Ever since the coronavirus pandemic hit stateside, businesses have been closing their doors left and right.
Business owners have been struggling for the past few months. Not all of them are optimistic about the situation, especially if the present health crisis persists for the next few months.
One demographic that’s hurting really bad with the present circumstances are small business owners. These folks have been doing what they can to keep their business afloat and keep their workers employed as much as possible.
However, with no near end in sight for the pandemic, how will they make it to the end of the year? Some business analysts have already made statements about how the goal for businesses this year is no longer profit but survival.
How will small businesses come out of this in one piece?
Increase Your Business’ Chance for Survival in This Pandemic
1. Stay calm, collected, and composed.
We understand how all sense of calm and composure goes out the window especially when your cash reserves are running low. However, panicking will not do you — or anyone else for that matter — any good.
It takes a clear and sober mind to make the most rational and logical decisions. If you let fear and anxiety be the major drivers for your decision, you’re only doing yourself and your business more harm than good.
Take care of yourself in ways that work for you. Get enough sleep. Eat properly. Meditate. Exercise. These things may seem trivial, but they help in keeping you mentally refreshed and prepared to take the bull by its horns.
Easier said than done, we know. But if you put your mind to it, it is doable.
2. Make the most of government and financial institution provisions.
When the dreaded coronavirus started sweeping different nations across the globe, the government has already started working on a few contingency plans in case the virus hit stateside. And it did.
The C.A.R.E.S. (Coronavirus Aid, Relief, and Economic Security) Act was one such provision to help mitigate the effects of the virus. The government is doing what it can to protect its citizens’ health and welfare.
While there still are certain vague areas still up for discussion and clarification, provisions have been put in place for workers and businesses. Small business loans, stimulus checks, and tax filing and payment extensions come to mind.
Find out how you can take advantage of these offerings from the government and other financial institutions in your area. You need to exhaust all options available to you if you expect to make it through the year.
3. Draw up a three-month financial plan.
Generally, most small businesses have similar key expenses. Commercial rent, workers’ salaries, and monthly utility bills, to name a few.
Depending on the nature of your business, the monthly expenses will vary from one establishment to the other. And at this time, it is especially clear that the pandemic has affected almost everyone financially.
Based on your regular expenses, find out who you need to pay for the next three months and talk to them about the possibility of compromising on payments. Chances are, they will be willing to work with you as it is in their best interest for your business to stay with them.
If you’re on the receiving end, make sure to also extend understanding to those you do business with. Always practice fairness when dealing with people, especially at this time.
Once you’ve made arrangements, list down every possible thing you will spend on and prioritize. If there are items you can do without, consider taking them out temporarily. You need to ensure that each penny you spend is one that is well-spent.
4. Look for opportunities to adapt and transform.
One thing that COVID-19 has done for us is it defined what’s essential and what’s not. Businesses and establishments that have continued to operate while others closed down are the ones deemed essential for survival.
Food. Medical supplies. Protective personal equipment.
These and other similar things are the top priority for the past couple of months. Other businesses are adapting to the existing conditions by modifying their line of business and helping fill in the gap for essential items.
You may want to consider transforming your business temporarily to help meet the demands and to stay afloat until the coronavirus dust has settled. Invest in your workers’ skills and upgrade them by having them learn new skills that are helpful for both your company and the present circumstances.
Things may be tough now. Uncertainty still hovers above us. Learning to adapt to the current climate will help increase your business’ chances of success against the financial and economic effects of the health crisis.
