Small businesses have suffered the most since the outbreak of the coronavirus pandemic. Although large companies may have the capacity to survive the fallout from the chaos, the same cannot be said about many SMEs. A survey conducted in December 2020 indicated that 53% of small US businesses don’t anticipate making any recovery, at least in the next six months. This is troubling not just for business owners but employees alike. How can your business survive the chaos with the looming second wave of infection? Here are some tips you should consider:
- Try to avoid panicking
It can be challenging to keep calm when your business funds are depleting so fast. However, ensure to keep your composure and develop ways to deal with issues when they arise, such as eating well, getting adequate rest, and maintaining regular physical activity. Your ability to take good care of yourself is significant to helping you stay cool and keep your employees calm. Being in the right state of mind will breed innovation from yourself and your team and give you ideas on how to move forward. When confronted with making a difficult decision, keep yourself and your mind in a balanced state since any drastic decision could cost your business even worse than the pandemic.
In a continually changing business climate, take a step back, consult trusted opinions and keep perspective. It may be challenging, but things will improve eventually, so keep your calm and weigh your opportunities. Seek emotional support if necessary and remember you’re not alone in this mess.
- Adapt your business
Adjusting your business operations to keep serving your clients is vital to facing reality. For example, consider reviewing your business channels and procedures to deliver your products and services. Partnership and collaboration with other businesses, particularly in the same industry, is essential to stay motivated. Based on your business, here are some ideas worth exploring;
- Adopt virtual tools like email, video conferencing, and social media to offer your products and services.
- Consider selling your goods and services through online market platforms and give incentives like free shipping and shopping discounts to attract new customers.
- Offer products and items that are currently in need, like hand sanitizers, nose masks.
- Explore financial resources available
Governments and other institutions globally are exploring various ways to support small businesses, which is developing daily. Ensure to be fully informed how such initiatives can help reduce your business costs, just as other significant institutions like banks and other credit facilities have a social responsibility. If you don’t qualify for such grants and stimulus packages, bad credit business loans are a smart alternative to securing a quick and easy loan to support your business plans.
- Upskill your employees
At every possible opportunity, make an effort to maintain your staff; they depend on you, and to have a good team, you’ll need their support. You can enhance your employees’ current skill set to make them more efficient and productive instead of recruiting new staff. Several studies have shown that it’s comparatively cheaper to train and maintain existing staff than fresh recruitment. Many affordable online courses will equip your team with new skills in other business areas, meaning you may not need to hire new staff to take up such roles while enhancing your employee efficiencies. For example, your sales team could likewise assist in marketing roles.