Being walloped by the coronavirus pandemic and the worldwide lockdown, businesses are facing the most challenging times of their life.
Unfortunately, the impact of this lockdown is more brutal on small businesses and start-ups due to smaller cash reserves and resources.
Certainly, the situation is not going to change for at least a few months. So now, for as long as the scientists are not able to come up with a vaccine for the virus, small businesses and COVID-19 have to go hand in hand.
Here is a guide for small businesses on how to alter their way of working to be able to cope with and sustain through these challenging times:
Small businesses and Covid-19 pandemic
● Collaborating with other businesses
These days, a lot of struggling businesses are collaborating. To avoid suspended sales, you must try to partner with some less affected business.
For example, if you are a restaurant owner, you can team-up with the local grocery store to sell meals prepared at your place.
● Adopting new methods for delivering goods
A lot of store managers are investing in building an online store to avoid bringing their business to a halt.
If you own a store or a restaurant, where people have to visit you to be able to purchase items, you must figure out how to switch to an online store.
● Expanding the market
Due to the lockdown, there can be a considerable portion of your clients that can no longer make use of your products and/or services.
Try to expand your market by adding things more essential for you during these times in your store.
For example, if you are a clothing brand, you can manufacture quality masks and supply them in the market.
● Maintaining a healthy relationship with contractors
During these financial disruptions, it can get hard for you to make payments for your contractors like your vendor, supplier, cleaning staff, or landlord.
However, make sure that you send them prior notice about the delayed payments.
This will help ensure a healthy relationship between you both, and there is no bitterness between you both during these already hard times.
● Managing the employees
The primary option for you to avoid debt is to cut a portion of the salaries of some higher-paid employees.
In such a case, you can look for government directives and try to offer extra compensation to employees that you can’t afford to lose.
You must also try to keep your employees engaged through regular updates and weekly zoom calls.
● Staying in touch with your customers
Your customers may not be purchasing things from you these days, but you’ll need to remain in touch with them to maintain the connection between you two.
You can make that happen through virtual channels like G-Mail, Instagram, Facebook, or through updates on your website.
You can also post a Q&A session on preferred social media platforms, asking your customers about their experiences during the lockdown. They can also offer creative ideas to help you keep up during these times.
Quick tips for sustaining through this economic recession
● Take care of your health
Your health should be your top priority during these times. If your body is doing well, you can invest in enough energy to work your best to uplift your small business. Make sure to follow all the guidelines released by your govt. to protect yourself from the virus.
● Feed your mind
Not just your body, but your brain needs healing too. Try to stay away from things that can make you sad or anxious. Stay in touch with your dear and loved ones. You can also try meditation as it is known to help you heal your mind and make it less chaotic and more peaceful.
● Stay updated
There are a lot of changes being brought to different systems around us, especially in how the government works. Therefore, it is crucial that you stay updated with all the latest changes and the policies so you don’t miss anything that can impact you and your business.
● Look for helpful resources
There are several institutions, including the government, that are coming forward to offer financial help to small businesses and start-ups.
You should always keep looking for such potential help resources. Also, most of the governments are running and releasing several mental health programs and guides for small businesses to cope up with the Covid-19 pandemic.
● Stay positive
These are challenging times for all of us, not just financially, but also in terms of the mental stress that we have to bear.
Do not let waves of despair overpower your passion for your work. Look for inspiration and opportunities around you.
● Support your community
If you are directly connected with your community, it is the best chance for you to show your compassion towards them and build trust among the masses.
You can offer discounts on your goods and/or services for health care workers and other people from your community more vulnerable to financial problems.
So, here was a quick guide for small businesses to alter their way of working and their lifestyle to help themselves stand tough during these stormy times. If you keep looking for opportunities around you, you can smoothly sail through the pandemic and come out as a well-established winner in the marketplace. Hope you enjoyed reading through this article and found it helpful.