Mar 20, 2020
The coronavirus, otherwise known as Covid-19 has thrown the world into a panic mode, thanks to the speed the disease has been spreading across the various continents.
Consequently, the business world is among the sectors suffering the biggest blow as the financial market, as we know it, is constantly on a downward plunge. Both small and big enterprises have been hit hard by the impact of Covid-19 and because of the gravity of the situation, plus the fact that the future is yet unknown, such businesses have to find ways to survive the pandemic. As the world is brought to its knees, below are some tips you can apply to help your business survive the frenzy.
1. Fear creates panic - Don’t panic
Considering the crisis the world is facing right now, it is almost impossible not to panic. In fact, the Coronavirus has the world in a total frenzy and the reason is clear enough. While the disease threatens to sweep its way around the world we can't afford to lose our cool and cause more harm than the virus has already inflicted.
Besides, as a business owner, you can't afford the luxury of panicking as it will definitely impact negatively on your success. Look on the bright side and consider the number of people who look up to you as their leader. The world is in enough mess already; so, it’s best not to add to the stockpile.
2. Limit yourself to important news
To avoid turning into a bag of nerves, it is vital to read only the important headlines from authority sources. In the current situation in which the world has found itself, a lot of news channels are tapping into the opportunity to shine and are willing to achieve this by sharing fake or exaggerated news.
Feeding your mind with fallacies can lead to panic which is not healthy if you have a business to run. However, you need to enlighten yourself as knowledge is power. Get educated on the important facts about the virus and use the knowledge to keep yourself, your employees and business safe.
3. Explore the vulnerability of your business in the situation
It is absolutely recommended that every business owner should keep the optimism alive in a situation like this, rather than sitting back and assuming that everything will be alright. Instead, explore all loopholes and the worst-case scenario your establishment might face if the situation doesn't calm down any time soon.
This might take you to scary places but it is important to make these findings and prepare ahead of time. In view of this, take note of the most vulnerable spot your business is liable to be pushed to and if such a challenge comes up, what measures can you take to handle it?
4. Have a plan
When you are facing the unknown in times of a crisis, you can ameliorate the situation by simply mapping out a plan or two beforehand. You really don't have to wait for the worst to happen, prepare and wait for it and even if you don't put your plans into action, knowing that they are there reduces the stress and pressure you feel.
As a small to medium sized business owner, you may not have a board of directors and probably make all the key decisions. The fear is real from a health point of view and many people are looking up to you to plan your way out of the pandemic that the Coronavirus poses. Nonetheless, you can pull through the pandemic if you have a feasible plan ready to be executed.
5. Cut down on the extra costs
Going bankrupt in a time of crisis is not an option for a business owner and while others are making the most of opportunities that may surface as a result of the crisis, you may be struggling with funds. Considering the speed at which the Coronavirus is ravaging the world, now would be a good time to reduce the amount of money that flows out of your business.
Basically, anything your business can survive without should be paused. Now is not the time to embark on excessive travelling, especially if it's for leisure. You can also avoid having meetings that would cost you a lot, unless it is for the good of your business. Again, subscriptions that you can do without can also wait until the crisis is over, this is another way to curb heavy spending as many businesses spend a lot on subscriptions.
6. Work from home and keep the communication alive
Working remotely is another way we can survive the Coronavirus pandemic since the disease can easily spread through contact with infected people. However, a plan has to be set in place before employees can successfully work from home. At a time like this, communication is the key if you want remote working to produce good results.
While physical contact is not advisable, there is nothing wrong with calling in on colleagues and employees to share important information. There are many platforms that can help with this, including Zoom & Skype. Also, setting clear parameters gives your employees a sense of responsibility. They should know what they need to do, the hours they are supposed to work and there should be a platform to record every information and work done for the day.
7. Make the most of opportunities
Despite the grimness of the situation, there is indeed a silver lining. Amid the frenzy the world has been thrown into, some business ideas can thrive and turn things around for good. If your business requires customers to see your products before making a purchase, you can use modern technology to make things work since most people are quarantined at home. Video calls can also be used to show customers what is available and once they are done picking what they want, door to door delivery will take care of the rest.
Again, as a restaurant owner, you can offer to deliver meals round the clock during this time of crisis and by the time things go back to normal, your business would have ramped up on sales and popularity, setting your brand aside from the rest of your competitors. In all, gather information on the needs of your customers and strategise different means to meet them.
8. Review your insurance policies
What kind of policy do you have in place for a time like this? Sending employees home to work remotely might require allowing them to go with company gadgets like laptops, phones and other devices needed to carry out their tasks. They can also use their personal devices for this purpose but what is important is to make sure that your insurance covers the important aspects of your business as you don't know what will happen next with this pandemic.
Another aspect to look into is the fact that your employees can actually get sick with the virus. Are you ready for that, especially with a sick leave plan? It has become clear that we are all in this together as Covid-19 doesn't choose you because of what you have or don't have. Be safe out there, take care of your mental health and don't lose hope & let’s look out for each other.
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