to the table. You might now be working in close proximity to your children and pets. If your children are young, they are not likely to understand that you are working from home. You need to be mindful and understanding of this and make provisions for in case of interruptions.

Find a balance

When working out your routine for working from home, you need to find a balance. Balance work hours with personal time and family time to ensure all your needs are cared for. 

You should be careful not to dedicate too much time to a single aspect of your life, as this may result in reduced productivity or an unpleasant relationship. Finding the balance may be difficult in the beginning, but as you get used to the system, you will begin to slide into a balanced routine with very little effort.

Conclusion

Working from home may be a new experience for you. Figuring out how to maintain productivity while adapting to a new structure may be challenging. However, implementing small, simple steps into your routine can help you stay positive and keep your work on track. Ensuring you have a designated workspace free of distraction can also help you stay focused on workplace tasks while at home.

Featured image Business photo created by tirachardz - www.freepik.com

Currently, medical personnel, local police, and refuse collectors are the major heroes around every neighborhood. They work around the clock so that people stay indoors, and the pandemic is curbed as much as possible. To help their effort, several technologies are increasingly utilized.

Among the handy techs is the drone. The flying tech is currently being used in different capacities to limit people’s movement, as well as provide necessary assistance to health workers. If you're interested in drones, whether it's a DJI, Parrot, Potensic, Holy Stone, check out these best drone companies on the market.

To learn more about how a drone can help during this pandemic crisis, endeavor to read this article.

Distribution of Disinfectant

Source: TechStartups.com

Considering that drones are easy to use, inexpensive, and move without delay, they come handy for disinfecting public spaces. Several countries have successfully used agricultural spray drones to apply disinfectants in potentially affected areas. Notable among the nations include China, India, Colombia, Spain, Chile, the Philippines, and the UAE. To use this technique, all you need is to fill the drones with the disinfectant. Using drones is really useful as the techs can cover more ground in less time compared to the traditional method. A spraying UAV filled with 16 liters of disinfectant will disinfect about one hundred thousand square meters within sixty minutes, according to DJI. More so, the use of drone help reduces the risk of exposing health and sanitation workers to the virus and other health conditions.

Recognizing the Sick People

Another vital usefulness of drones during the pandemic period is the identification of infected individuals. In China, among the measures utilized to recognize sick people walking around is through the use of a drone. The tech experts applied the thermal sensor to the flyable tech. With the sensor, the health workers could scan a considerable population that is potentially infected with the virus. So, it becomes easier to locate people affected by a coronavirus.

Broadcasting Information

Source: Getty Images/AFP

Getting health information about the novel virus to the public is one of the most important measures to fight against the disease. As for rural areas without open communication channels, sending messages to the local public is challenging. However, with the use of loudspeakers attached to drones, many countries have been able to communicate with the public in rural and urban areas. The drones are used to make public announcements about the virus, the necessary precautions to take, and the hotline to contact if anyone notices the symptoms. China and several European countries are informing their citizens about the importance of social-distancing and mask-wearing through drones.

Delivery of Essential Items

Source: Forbes.com

Essentials, such as medical supplies and laboratory testing kits, are needed now than ever. Fortunately, we have drones to send them across to the medical personnel to minimize physical contact. In Wuhan, China, drones are used to send medical supplies to different hospitals. With the tech, the delivery of medical supplies is faster and safer. Aside from medical essentials, countries, such as China, the US, and Australia, are using drones to send groceries to the doorsteps of their citizens. In fact, since the coronavirus outbreak, the number of drones used for deliveries in Virginia has increased significantly. So, drones are handy techs to deliver foods and other essential items to people in red zones so as to limit physical contact as much as possible.

Conclusion

From the discussions above, it’s evident that drones are instrumental during this pandemic crisis. Aside from the usefulness stated in this article, some people have even used drones to send small items, such as food, to their neighbors. Without any doubt, drones and other techs will surely help end the crisis if utilized effectively.

Consequences on food and economy in developed countries

Empty shelves, unending waiting lines, and people fighting over food… Since the beginning of this crisis, such situations are spreading worldwide.

As a result, worries are starting to rise, and countries like Romania and Russia have decided to ban their grain exports. “This confirms that concerns exist about supply”, said Sergey Feofilov, director general at UkrAgroConsult in Kyiv.

Supplies are dwindling. Therefore, the remaining products’ prices are increasing.

