COVID-19 pandemic has brought the world down to its knees. As people worldwide are rising to meet the challenges ahead with an undying spirit, they are also preparing themselves to accept the grim realities of the pandemic.
The worsening business situation during the pandemic is one of the harshest ground realities that business owners are learning to accept. Small businesses have become one of the most vulnerable groups of the COVID 19 pandemic. However, the middle ground is still possible for small businesses hoping to survive COVID-19.
Brandmaximizers, a leading brand marketing material firm, is committed to supporting small businesses in their battle against the pandemic. Our company offers an exclusive line of New Normal Essentials in order for businesses to reopen safely during these tough times.
If you are a small business looking to resume operations during the pandemic, then here are some tips and strategies that you can adopt as part of your business pandemic plans:
1. Lead by example
From restaurants and hospitals to construction companies and supermarkets, every small business sector has been hit by the COVID-19 pandemic. Small businesses rely on daily cash flow to survive. COVID-19 has forced people to stay indoors, which has rendered small businesses cash-strapped.
Going panicky is quite normal in such a situation, but it does not really help after a while. Keep your calm and use the time to plan for the future ahead, no matter how uncertain the future may seem. Doing so gives you an opportunity to deal with facts and come up with a constructive plan.
One of the basic ways to keep calm is to keep yourself healthy in the body and mind. Losing your health and mental strength will only add to your problems. By keeping your calm, you serve as an inspiration for the people around you, including your employees. Your employees are dependent on you, and it is your responsibility to lead them through an uncertain future.
2. Make use of the government’s small business pandemic relief programs
Governments world-over are offering various kinds of assistance for small businesses to help them survive the pandemic. Some countries are giving loans to small businesses that were solvent before the pandemic. Some are offering immediate cash flow for small businesses that have been most affected by COVID-19.
In addition to governments, financial institutions such as banks are offering exclusive relief programs for small businesses operating in the pandemic. Be up-to-date about all such relief programs and analyze their applicability to your business. Take advantage of programs that you are sure will offer promising benefits.
If your small business operates in more than one market, then research and avail pandemic relief benefits available for small businesses in all such markets.
3. Cut down costs where possible
Talk to your creditors. Renegotiate your existing contracts with them. Request for a revision of terms to include reduced payments. If vendors are not willing for a cut-down on payments, then try talking them into extending the contract term.
Most of the vendors could be accommodating given the pandemic situation. Like you, vendors are trying to stay afloat, which may persuade them to agree to your renewed terms. Other people you can renegotiate with to reduce the cost burden of the pandemic on your small business is your landlord. Find out if the landlord would be willing to reduce your rent for some months, at least till your business stabilizes to a certain extent.
You could also move to a more compact workplace if it is possible to cut down costs. Negotiate for more flexible terms and reduced rental with the new landlord if you plan to shift. Find ways to cut costs at the workplace. If you are looking for new talent, consider stopping your recruiting process. Try working with freelancers instead for these projects. Downsizing, though a hard strategy in application, can be a viable solution for reducing costs. Negotiate pay-cuts with other employees.
4. Let cash in where possible
Talk to people who owe your business money to ensure cash flow. If debtors want to renegotiate terms, find out their terms, and be agreeable where beneficial. Consider billing for the completed portion of pending works.
Offer discounts for new small business projects during the pandemic on the condition of a one-time upfront payment.
5. Find new ways to cater to your customers
Reach out to your customers regularly to increase the chances of getting them back to your business once the pandemic situation subsides. Keep in touch with them through regular emails, newsletters (if you already have one going), SMS, and phone calls.
Find out new ways to make your brand, and products or services, more relevant and appealing to your customer. For example, you could offer hand sanitizers for free along with your products. If you are a restaurant, you could continue with takeaway orders and curbside pickups (depending on the laws in your country, of course).
6. Make your workplace safe for your employees
Allow work from home opportunity if possible. Give employees that need to come to the workplace the assurance that they would be safe. Adhere to governmental norms for workplace safety. Some basic rules that small businesses need to follow to keep their workplaces safe during the pandemic include:
- Cleaning and sanitizing must be a priority
- Making hand sanitizers and disinfectants available to all employees
- Encouraging frequent hand-washing habit among employees
- Ensuring that employees disinfect their work areas daily
- Asking sick employees to stay at home
7. Visualize your business ahead and plan for the future
The COVID-19 has created a new normal. Small businesses looking to survive the pandemic need to visualize their business in the context of these new norms.
For example, social distancing is a new norm, which may discourage regular footfalls in your store. So, would an online store be beneficial for you? You have been connecting with customers directly prior to the pandemic. Would an online customer grievance assistance channel be viable for your business now?
Think about the changes you may have to make and plan accordingly. The pandemic is also an opportunity for small businesses to update their employees’ skills. Encourage them to build their skills so that they can take up multiple tasks during crisis situations in the future.
There are many free online courses. Some small business-exclusive courses could charge a fee. Such course providers may offer attractive discounts for small businesses to enable them to handle the pandemic more efficiently. Investing in such courses can help you navigate the present efficiently while keeping you well-prepared for the future.
When the future looks uncertain, the best you can do is control what you can in the present. As the proverb goes, “this too shall pass”, and you’ll be back in business stronger and wiser. Meanwhile, protect your small business from the impact of COVID-19 with workable strategies such as the above.
