How can I make my business survive COVID19?
We are now all struggling to stay healthy and prevent the virus to spread. But we are sure this too shall pass. Hopefully soon enough we would look back and feel happy we made it through and working on getting things back to normal.
This journey back to normal will be hard; and there is no doubt that small businesses will take the hardest hit from the current COVID-19 pandemic. Small businesses tend to live only with a few months or less of cash flow, so when something as big as this hits, it can be devastating for small business, owners and employees.
We have been doing some research to bring you resources and information and help you strive this challenging time. See below for some ideas that may be helpful in the turbulent times coming ahead. None of them are easy or work as a magic trick, there would be a lot of effort and sacrifices. Here are a few points to start implementing and planning at least for the coming months. From checking your reserves to brainstorming with your staff, here are some practical actions you can take to cope with this rapidly evolving situation
1. Don’t panic, take care of yourself, and keep calm
Taking care of yourself will help you to keep calm, which in turn will also mean keeping your staff calm, and ultimately, a healthier mindset for everyone to come up with innovative ideas to move forward.
2. Tap into resources provided by government and financial institutions
Governments around the world are already putting together initiatives to support small business owners, and this is something that is evolving on a daily basis. Don’t hesitate to read other previous entries we recently posted about SBA loans that may be a guide in this process.
3. Make a three-month financial plan
Every small business usually has the same key expenses, which include employee salaries, office rent, and utility bills. Further expenses range from industry to industry.
Speak to who you need to pay in the next three months (landlord and suppliers) and find out what options you have to spread out the costs. Look at your personal finances, and speak to people you may support to have a realistic discussion on how to control your personal spending for the next three months. What costs are necessary, what can be put on hold? Also, look at ways you can cut costs. But use this as a last measure after we have seen at least two months of damage from the COVID-19 pandemic.
4. Find the opportunities
It’s never nice to capitalize on events such as this, but they can also be a wake-up call to reconsider how you have been doing business. In this case, is your business model able to survive the changes that will come from the COVID-19 pandemic? How do you expect your customers to behave moving forward? What will and won’t matter to them, and how can you accommodate who will likely be a new type of customer? Can you digitize any of your products or services, and start offering them online? Can you implement technology to balance any loss of earnings by offering new ways to connect with your customers?
5. Upskill your staff
Wherever possible, try your best to keep your staff. You could train your existing staff on additional skills, which could make them more productive and efficient, rather than hiring more staff. For instance, your sales team could perhaps also help out the marketing team.