Between March 2 and April 11, fruits and vegetables’ prices have seen up to 25% price increases in France. Which is impressive for an OECD member country with high agricultural production.

As of early April, wheat futures traded in Chicago (CBOT) were up 12% from mid-march. In addition, the average U.S. market’s food prices rose 0.3%, while the cost of eating at home took 0.5%. Closure of restaurants and bars also affected wines prices, up 0.9%, and beers, up 0.8%. According to FAO’s Big Data, some of these values have now increased to 4.3% and higher.

Source: “Big Data tool on food chains under the COVID-19 pandemic”

These are the direct consequences of security measures taken by governments to stop the virus’ spreading. It forced most companies to send their workers home, putting the economic activity on hold and disrupting supply chains.

A recent study on CoVID-19’s potential impact on our economy showed that with 1% lower global economic growth, the number of poor and hungry people could increase by 2% - approximately 16.4M people. Those affected being day laborers, as well as service workers in catering and retail/trade sectors.

Hunger and malnutrition worsening in developing countries

We have seen above how impactful this pandemic can be in temperate climate countries, with advanced agriculture. So rough it can get, developed countries are still able to cope with the shock. Whereas southern developing countries are seeing their people directly threatened by hunger.

Previous pandemic Ebola in West Africa had a dramatic impact on food production. In impacted countries, the restriction of movement had conducted to a lack of workers in the fields. As a result, over 40% of agricultural lands were left uncultivated, exacerbating famine.

Yet, the situation is gradually worsening, emulating the past, as the closure of open markets and restrictions to freedom of movement is affecting the delivery of food supplies. It appeared to cause food prices to surge in Gambia, Ethiopia, and Kenya - in which country an average of 46% of household income is spent on food.

As addressed above, Romania’s decision to cut off grain exports is meant to secure their food supply. But as shown below, it strongly threatens their major clients, which are a vast majority of developing countries. Let’s not forget that Sudan is consistently struck by famine. As of March 2020, 51% of South Sudan was suffering from severe acute food insecurity.

Source: “Food Supply Fears Are Growing as Romania Bans Grain Exports”

These may seem like disparate examples, insufficient to portray the disaster about to unfold. Unfortunately, the WFP indicates that 265M people are currently at risk of starvation in low to middle-income countries, representing a 50% increase from previous estimates.

Identifying problematics

Along with rising social tensions in most of the developing world, mass slaughter is about to happen. With little to nothing, we can do in the near future. However, let me show you how we could prevent that situation from happening again.

Developing countries are currently unable to harvest quantitative yields. The rough climatic conditions they are facing added to the deficiencies in micronutrients of their soils do not help.

Dealing with such conditions requires technology, which a farmer from these countries cannot afford. And it’s a shame, since deficiency-resistant crops, according to crop protection and irrigation methods are proven to greatly increase yields.

Source: "The Future of Agriculture and Food"

Fieldcoin’s technological approach

Once Fieldcoin’s Land Trading Platform launches, it will allow developed countries, farmers, to secure their land property titles. We will then provide them access to the latest innovations, securing and greatly enhancing their yield.

Once cadastral data retrieved, we will then extend to developing countries. Our first goal is to cure their agriculture’s real estate from corruption, through our blockchain registry.

At this point, we can make sure they have access to adequate crops and technology. For those who could not afford to pay, Fieldcoin will offer long-term leases.

The opportunities offered by Fieldcoin’s platform are unlimited, thanks to its digital cadaster and the tokenization of assets. Putting back the decisional power between the user's hands, it will allow decentralized crowdfunding humanitarian initiatives to birth.

Help us secure tomorrow

Our top priority is to make food supply a secure, qualitative asset, accessible to anyone.

To make sure that we do not have to wait for any other crisis to realize how febrile foundations our consumption model is relying, help us take back control on our farmlands.

You can either choose to support us financially by purchasing Fieldcoin Tokens (FLC) directly through our ongoing presale or simply share your presale referral link along with some information on the project.

Else, if you are wishing to invest in your time or further discuss the project with the team, I invite you to reach us via our Telegram.

