The rapidly escalating coronavirus pandemic is hitting businesses real hard, with many being forced to downscale, or shutter entirely, in an attempt to stifle the spread. And business owners are not hopeful. More than three-quarters of small businesses say the health crisis is negatively impacting them.
Business ventures await more lucidity on how long the mass lockdowns will last and what government will do to in a bid to boost them. As they do so, there are several things they can do now to keep them operational while preparing them for reopening.
Here are five tips to keep your business afloat amid the COVID-19 pandemic:
1. What are the Operation Risks
What is the degree of risk in your business? Evaluate all operational spheres of your business, and create a pre-start checklist to ensure you’re ready to go as soon as the lockdown restrictions are eased, and business is back to normal.
Even if you have an existing risk assessment, it may no longer be suitable. Set up a new one focusing on the hygiene and safety measures needed to safeguard humans, finances, technology, and operations during the outbreak.
2. Get in Touch with Your Employees
Establish and maintain robust and frequent communications with employees. It is a perfect opportunity to understand how they are doing personally. You also get to catch a glimpse of how they have been impacted by the virus and provide reassurances about how you plan to support them.
3. Check out the Supply Chains
Seek to know whether or not your customers are still customers and what they now need from you. Once you are sure about what your customers need, get in touch with your suppliers about what they can offer you, being chary that they may over-promise. If you have a tight budget with the cash available, remember that not everything has to be done in cash: Get creative and figure out how to swap with other products and services.
4. Adapt quickly and Be Creative
No doubt this is probably the most important practice you will be required to do. Make sure you are “thinking outside the box.” Make it a consistent part of your business. While doing so, this challenge may bring you some opportunity you never anticipated. Keep in mind the saying, “Necessity is the mother of invention.” You can ask yourself whether you could sell products online or maybe how you can provide additional value for your customers during this time. Also, think about developing any new services and procedures that you haven’t previously had time for.
5. Stay Informed and Updated
As a business owner or an entrepreneur, you need to be up-to-date and be informed of changes in everything that happens during this pandemic. It is equally essential for you to be abreast of all the relevant news and health updates from reliable sources such as the World Health Organisation (WHO), government bodies, and the Centres for Disease Control and Prevention (CDC. You also ought to be aware of the restrictions and guidelines about the business and product offerings.