Being a small business owner is quite challenging during this crisis. I my self is a owner of two small businesses simultaneously: Rising Tech Dev & PC House London Limited. I was actually having difficulty navigating these businesses during Covid-19. But now, I am expert in navigating my business through this crisis. Today, I wanted to share what I have learned from my research with you. I will explain to you how I manage my business in order to ensure that it survives Covid-19. First of All, DO NOT PANIC! The more you panic, the more our actions and decisions will be wrong. So please avoid that and DO NOT PANIC! so that you make good decisions for your business.
1-Survive First Grow Later!
Due to Covid-19, every business priority should be to survive now and grow later. It is extremely imperative for your business to just survive right now and get out of this crisis. All the activities that you wanted to do or had planned to grow your business venture should be stopped right NOW. All of your focus should be on those tasks and activities which can assure your business survival during Covid-19.
2-Worry about Cash Flow & Pay the bills
It is great news if you can get even a tiny bit of profit. As we all know something is better than nothing. So try to focus on those small profits and be happy about them. Moreover, you might get loss during this crisis, but small loss will always beat the huge loss. Focus on where you can take a managed hit resulting in loss in your business, so that you have enough ready cash flow to pay all the necessary bills on the due dates.
3-Use your assets to generate Profit!
Your business must have lots of assets and stocks lying around. You need to think about everything and anything that you can sell. All the assets that are lying around and you don’t use or plan to use in a long term. Sell them even at a bit of loss to generate some cash flow so that you are able to pay the necessary bills. As far as the stocks are concerned, try to sell them online. If you are a part of supply chain or were a wholesaler, then make sure that you do everything in your power to sell the stock to the consumer directly. People still need stuff and you can take advantage of this and sell your stock directly to them by removing the middle man.
4-Avoid Spending on anything that won’t bring you Money!
Huge business models have various parts of business through which they get revenues. For example, hospitality businesses or tuition centres who were getting customers by publishing advertisement in print media, should definitely stop print media advertising campaign. As everyone during Covid-19 prefers digital media and not everyone has access to print media. Everyone prefers digital media, so make sure that all your Marketing focus is on digital media. Chances are that it will cost you less and will bring more clients. In other words, you need to think really hard and suspend all those spending activities which are not fruitful during this crisis and focus on everything that can bring you profits.
5-Don’t be a Lone Wolf!
We all love being around humans, we all love their inputs in our personal lives. So why don’t we take their inputs and suggestions when it comes to growing our business. Make sure that you encourage your employees to come with new ideas to generate income and work under restricted conditions. Believe me two or more minds are always better at work rather than just ONE. You should offer various perks and bonuses to encourage them to come forward and share their thoughts with you. If you have never tried this before then believe me their ingenuity will definitely surprise you.
All in all, these are five tips that I think is necessary for any business to survive Covid-19 and lockdown.
Let us know If you have any questions or suggestions about how a business can survive Covid-19?. Share your thoughts in the comments section!
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