Tue. Jun 11th, 2024

How small business can survive the effects of the coronavirus pandemic

By pauline Nov 2, 2020

Throughout the world, small businesses are facing a crisis never faced in the recent past. These businesses may find it frightening to tackle all the unique challenges that the Coronavirus pandemic has brought. The coronavirus affected how small businesses operate. It has also undoubtedly affected their workflows and strategies in the future. While the internet is full of information, it may be difficult for business owners to know which information is authentic and which isn’t. However, they need not worry as ReviewsBird offers some reviews that one may find useful. Most importantly, this article offers small business users ways that will help them survive the pandemic.

Instant financial triage 

The biggest concern that a majority of small business owners have, at least, is how they are going to pay their bills in the short term, as well as how long it will last. This is a question that is, of course, very difficult for such businesses to answer. However, there are certain measures that the businesses can take to help address the effects that the pandemic has brought. These measures include;

  • Creating a cash-flow budget entry, listing fixed costs against variable costs: Fixed costs are the costs that must be paid as they are the most crucial aspects of a business’s running process. Come up with a list prioritizing the fixed costs that are most important, trying to set them aside based on the time they are due.
  • Terminations, furloughs, or layoffs of employees: As a business owner, you remember that employees are one of your greatest assets, and if you are too thorough in cutting them off, you may fail to get them back.
  • Furloughs can involve a variety of things that will be custom-made as per your business situation. It may involve employees working at rates that are a bit reduced, working at home, or not working at all. You may have a plan such as paying them at reduced amounts or plan to compensate them at a later point in time in the future. Be very careful and never ask employees to work for free. This not only demotivates them but is also against a majority of state laws.
  • Layoff: This is usually a temporary request in which an employee takes some time off without pay. It is most likely that such employees seek unemployment benefits, but a company hopes that they’ll have them back as soon as possible.
  • Terminations: Just as the name suggests, termination lets an employee go without the promise that you’ll have them back.

Adapt your business

With the current reality in mind, find ways to adapt your business, ensuring you continue serving your clients. Implement ways such as offering the goods and services that seem to be doing well in the market than others. Link and look for other business owners in your field and form partnerships on a win-win basis. Depending on the type of your business, some of the ideas which you can try out include:

  • Having an online marketplace that you can sell goods to consumers through it.
  • When possible, offer services virtually using video conferencing, phone, or even email.
  • Offering new services or goods that people are most in need of, including hand sanitizers
  • Exploring new sales, discounts, and options such as free shipping to draw more clients.
  • Have Covid-19 policies in your organizations

Ensure you are clear with your employees concerning policies you have enacted in the business as far as the virus safety protocols are concerned. One of the key tips is following guidelines laid out by the CDC, including clean work areas, hygienic environments, and social distancing. Ensure you have flexible sick leaves that employees require and try to ensure there are no company areas, for example, with groups of more than 10 employees. Equip yourself with the state, local government, and national directives.

Move your sales online 

Online selling has never been easier, especially with the pandemic’s work from home orders. It’s time to leverage online shops to have additional sales. Depending on the country, couriers and postal service might still be running. Leverage on this and start doorstep deliveries. This will also serve to help vulnerable communities to get the goods they require. Consider incentives such as refund policies giving clients options to receive vouchers or gift cards in place of money back. Ensure you still honor your refund policy and have these other alternatives to clients who agree to them.

In conclusion, as a small business owner, you may be worried about the pandemic’s effects; however, with this article, the various tips will help you cope. Also, consider options such as save money by finding a cheap energy supplier. Company’s such as Tradeline Supply Company can also prove helpful in helping small businesses cope with the effects of the pandemic.

By pauline

Related Post