With non-essential workers unexpectedly urged to self-quarantine, many businesses have had to bear through possibly one of the biggest crises of this generation. Having the world come to a halt created a huge gap in the economic standing of many enterprises, both big and small. Unfortunately, many young and upcoming small-to-medium enterprises are not prepared for a pandemic, and most do not have the means to survive this storm.
If you are an owner of an SME and are still holding out, you might be worried that the business you poured sweat and tears for might collapse anytime. However, just as water flows around obstacles, we need to adjust to the changes that suddenly happened. The pandemic is an inevitable reality, but your business shouldn’t have to fold because of it. Here are some points to consider for you (and your staff) to make it through this:
Your Staff is Your Care
Many employees and employers are concerned about job stability. Employers don’t want to lose precious staff, and employees don’t want to lose a job at a crucial time like this. In this situation, it’s better to remember that your staff is under your wing. Taking care of them will only prove beneficial to your company in the long run.
To avoid laying off staff, a common trend among business owners today is to simply reduce working hours. And why not? It’s an effective system that keeps the business running and maintains cash flow for both the staff and owner. Depending on your area, your employees may also benefit from government resources that grant unemployment benefits to those working reduced hours.
Keep Cash In
The pandemic is bleeding many companies dry. Being unable to make a profit while still having bills to pay is a dangerous road to be in, should the pandemic extend longer. You can keep cash in and prevent it from coming out by looking at your expenses, and dropping what you don’t truly need. If you’ve arrived at the situation of having to close your office and shift to working remotely, it’s wise to sell your old office equipment. Checking what utilities are willing to accept staggered payment plans- there’s quite a number of them due to this problem being widespread.
The government and other important institutions are also taking action to prevent SMEs from sinking. It might prove useful to check how your local government or bank can help you. You might discover that you can get a stimulus package or assistance loans.
Take this Opportunity to Advertise
An interesting effect of this ordeal is that more people are online more hours of the day. Even though it might not feel nice to capitalize on a situation like this, this pandemic is an opportunity to make use of online marketing to make your business known. It’s to you and your business’ advantage to take this moment to advertise- especially since it’s making sure that you’ll still have a business in the future.
Because the vastness of the internet can be overwhelming, making use of online marketing services will help you keep your business relevant and connected to your customers. This also means that you still have a fighting chance to make a profit, making sure your employees get paid and your business afloat.
Plan Ahead
If it’s still not obvious yet, planning is vital mainly because the pandemic effectively threw a curveball at everyone’s plans. We all need to look 3 to 5 months in the future and strategize our actions based on what’s happening now. Speak to experts, or read about the current economic trends to future-proof your business even by just a little bit.
Plan about the other avenues your company can take. Surely, your business can find newer ways to grow. Also include finances in your plan, how much more can your business take? Will it last the next few months? Looking at your situation will tell you whether it’s going to be worth taking out a loan or if you can manage. At this point, failing to plan truly is planning to fail.
Amid tumultuous times, as a business owner, getting your company through takes top priority. This isn’t a one-person task, and you will need support from the people you work with. A clear goal and an even clearer head to lead people are key to your steady climb out of this crisis. Keeping up to date, gaining relevant skills, working together, and having good foresight are some of the things we can all do to survive this storm.