From the ongoing Covid-19 Pandemic, small as well as medium-sized businesses are the ones that are getting bump the most. With stock markets tumbling and coronavirus cases streaming bigger businesses have a better chance to survive.
Small businesses are facing hard times with the fewer amount of cash flow left which will not only throw the fatal effect on the owners but also to the employees.
So, the question here is how small businesses can survive these tempestuous times?
There is no such easy-peasy way of getting out of this; however, working on the few points can stable your condition a bit-
The lesser you panic, the more is the chance for stability
Keep calm, take good care of your diet- eat well, exercise, and try to gain inner peace which can be a difficult task especially when the cash is flowing out. If you are pacific, so will be your staff, and a healthy mindset can bring innovative ideas for the growth of the company. It’s never too late to frame outlying workforces, converse with staff, and warm-up for inflaming outbreak.
If a situation comes when any difficult decision is to be made then deep breathe and take time to steady your mind before taking any rigorous decision. Trusted opinions or keeping their perspectives might help a bit to face this dynamic and rapidly changing situation.
Be Active at Social Media to Grow
This is the time when you can hit the crowd with your brand and shine on the sights of people. Being at home is the best place to be during these times so the majority of the audience has preferred to be at house arrest and therefore, diverted their interests more towards social media platforms like Facebook, Instagram, Twitter, LinkedIn, and more.
The better you will show your business on all social media channels the better you can protect your small business.
Many businesses have started ‘work from homes’ opportunities like investing in ‘work from home’ technology, online courses, or digital marketing strategies which can be a lot more helpful.
Don’t lose your rank on Search engines
Your ranking reflects the success of your business; make sure that you add the most keyword-oriented contents, images, and graphs so that you at least elevate your ranking on search engines like Google or Bing.
You could prefer leading websites and professionals experts to give you a hand on link buildings and make your way through this pandemic easier.
Grab the latest government resources
Stay updated with how the government or financial institutions like banks are helping small business owners, take that opportunity to cut your costs.
The Government, these days are taking initiatives for small business owners to Protect their Small Business them in crises and that is advancing on a daily basis, so stay updated!
Plan Your Finance
Create a 15-week expense plan including all the stable and variable expenses like staff salaries, office rent, or valuable bills. Communication is a must to spread your costs, try speaking to your staff, landlords, or suppliers for the options.
Make sure that the payment plans should be made keeping in thought about both the parties as other small businesses are also on the same page.
Try talking people on your side and have a realistic discussion on personal expenditures for cutting costs. Better not to hire more people, and stick with existing one as a team or prefer assigning projects to freelancers.
So, Here are few points I mentioned above you can apply to protect your small business during COVID-19.