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Businesses, in general, often have a backup plan, in case, they fall face-first. However, this doesn't signify that they are well-equipped for crisis situations. This is nothing new in 2020, it seems. All brands, irrespective of their size, dropped down on their knees when it came to the pandemic attack. The globe itself wasn't prepared. Then again, the issue with this crisis is, it doesn't want to leave. It's sticking to the countries and the trades.
While this is the global generic (for 2020 at least) scenario, the pandemic managed to break the spine of the economy too. Naturally, the businesses too are taking a hit. So, what kind of crisis are we talking about for digital commerce in this COVID-19? Let's find out!
The King Of All Crisis Is Here For Businesses COVID-19
As COVID-19 continues to spread its wrath, the livelihood of multiple entrepreneurs grows threatened. Approximately half of the business owners are tensed that they wouldn't be able to continue with their trade endeavors for more than another 3 months.
Among the unsettling situation of the present times, staying afloat has become a steady challenge. There are steady points of challenges that are becoming a growing concern and will inevitably affect the economic health of the globe. Check out these hurdles -
Hiccup 1: Small businesses are facing an uncertain future
Hiccup 2: Convenient access to capital
Hiccup 3: Balancing their household expenses and that involved in running their business
Hiccup 4: Adapting to the current crisis
Hiccup 5: Employees cannot deal with the economic slash downs
Hiccup 6: Remaining resilient
Hiccup 7: Issues on how to meet customer demand
Hiccup 8: Access to technology that would aid their strength-sprint
Hiccup 9: Turning the massive challenges into meaningful ones
Dealing with these challenges requires entrepreneurs to acknowledge a few things that will help them beat this Dementor of a pandemic. Here's a list of such solutions on how to survive a global crisis. Read to know and implement.
Things That Business Owners Need For Survival
@Entrepreneurs: Frowning and wondering deep into if your business will survive the pandemic?
Well, let's say you are not alone. The entire globe is immersed in this thought. The health and economic aspects are both facing a severe crisis. The globe never was ready enough for this, and hence, the consequences.
True that you were not ready to face it, but there are still scopes to be ready to post its emergence! Interested enough now? So, let's get started with some tips on 'how can small businesses to survive'. Get your notepad out!
Mobilize All Your Resources
Look around you and you would know of the resources extended to trades both by the government and NBFCs. You need to tap into these. Governments around the globe are bringing in endeavors to assist entrepreneurs that transform the everyday. Stay updated on these.
Additionally, financial institutions with social responsibilities, are also ensuring that their clients meet their rising professional expenses.
Stay registered on diverse markets, and get to explore the support options available.
Upskill the staff
Let's say this quarantine has forced your business to take a step back. Then again, acknowledge the fact that this has also given you the scope to make it productive for your employees during them working remotely.
Utilize this time to ensure that your employees stay updated. Let's give you a hint into this - ever heard of the Corporate Learning Management System? Just think of this to be your ideal companion for the pandemic times to leverage your employees during their remote work from home, and in a domino effect, your enterprise.
Furthermore,
Stay ready to stabilize your business with remote operations that are uniquely functional and optimized as per pandemic requirements.
Pivot your offers via resolving and spotting the existing issues faced by your existing and prospective clients.
Double Down On Marketing
Enterprises would need to know that traffic hasn't been this inexpensive in the last decade. This means the best way would be to double down on your marketing approaches. You would need to continue selling and making offers. What can go wrong after all? Your merchandise and service wouldn't sell, right? But, that is already happening, isn't it? You have nothing to lose here!
Make 3-Month Financial Plans
The COVID-19 counts are getting ticking every hour, leave alone months or weeks. In such volatile conditions, you would need financial plans for a smaller span. You would need to speak to your suppliers and landlords regarding the payment plan that they have set for you.
Chances are high that they have already set a plan for you. Talk them up about the financial plan that will befit your current financial situation. The plans should never be draining out your budget or restrain your spending pattern plan.
Mitigate Redundant Expenditures
If you hadn’t been running your business conservatively already, then this is the time to start doing so. Cut back on your lowest ROI expenses with the current risks of a recession in the backdrop. Either pause or cut down on the work involved in diverse long-term expenses and zoom in on the short-term cash flow.
While predictions are being made that this economic shutdown will remain in the continuous tense,
I) Complete reliance on fiscal stimulus and
II) Not cutting back
would become a hurdle in your business survival guide.
Update The Terms & Conditions
This point might seem frisky in times like these but know this, you wouldn’t want to be trapped in your own laid down terms in times like these. While during the non-crisis times, you could have done without checking up on the T&C, despite the vulnerabilities you will be building on, this is not the time to stay the same.
No offense but, individuals and your clients all around the globe will be looking around to up their game and draw financial loopholes to let them have a fiscal edge. You cannot afford to, so we stay be Professor Moody and go for ‘Constant Vigilance’!
Catch Up On The COVID Situation With Suppliers
Your suppliers are crucial for the running of your business, don’t you agree? You wouldn’t want to mess that up. And more than often you owe them money. So, get transparent with them - ask them to help you stay afloat with all that they can - be it postponed payments, or swift deliveries, or anything.
This transparency will get you a strengthened bond of trust with them that will help you during and post the COVID-19 breakout.
Conclusion
Now, hear us out. First of all, accept the fact that your business is struggling and calm down. Acknowledge the crucial differentiators for your business pre and post the COVID-19 hit. The problem is one that the entire globe shares, so you are not alone in this. It is essential to talk it out with people to whom you owe money. They wouldn't be expecting you to pay the bills like before. So do not strain out on your bills immediately. However, grab on a survival plan (as listed out before).
Let's say that implement the aforementioned survival strategies for startup business and you will be in safe hands. And soon, your business will be kickstarting into your earlier success road!