Here are some useful links you would also like to review :

• Fieldcoin’s website: https://www.fieldcoin.io
• Presale Transaction Panel: https://fieldcoin.io/account/public/login

Sources:

• Bloomberg, 2020: “Food Supply Fears Are Growing as Romania Bans Grain Exports”
• UFC Que Choisir, 2020: “Fruits et Légumes, des hausses de prix importantes”
• Reuters, 2020: “How COVID-19 affected U.S. consumer prices in March”
• FAO, 2020: “Coronavirus. Food Supply Chain Under Strain. What to do?”
• IFPRI, 2019: “How much will global poverty increase because CoVID-19?”
• UN, 2020: Global Humanitarian Response Plan
• WHH, 2020: “COVID-19: The current health crisis could trigger a food crisis”
• USDA, 2016 in Bayer’s “The Future of Agriculture and Food”
• FAO, 2020: “South-Sudan - Situation report March 2020”
• WFP, 2020: “Coronavirus Set to Double Acute Hunger by End of 2020”
• WHO, 2015: “African Region Nutritional Strategy”
• Hffa Research GmbH, 2016 in Bayer’s “The Future of Agriculture and Food”
• Medium Article “Fieldcoin’s Food Traceability”
• Land Trading Platform Preview
• Based on 2018 UN numbers
• More information on our platform is set to be provided in an upcoming article.
• More information on our Blockchain Registry is also set to be provided in an upcoming article.

Using the coronavirus to adjust your ideas about personal finance

The majority of things we used to do in the world now must be done online. We shop and have our groceries delivered. We do our business and personal meetings on platforms like Zoom and Skype. We even play those free 10 euro bonuses that our favorite casino gave us before they had to close just like what people did on this website, failing to survive because of competition.

But one thing about doing most of your transactions online, that is actually a boon for your money management, is you can make less emotional, less impulsive decisions when you can see your totals in clear black and white, instead of the nearly invisible concept of paying with a card at the store.

Having your banking and spending on the same screen can help you track your expenses in real-time. Here are 4 other ways to stay ahead of your consumer habits:

1. Make a budget based on priorities

We all know what a pro and con list are. It is a good time to make the one for “needs and wants.” Your priorities are:

• Food (not take every meal out)
• Rent (and related expenses)
• Car (related expenses and fuel in moderation. Everything is closed anyway.)
• Utilities (electricity, water, gas, etc.)
• Cellular service (but you might want to drop your cell package a few notches)

Everything else falls under “wants” and should be logically evaluated. And if you have leftover money, save it. You never know. For saving finance during this pandemic, you can rely on Cirro Energy for your electric utility. They offer assistance in reducing energy usage and help you to get electricity at an affordable price.

2. Call the cards

Call anyone you already owe money to or will owe money to, that doesn’t fall under your need list. Credit cards and loans are a big one. Many are giving special delay payments out of concern for their clients.

3. Decern your cash influx

Making a very tight analysis of your inbound cash resources will give you the best picture of how much you have, and how much you can use, and how much you can save. Account for every penny.

4. Come back on top

Source: Unsplash.com

Using the pandemic for aggressive personal finance planning is not a temporary effort, but a goal that should stay with you. When we come out of this, and we surely will, we need to stay strong and determined not to let ourselves fall on these hard times again.

After COVID

We have a better understanding through all of this of why personal finance is important, now more than ever. And there are plenty of resources, blogs, and podcasts on how to manage personal finances. While personal finances during pandemic times can try us, we must remain vigilant, so our personal finances after COVID reflect our new ideals on money management.

Conclusion

There are plenty of talks out there about personal finances and COVID, and how the government can save us from financial ruin. But we have the tools to protect ourselves. There are opportunities unexplored, new avenues of revenue untapped, and sacrifices that can be manageable with the right mentality. Have you had to make some hard choices with your expenses during the virus?

Featured image from Unsplash.com

• The flexibility of working hours: Most working people must have realized by now, working from home is not as easy as it sounds. When employees come to the office for work, they can leave their household responsibilities and worries behind and invest their complete concentration in their work. When employees have to work from home, however, there are so many distractions around. The typical working hours of the office might not be the ones where their productivity is the highest. Those who have children need to tend to their needs and bear with constant interruptions. With flexible working hours during this time, employees can cater to their household needs and their work needs according to the schedule that works best for them. For some, early morning might work best when the children are busy working, while for others, late nights might seem more productive while the kids are asleep. Giving your employees this flexibility would ensure that they can invest their hundred percent in their work at a time that works best for them. It is better than being forced to be online during a set time with zero levels of concentration.
• Regular online meetings with HR: The whole process of waking up for work, getting dressed, going to the office, and meeting colleagues is a motivating factor in itself. When employees are in an environment where everyone around you is busy working, the infectious work vibe of the office keeps them on their toes as well. However, when they are working from home, they might feel alienated. To help overcome this, the HR department can hold regular weekly Zoom calls that include all the team members. During the call, let the employees discuss any issues they are facing and come up with suitable solutions. They can get involved in team-building activities that would help to build each other’s motivation levels up. The HR can also set up regular online physical and mental exercise sessions that would help in keeping them active and energetic. Having a therapist on board who is available for the employees during this stressful time would also make a lot of difference in productivity levels.

