When it comes to survival of business we all know that small businesses have to struggle more than big businesses. In time of crisis or pandemic like Covid-19 world is facing today, the small business can be drag for few months but after than owner as well as employees have to suffer. So, the question here is that how small business can survive in this situation which is in fact a difficult but some planning can help owners to slog their business in these situations.
Whether it’s pandemic or not the most important task for any business owner is to have control on his nerves while taking any decision. Especially when cash is flying out of your pocket. If you are facing problems just sit back and don’t make any decision without concerning someone you can trust and think through all of this maybe you can get out of these times with some little effort.
When it comes to business government of every country helps the business owners and in this pandemic government of countries around the globe are helping small businesses because they are the ones who suffer the most. You should have the complete knowledge about the terms and conditions, how to register your business etc. One should have complete knowledge about their business market and competition in that market.
Either its pandemic or not making financial plans for your business is the best thing to do. When it comes to small business expenses are almost same. So first you need to list down what expenses can be cut short maybe less food supply or you can speak to your landlord about the rent situation. Maybe he will help you in this situation. He can divide rent into installments for few months because if you are not able to make enough rent ultimately you have to leave the space and landlord is not going to let this happen, at least not in this situation.
See what are your personal expenses and how things you can put on hold for a while. You may plan to renovate your lounge and have saved enough money for furniture or decorations, this thing can wait you can use that money for a while.
You have to look around and see what opportunities you can create for your business. Train your staff to mold with this change because believe it or not this pandemic is not going to leave us so you have to think how to optimize your work.
At this time, you can’t afford more staff working for you or to outsource work. It’s time when your team have to work hard and start training your staff from online sources. Web is filled with online courses and in very affordable prices. For example, sales team can also work as marketing team.
It’s critical to manage your business in this crucial time the part where you have to cut down your expenses you also need to keep check on the cash cycle. Find the ways how you fast you can generate cash. It’s the time to switch your business to online environment which can save rental and utility expenses. Analysis the products and make a list of your best selling products and least selling so you know where to spend less. And make your delivery system efficient where it’s some kind of product or software related task you have to make things happen as soon as you can.
Don’t sit back and wait for anything to happen, you cannot just blame the situation for anything unless you haven’t done enough effort on your work. Once you are done with everything than see how things works out for you but fight till the end. Divide your target into milestones, you can easily achieve small targets rather than focusing and using all your energy on the big one.