The COVID-19 crisis has severely impacted businesses all around the globe but it’s the small companies that are hardest hit. Large enterprises have a better chance of surviving this crisis as they have more resources whereas for many small business owners the situation could eventually turn out to be devastating, considering the fact there is no certainty when this all will be over. A number of small companies have closed their operations temporarily and some fear that the closure might be permanent if the pandemic continues for long. Business owners are uncertain how to navigate their businesses in this turbulent time and the employees are fearing unemployment. However, the good news is that this stressful time can be used as an opportunity to drive creativity and innovation which, in turn, can help your business survive.
Here are 8 tips on how your small business can survivethe COVID-19 pandemic:
- Evaluate Your Financial Condition
It’s important to assess your company finance and make informed business decisions based on the assessment. This evaluation will help you find out how to pay outstanding debts, pay your employees, meet loan repayments, etc, and resolve many such issues in times like this when your trade has been restricted and hence the cash flow. You can also contact a professional accountant to strategize how to manage your business finances.
- Reach Out to Your Network
Your business network could be very helpful at this time of crisis. You can reach out to seek support and advice. Maintaining a good communication and sharing ideas and innovations with other businesses can be mutually beneficial. Join online groups for acquiring information and seeking help from your network.
- Explore the Options for Getting Government Assistance
In many countries, the government has announced financial assistance for small and medium sized businesses to help the employers manage the disruption. Find out the eligibility for getting such assistance so you can provide further support to your business amid this crisis. Keep yourself updated about the new initiatives and plans being launched by the government to fight the crisis.
- Communicate with Stakeholders
Communicate to your stakeholders in what ways the COVID-19 pandemic is impacting your business. Your crisis management plans and strategies won’t work if your stakeholders don’t understand and support them. This includes your staff, debtors, creditors, vendors, etc. Also keep your customers updated about your current situation and communicate how you expect their support.
- Check Your Business’s Operability
Although the government has imposed restrictions on many business activities, there are certain areas which can function. See if your business can be operable under those circumstances. Also, consider changing the way your business operates to maintain continuity. Staying updated and informed about the changes and learning how small businesses across U.S. are coping with COVID-19 pandemic are also crucial.
- Check Your Options to Support Employees
As an employer you have certain obligations towards your employees. Find out ways in which you can pay your employees, make changes to their work hours or alter leave entitlements. You can also seek government support in retaining your employees under certain criteria. Find out authentic information and check your options to support your employees.
- Identify Opportunities
Situations like this give you an opportunity to reconsider the way you are doing business. You can ponder if your business model is strong enough to survive the changes owing to a crisis. COVID-19 pandemic has changed business methodologies in colossal ways. You need to study the situation and identify the areas where you can make changes to grow your business even amid the crisis. Your company can try using new technologies, digitizing services, and many more alterations not only to stay afloat but also to grow.
- Upskill Your Employees
Train your staff on how to handle the changes and help them learn additional skills so they can be more efficient and productive while handling work during the COVID-19 crisis. You can opt for affordable webinars for your different departments. The sooner you’ll upskill your employees the better they’ll help you steer the business in the direction of growth and sustainability.
Tough times like this require patience and coordinated efforts in business. These tips for small businesses to survive COVID-19 crisis can be helpful. However,if you have any more effective ideas, please share them in the comments below