How can a small business survive the coronavirus outbreak?
Right now small business owners are facing the unseen challenges. Not only the coronavirus outbreak has changed the way companies operate, but it has certainly affected their strategies and workflows in the future.
With a wealth of information out there, you might struggle to find relevant & accurate data for your business. Thus, we’ve collected a round-up of advice and articles that are most helpful for small businesses.
Manage your finances wisely
“Entrepreneur” created a detailed article on the topic. It outlines what changes should happen to employee & finances management and gives useful recommendations on how to handle the global crisis.
Paying bills, rental office taxes, and salaries might be overwhelming in the current economic environment. Some key things “Entrepreneur” recommends are:
- Plan your finances for 3 to 9 months ahead. With the global drop down in sales, it’s of primary importance to wisely manage the resources you currently have. Re-optimize your financial investments and re-value each spending.
- Consider layoffs and furloughs if needed. However, avoid losing your valuable employees. Remember, a skilled team is an important business asset.
- Think of finding new & alternative revenue streams.
GoFundMe creates “Small Business Relief” initiative for companies affected
Read on the fundraising initiative launched to aid small business owners in this corona crisis.
Alternatively, you could:
- Add a new service offering or launch a product. Some companies are already reaping the benefit of adding consulting to their main service. Think of what could apply to your current proposition and valuable for your clients.
- If you can migrate your service or sell products online, consider doing so by building a great online presence. This way, you can remain visible to your potential clients and provide service in a convenient digital format. For instance, if you are teaching yoga classes, you can offer regular sessions and give lessons via your website. Or, if you are providing healthcare consultancy, it’s just the time to minimize physical visits and do it online.
Here is an interesting case: Slightly Robot produces a wearable app to prevent people from touching their faces. Although initially designed to prevent users from nail-biting, the app turned out highly useful in the coronavirus era. Musicians are moving to Twitch. Think of how you can use the current market situation in your business and adjust.
However, it’s important to stay honest with your audience and provide genuine value. The article below lists some cases on how companies are trying to hype on the virus by misinforming their clients and launching some weird offers.
- Create the overall budget plan with fixed vs varying expenses. This way, you can clearly see what needs to be paid and when, and what expenses you can avoid at the moment. The goal is to set proper priorities and cut on unnecessary costs.
- If your finances were severely affected by Covid-19, consider a loan investment.
Coronavirus (Covid 19): Small business guidance & loan resources
This extensive article helps you connect with the lenders approved by SBA and get a consultation or financial help. Even though SBA has launched low-interest loans, it’s still a risky way to go. However, it might be necessary in some cases.
Organize your remote work
Best practices to remote-managing your small business
Discover some great tools for remote collaboration. The author also shares effective tips on how to manage your remote team as a leader.
Avoid losing productivity and remain flexible by organizing your remote work. Regular Skype calls, Slack chats and Hangouts meetings will keep you on the same page, and track all the workflows. Regular team communication will also keep your staff motivated and positive thinking. So don’t skip this step.
Global HR leaders respond to Covid-19: 48% of employers require sick leave
TechRepublic reveals that overall, companies are doing their best to avoid losing their workforce. They encourage virtual interactions between employees. Moreover, 32% of agencies started using new tools for remote meetings.
Teleworking and Coronavirus: Tips for preparing your workforce
It’s vital to minimize security risks and have the right infrastructure & tools to enable remote work. This means secure VPN access to your internal data & systems and regular check-ins with the team. Also, make sure the system can handle the heavy workloads from distributed access points.
If any of the available remote working software tools don’t fulfill your business specifics, it’s worth considering to build your own.
Adjust your strategy & goals
Many still don’t understand the importance of this approach. Staying realistic about your sales is prevalent to find new ways to reach your goals. Maybe finding a new partnership, or reaching a new market might be your solution.
In the article, Forbes author gives a precise piece of advice on how to alter your short-term and long-term strategies according to the Covid-19 impact. Outlining the challenges and building accurate scenarios is highly recommended rather than a ‘sit-and-wait’ approach.
View detailed statistics on how different-size companies are setting their goals both short- and long-term. Adjustments, changing the metrics and expanding the ranges are some practices.
Change marketing focus
Remaining visible to your customers is vital. The author also advises focusing on conversion-optimization practices and rethinking some marketing tactics. As all the conference events are canceled, it’s time to focus on the digital and lead generating tactics.
According to ZDNet & TechRepublic, some changes will remain long after the Covid-19 outbreak. Some believe that coronavirus is only speeding up the inevitable changes that would happen anyway. As conferences are canceled and face-to-face business meetings are moved online, entrepreneurs are beginning to revalue the ROI of such practices. As they find alternative methods to promote their services, they might stick to them even after the coronavirus disappears.
Some other useful sources:
Tech sectors the coronavirus will hit the hardest
View how the coronavirus will affect different sectors of the tech industry. With these insights, you can leverage the potential partnerships across industries.
How Coronavirus is impacting small business owners
Interview with small business owners on how they cope with their loan debts and what corona means for them. Read on the help from banks and grant from Facebook.
Remote working and business leading will remain in trend for long. Thus, we recommend you to adjust your workflows, team management, and operations in a way. Whenever in need of remote developers, you can get our consultation and fast team setup. We are in this together, let’s don’t forget about that.
Originally published at https://www.byteant.com on March 2, 2020.