There’s no need stressing that the ongoing coronavirus pandemic has crippled hundreds and thousands of businesses across the globe. Many businesses, without the exception of small and medium-scale businesses, are experiencing profit decline and some business owners are already giving up on their businesses.
Despite the accompanying disaster of COVID-19 and the resulting effect on business growth, you can always keep your business on a survival lane. Therefore, we have taken ample time to thoroughly consider 5 ways your small or medium-scale business can survive during this pandemic.
Working out a Business Format for Cutting Costs
Doing this may require you to set up a short-term financial plan incorporating only the essential provisions to keep your business going. Indispensable provisions such as utility charges, office rent and staff salaries usually make up the lifeblood of small and medium-sized businesses. So, ensure the business format you’re creating considers necessary expenses so that your decision to cut costs doesn’t backfire.
If you think your business building is spacious enough, you may consider sharing it with another small business owner. This way, you’re sure to free yourself the burden of paying the entire office rent.
Remaining Calm and Taking Care of Yourself
To you, this might not seem to have a direct influence on your business survival. But again, you have to realize that taking care of yourself and always remaining calm have the benefit of inspiring you to develop fresh ideas for business survival. Panicking or cowering over how your business will survive might affect you psychologically as it is considered unsuitable for your health.
Making Advantageous Use of Enhanced Staff Training
The disastrous wave of COVID-19 is undeniably compelling some businesses to lay off their staff. Due to dwindling business gains, you could be tempted to relieve your staff of their roles. However, that might not be the solution to business downturn as there are effective ways of “upskilling” your staff.
You should be ready to inspire extra skills into the staff in crucial departments such as production, marketing and distribution. Helpfully, online courses are available on how you could reinforce your business team with additional skills during this COVID-19 pandemic.
Exploring Alternative Modes of Operation
The virulent spread of COVID-19 is imposing compulsory lockdown on businesses including medium and small-scale entities. While this appears unfavourable, it’s yet an opportunity for you to consider changing your mode of business operation.
Can my business operate online? Would it be great to list my products/services online?
Above are some of the questions that should come to your mind. And of course, you might consider the idea of online operation an effective way of keeping current customers and capturing potential customers.
Keeping Tabs on Support Initiatives Provided by Government or External Organizations
In the course of this COVID-19 pandemic, governments and certain organizations (including financial institutions) are coming up with initiatives intended to keep small and medium-scale businesses running. By keeping yourself abreast of online updates from your local support groups, you’re likely to know if there’s a stimulus package for your sort of business. Also, you should always keep yourself in touch with all the market groups you belong to as some of them might have support packages such as loans and grants to offer.
We strongly believe that the information in this post is enough reason for you to accept that your small or medium-scale business can still survive the catastrophic wave of the COVID-19 pandemic. Therefore, you should make good use of the helpful tips provided and hope that your business will remain a going concern.