How Your Small Business Can Survive The COVID-19 Pandemic
There’s no doubt that small businesses will be the hardest hit from the current COVID-19 pandemic. The bigger businesses have a better chance of surviving; however, small businesses tend to live only with a few months of cash flow (at most), so when something as significant as this hits, it can be devastating not only for the small business owner, but also for the employees they support. So, how can small businesses survive the turbulent times coming ahead in 2020? There’s no easy answer; however, here are a few points to start implementing and planning at least for the next three months.
1. Don’t panic, take care of yourself, and keep calm
This can be difficult especially when cash is running out, but remember to take care of yourself in a way that works for you- for instance, eat well, and try to get some exercise in. 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.
3. Make a three-month financial plan
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. Chances are they may already have options in place, or will be understanding, as it’s in their interest to keep your business.
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?
5. Up skill your staff
Wherever possible, try your best to keep your staff– they rely on you, and if you have managed a good team, they should be supporting you. You could train your existing staff on additional skills, which could make them more productive and efficient, rather than hiring more staff. There’s plenty of online courses that are very affordable, and these will allow them to focus on other areas of the business when their department is down.