How Small Businesses can Power thru during the COVID 19 Pandemic
Undoubtedly, small businesses take the hardest hit from the current COVID 19 pandemic. Some small businesses have been significantly running at a loss since most of their customers are at home to flatten the highly infectious virus curve. Without cash flow, some might even be considering shutting down already while some are still growing.
What innovative ideas can small businesses put in place to survive the pandemic and grow afterward? There is no easy answer to this question, but here a few tips you can implement to survive and thrive in this unprecedented time.
- Keep calm and take care of yourself.
Not panicking in a situation when you are running out of cash can be quite difficult. But, always remember to care for yourself. Taking good care of yourself keeps you calm, and when you are calm, your staff are calm. That gives everyone a healthier mindset to create innovative ideas for growth.
Take time to reflect before you make drastic decisions. Ask for trustee opinions, and seek the perspective of business owners that are blooming. Also, when necessary, ask for emotional support, you might need it.
- Tap into government and financial institution provided resources
Governments worldwide are putting together resources to support small businesses, and this action evolves every day. Keep yourself updated about how your government can help reduce costs. Also, try to be up to date on how other vital institutions, like banks who have social responsibilities and NGOs, can help.
As a small business owner, you need verification and certification before you can secure contracts from the government. You can trust EZbiz to help you qualify and become certified to do business with the government. Besides small businesses, we can also help Minority Businesses, Woman-Owned, Veteran-Owned, and Service-Disabled veterans.
- Make a financial plan
Every small business has general essential expenses like salaries, office rent, and utility bills. How high or low the costs might vary from companies to companies.
Discuss with those you need to pay in the coming months about options to spread out the expenses. Evaluate your expenses, and discuss with knowledgeable people on how to regulate your spending for the coming months. Cut down unnecessary costs, and if you have a partner, have an honest conversation with them about your plans for the business. What costs are necessary, what can you put on hold?
To cut down salaries, you can consider putting a stop to hiring permanent full-time employees. Instead, you can work on your projects with freelancers. You can also consider downsizing your office and using a smaller space to offer an affordable and flexible payment plan.
- Upskill your staff
Irrespective of the situation, try to keep your staff because they depend on you, especially if you have formed a good team. Instead of hiring more staff, you can train them for more productive and additional skills. You may do this by enrolling them in several online affordable courses. This action also helps cut down costs.
Conclusion:
A diligent application of the listed tips will see to your business's growth during and after the COVID 19 pandemic.
