Coronavirus – 7 Steps You Need to Immediately Implement for Your Small Business
As a business owner, you have a certain responsibility towards your employees and customers that you cannot ignore along with trying your best to keep the cash flow profitable. As the situation keeps changing, you need to foresee the future and implement certain steps immediately as discussed below.
1. Cancel Travel and Physical Meetings
It is not advisable to meet people if not needed, hence cancel any physical meetings or travel plans and stick to the online conference call for meetings which is as good as conducting a physical meeting.
2. Give Employees Flexibility
As the situation is not normal, your employees may have extraordinary situations at home that need to be dealt with hence empathize with them in such difficult times and give them extra flexibility so that they can balance their work and personal life well.
3. Establish Remote Work Options
This goes without saying that as social distancing is recommended hence set up a remote working option for your business so that your usual business work does not get affected but your employees are also safely working from their homes. Arrange for voice and video calls or work on online portals to stay connected with the team while working.
4. Implement an Online Sales Strategy
Most people are not going to visit stores for a long time due to the COVID-19 scare hence start implementing an online sales strategy from now itself so that the business sales do not go down. Work towards establishing an e-commerce site or sell on existing sites like Amazon. Implement a digital marketing strategy to establish your presence online.
5. Communicate the Issues Transparently with Your Customers
As most of the businesses are affected by this crisis hence be transparent about it with your customers as they can empathize with your brand if they are communicated the issues properly. When customers know what is happening behind the scene, they will appreciate your service furthermore.
6. Start a Side Business to Make Extra Cash
As your regular business may get interrupted during the crisis, it is a great idea to look for some side business ideas to make up for those losses. Make sure that it does not take up a lot of your time as, during such a crisis, you will have to work harder to keep your business afloat.
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7. Check for Business Interruption Insurance
If you incur a significant business loss, then you can ask your insurance agent about business interruption insurance cover that covers loss due to unexpected major events. Check if you qualify for any coverage under this clause.
The Bottom Line- Be Prepared with a Long-Term Plan
Though the economy of China has started to recover, many other countries are still affected by this virus hence the ripple effect will exist for some time in the world economy. Be prepared with a plan to survive long term amidst this pandemic by speaking to the suppliers, partners, and investors as it will be a while till the usual business will resume.
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