Without a doubt, the current COVID-19 pandemic will definitely be devastating, especially, for small businesses. The bigger organizations have a better possibility of enduring the circumstances; whereas the small companies tend to live only with few months of cash flow, so when something as critical as these hits, it can be crushing for the entrepreneur as well as for the employees. So, how can small businesses survive these intense times coming ahead in 2020? There’s no easy answer to this question. But, here are a couple of points to begin with. Implementing and planning for at least the next three months can be beneficial.
- Avoid Panicking and Stay Calm
It can be troublesome particularly when cash is running out, however, make sure to deal with yourself in such a way that works for you. Taking proper care of yourself will assist you in keeping calm, which will likewise mean keeping your employees calm, and eventually, a healthier mentality for everybody to think of innovative ideas to move ahead. Set aside some time to adjust yourself and your psyche before taking any drastic decisions. Things can become worse due to one wrong decision in this already worse situation. Things will get better with time, and you are not alone in this.
- Make the most of the resources provided by the government
During this baffling situation, the Government of India has found ways to help small businesses. The Government has initiated “The Invest India Business Immunity Platform” which will assist small businesses with getting snappy and ongoing updates about India’s reaction to the COVID-19 episode. Also, remembering the interest of employees who fall under the low wage category, and work for organizations having under 100 employees, the government proposed to pay 24% of their monthly income straightly in their Provident Fund accounts the upcoming three months. Keep yourself abeam with announcements that can enable small businesses to manage these challenging situations in a greatly improved manner.
- Bone up your employees
One of the best things to do now is to gain the confidence of your employees. Attempt to hold your employees and in the past, if you have dealt with a decent team, then, they ought to be supporting you. It is fitting to freeze recruiting more staff, rather you can consider upskilling your current staff by giving them training on additional aptitudes. Thusly, you can make your group increasingly profitable and proficient. Aside from nurturing your staff, use this opportunity to analyze consumer behavior. This will enable you to comprehend what your customers truly anticipate from your business.
- Systematically prepare a financial plan for your business
Each small business, as a rule, has similar key expenditures, which incorporate employee salaries, office rent, and service bills. Further expenses differ from industry to industry. Address those you have to pay in the following three months and discover what alternatives they are willing to haggle to spread out the expenses. The government has likewise declared that they will give an extra tax exemption to private proprietors who will give rental discounts surpassing 30%. Also, take a gander at ways you can reduce your expenses regularly.
- Stay connected to your customers
You may not be able to connect with your customers face to face, however, there are a lot of approaches to do so on the web. Levitate your emails, website, and social networking content. If suitable, make live streams or chat groups. Concentrate on sharing data or offers that can assist customers with the challenges the emergency has caused. This can be an important time to shape a more profound connection with your customers and increase your knowledge of what they truly need.
This harrowing pandemic will inevitably end, and when it does, the business organizations despite everything standing will be those that rose to the situation. Utilize this opportunity to stay in contact with your prospective customer base, create more grounded ties with your community, and improve your own skills, and you’ll return stronger when the adversity ends.
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