• Rewards for the conscientious workers: Positive reinforcement is known to impact on employee productivity. Whether the rewards are monetary or not, it keeps the workforce motivated to do better every day. The company can have an “employee of the week” reward, where the best performer would receive a certificate along with a little gift or cash bonus. Sending the email out to the entire office with a congratulatory note to the winner would surely make everyone excited to do better. It lets your employee know that you notice and appreciate their work. They get demotivated when they feel that they are taken for granted. It has an impact on their overall performance.
• Provide employees with high-quality internet: As the employees are working from home, their work may face many interruptions when they are using their home internet connection. An average household has at least four members who are all connected to the Wi-Fi. If all of them are using it at the same time, the internet speed will get affected. It could result in late submissions, as well as employee frustrations. To avoid this, the company can provide them with a good internet connection that should only be for their work purposes.
• Track company cell phones using a monitoring software: Apps such as XNSPY are designed to monitor work phones given to the employees. It is a non-intrusive and responsive app that helps you ensure that your employees are not wasting time at work or underutilizing your company's assets. XNSPY's affordable price and seamless compatibility make it an ideal solution to keep a check on your employees' productivity levels. When they know that their employers are keeping a vigilant eye on their every move, the performance level would also increase. XNSPY is compatible with all Android smartphones operating on versions 4.0 and above, and all iPhones on versions 6.0 and above. By installing XNSPY employee monitoring software on the company-owned phones and tablets, employers can remotely access all the data saved on their devices. By using this app, you can keep your employees' procrastination levels down. Here is a list of the unique features that XNSPY offers:

1. Employers can get access to their employees sent and received emails. Note that more than 50 percent of companies fire their employees because of email misuse.
2. Use XNSPY's monitoring software to ensure that they are not misusing the company’s internet by downloading movies or games during work hours.
3. Track their real-time location. It can be used to check whether they are meeting a client, or lying about their whereabouts.
4. Check their phone logs remotely. Employers can now view their employees' complete incoming and outgoing calls, including messages they share using XNSPY. It comes handy when you want to check whether they are sharing the companies’ confidential information with anyone else.
5. Use XNSPY's unique alert feature that notifies you each time an alarming word is used on the monitored device. Employers can custom-set their alerts.

While XNSPY has many benefits to the company, you must take the consent of the employees to install it. We discourage any illegal use of the software.

The Need for Remote Work

As COVID-19 adversely affected people, businesses and the economy, the need for organizations to switch to a remote model of working has been essential for protecting employee health and keeping the business running in uncertain times, including cloud-based IT support. Digital transformation refers to the process of using technology to make business processes and services more efficient and agile. While it’s possible to digitally transform a business without cloud-based solutions, there are many reasons why most companies do choose them, not least because trying to transform digitally without the cloud is very limiting. 

What Benefits Does the Cloud Offer?

Although many smaller companies and startups today have begun with a digital-first model and have always operated on a cloud-first basis, more established and older businesses have faced a need to take on several projects or a larger journey to digitally transform their processes and entire operation. Some of the main benefits that companies get from using cloud computing include lower costs, greater software functionality that can increase the number of users, and simpler, faster technical deployment. Experts recommend that you take a considered, careful approach when migrating to the cloud. Even when the lockdowns began, companies were not rushing to the cloud but rather simply moving across projects that would be more effective and easier to accomplish when cloud-based. 

How COVID Impacted Cloud Use

During the lockdowns, many companies experienced a large increase in demand for their products and services. Streaming sites, for example, were hit with a massive demand increase as people spent double the number of minutes per day watching video on demand compared to a year before. On the other hand, the demand for other products and services, like luggage, dropped dramatically, sending established brands like Antler into administration shortly after the beginning of the pandemic. In addition to this need for companies to quickly scale up or down in response to the unprecedented demand, social distancing also meant that more employees than ever before were working remotely, and face-to-face meetings were no longer possible as a way of working. For companies, the most feasible solution to keep this working well was to make a switch to cloud-based solutions such as Zoom for communication. 

