Indeed, the present times and seasons aren’t any man’s favorites. The unprecedented coronavirus pandemic threatens to overrun the hard-earned accumulated gains in all aspects of man’s life. Virtually, every sector has been negatively impacted, and more especially the health and economic sectors. Daily, we see large and small businesses closing, companies shutting down.
And with the health protection measures in place, such as the lockdown, it’s difficult for businesses to carry out their business activities smoothly as before. Consequently, the inability to carry normal business functions can lead to a sharp decrease in revenue, ultimately causing the business’ total collapse. However, your business can survive the current COVID-19 pandemic.
Your venture doesn’t have to die during this crisis period. With worthwhile strategies in place, your business can remain afloat in the overwhelming sea of the present turbulence. As an entrepreneur, here are five strategies you can deploy to survive your business despite the unfavorable conditions that abound.
1. Create a New Plan
If you initially had a backup plan for your business, now is the right time to implement it. And if you don’t, you can create a new effective plan. It might seem challenging to develop a working plan amid the overwhelming uncertainties, but you’ve to do it. As the CEO of your business, find a quiet place in a stimulating environment and think deeply about how you can redesign your business, such as getting new financial sources, more customers, etc., to keep your business going.
Depending on your business’ nature, you might have to involve your critical employees during your planning. And if it’s unnecessary, then go ahead and formulate a working plan yourself. For example, an idea which might involve laying off some workers, or cutting their salaries might be challenging to make with your employees. After you might have formulated your plan, you’ve got to pen it down. Consider making it well-defined and structured to aid its straightforward implementation.
Then, ensure all your employees are primarily aware of your new plan, and why you’ve to follow the procedures. For example, if your method involves laying off some workers temporarily, you can meet with them and explain why you’ve to do that. Let them know you have their utmost concerns in mind.
2. Cut Your Budget
With your new business plan in place, the next step is cutting your budget. You’ve to ensure your budget adapts to the crisis period without leading to any financial loss. You can make a new monthly budget for the crisis period, keep to significant expenses, and reduce your purchasing power. It’s also likely you’d have to reduce your staff, serve clients only after payment, or abandon a slow-selling product or service.
Whatever it is, maximize your budget effectively, spend only on goods and services that are fundamentals to your business’ survival. It might be difficult to cut some expenses, but you’ve to establish your business’s survival as an essential goal. For instance, it’s not necessarily crucial you pay all your debts during this period. You can request financial considerations from your creditors and ask to pay at a future date. And when your business starts gaining strength, you can begin to add your cut expenses to your budget.
3. Work Remotely
Presently, we see an unsurprising surge in the use of remote approaches by many businesses and organizations worldwide. However, asking your employees to work remotely depends substantially on your business’ nature. Take, for instance, if you own a restaurant business, it’s unfeasible to work remotely.
But if you’ve got an establishment such as a financial firm that provides financial services, then it’s easy to request your workers to work remotely. Thus, in a case where working remotely is unfeasible, such as a restaurant business, consider engaging in delivery services for your trusted customers. And if remote working remotely can aid your business’s proper functioning, then you can ask your workers to work from home.
4. Go Online
Fortunately, in this digital age, you can easily carry out significant functions via the internet. You can outsource for services and goods on popular digital marketplaces for the smooth running of your business. And also communicate with your employees on reliable social media platforms.
However, due to the prevalent use of the internet by many businesses and companies, cybercriminals and crimes rise daily. Therefore, consider investing in digital protection services that are quite affordable for you or anyone to protect digital activities, and prevent online exploitations.
5. Reach Out to Your Customers
Now is the best time to reach out to your customers. The way you interact with your customers during this period could define your business for many years. Consider making them aware of your new plans and the new ways you can serve them. If possible, you can reduce your prices to show the utmost concern for their welfare. And assure them of your plans to help them better, even during this crisis period. Never keep reaching out to them. It matters.
The final cap thereof is your patience; you’ve got to be patient. Don’t carry out your plans hastily with quick expectations. Ensure you’re meticulous in every one of your projects, and sooner or later, you’d see the positive results. Create a plan, cut your budget, work remotely, go online, connect with your customers, and thrive your business even during this unfavorable crisis period. Your business can surely survive the COVID-19 pandemic.