While more and more businesses were adopting the cloud to digitally transform their brands before the pandemic, and even more startups were using a cloud-first approach, COVID-19 has had a huge impact on how quickly many companies were to begin utilizing cloud solutions. 

Featured image from EastWestBank.com

Working capital is the funds that will fulfill the essential daily operations of your business. Usually, you will have continuous cash flow with your expenses and your income, so tackling your working capital would not have been a problem for fulfilling your supplies and completing your orders on time. Completing orders would have supported filling up your inventory and supporting your sales. But due to this pandemic, all these cash flows have entirely stopped, which will put pressure on everything so that you have to start from square one.

The incomes which you had in your account prior to this pandemic would have already been paid out. Clients from whom you are expecting to get paid are likely not to pay any sooner either. Your bank account would have given up and would have reached a state which is lower than the usual by paying off the operational costs and your supplies for the future. Sometimes you might be in debt which will probably stretch your operating line and hold you up. 

So this is the time you should think about restarting or gaining up hand on your operations. How can you manage your finances and make them work wonders for you? This guide will help you through it.

Your Current Available Working Capital

It would be best if you first started with calculating your working capital when you are thinking about restarting your business from the start which you can do by subtracting your current debts and your existing assets.

For instance, when your current assets as a total are Rs.5 lakhs, in which you have Rs.1.5 lakhs are cash, Rs.2 lakhs as receivables, and filled up inventory which you can use is Rs.1.5 lakhs. Then your current debts are Rs.2 lakhs on loans, Rs.1 lakh on your inventory costs, and then your working capital will be Rs.2 lakhs. 

How Much Working Capital Will You Need?

For calculating how much working capital you need you can try to visit STFC, and you should follow the below steps:

Estimate Your Cash Conversion Cycle

The time taken for the business in converting the receivables and inventory in cash is known as the cash conversion cycle. When you buy a stock, you will have it and work on it then release it for getting your invested money back. 

Only when you receive the money for your work from your customers, it will be taken into account. The time for which you are holding up your inventory and the collection time which it needs for using your list productively for receiving cash from your customers is very crucial. Most vendors are offering the time they can to pay them back for the inventory, but that can be done only for some time. 

Sometimes you will have to give time for your customers to repay you the money - it’s just the mutual understanding you will have to accept because of the pandemic. But it would be best if you still thought about your cash flow for fulfilling urgent expenses like salary for your employees, rent and other essential needs. 

So you should find out how you can reduce your cash conversion cycle like:

• You can ask your customers for paying off how much they can?
• You can order inventory after some time.
• Quicken your collections aggressively.
• Extend the time for your payables.
• Invoices should be issued at the earliest. 

When you find out these, it will help in finding out how working capital you will need for ensuring business operations until your sales are healthy.

Multiply Average Sales Per Day With Cash Conversion Days

You can estimate your working capital when you multiply your cash conversion days with your average sales per day. The comparison of this will get you the amount of working capital that will be sufficient for your daily expenses over the cash conversion timeframe. When your working capital estimate is higher than what you have in hand, then you should apply for a working capital loan.

The longer your cash conversion cycle takes place, the more working capital you will need both in the form of operating time and funds for operations.

Can You Manage To Restart Your Business Aggressively?

When you want to proliferate, you will need to have more working capital because as you grow, you will have to spend more on the costs as well. Make a note of all the funds you have and mentally ask yourself whether you can manage to restart it without any pressure. When you doubt it, then you will have to pursue going for a moderate and manageable growing phase. When you have extra funds, then you can grow fast without worrying about financial pressure. If you don’t analyze it, you will be stuck with a large stone, and your business will suffer. 

Strict Cash Flow Management

In a situation like this, you should be sure to manage your cash flow well and continuously. It would be best if you understood that each penny matters.

Manage Your Loans

Maintaining a good credit score will ensure that you are successful. You should always know where you can find a buffer for financing for your losses. So make sure to find a state which can help you cope up with your finances. 

Save Your Penny

Always make sure to have a safety buffer that will help you with situations like these. You would have understood by now that life is just unpredictable, so make sure to save money whenever you can for ensuring your success at all times.

As an entrepreneur, you should maintain a healthy relationship with your employees and your customers responsibly. Also, making sure to secure your financial health is good when you want to manage your cash flows efficiently and pay your loan EMI on time without defaulting. Don’t aggressively acquire debts that you cannot afford to get for just restarting your business.