Everything was going well, the businesses were booming, we were looking forward to a successful business year, and then BAM! Covid-19 hit, all our plans and all our aspirations went down the drain. We saw country-wide lockdowns that impacted all types of businesses.
It didn’t matter how stable they were, giants and startups; everyone took the hit. Small businesses don’t have such a huge cash reserve and couldn’t see them through this pandemic. We don’t even know how long it is going to last.
Does this mean the end of your business? Does it mean that you pack up and go home? Should you fire all your employees and sit back and wait for it to all be over?
For some businesses, unfortunately, it does mean exactly that. A lot of startups and SMEs will not see the end of the financial year. If you are one of the people who can grit your teeth and make it through bad times, there are still many things that you can do to survive this tragedy. One of the best options would be to enroll in an online communications degree to update your skills. You might not achieve the same position you had earlier, but you will make it through these challenging times. You will increase your odds of being one of the few businesses that are still standing on their own feet.
How Can You Survive?
Options are abundant out there for you. You can look up other markets and start selling different products that are more in demand nowadays than before. A few business owners have started selling PPE and masks even though it wasn’t what they did before. You can also invest in yourself to make sure that you are at the top of the game and have all the knowledge needed for these times. Another smart way of boosting your skills includes doing an online MBA, taking a short course, and more.
Here are some other things that you should do for survival.
Do your cashflow forecasts NOW
Now I know how it sounds. It’s like asking a doctor to see if they are operating on the right patient. Of course, you have done forecasts. But there are a lot of businesses that have done a revenue forecast and checked their bank balance. In these times, that is not good enough. You need to know about every payment that is due. It includes all the wages, rent, taxes, vendor payments, and more. You don’t want to walk into your office or open your laptop and see the reminder that such and such a payment is due today. You need to know it all beforehand.
Keep in mind that if people tell you that Covid-19 will be over in X months, you have to assume that it will take twice as long. There are many hitches on the way, and no one can predict when it will go back to normal and if it ever will. Keep that in mind when forecasting.
Update your terms and conditions
When was the last time you visited your terms and conditions or return policy? If you are like most business owners, you wouldn’t remember. Know this: you must do it immediately. It might be the one thing standing between you and business closure. We all know that nothing is in stone, and we have to negotiate most stuff by talking to people. But it would help if you had a general policy in place following the pandemic. For example, if your return policy allowed cancellations on orders up to $1000, it is time that you revised that. In the good old days, a couple of $1000 cancellations might not have meant a lot. Now, they can be disastrous.
Service those surviving customers like nothing else
No matter how low your business goes, there are still people who have the money to buy from you. Now is the best time to take care of them and let them know how special they are. Throw in a gift or an additional service that they weren’t expecting. If we consider the situation on hand, a toilet paper roll should work wonders for you (only if you think they have a sense of humor, though).
Is survival during the current Covid-19 pandemic hard?
You bet it is!
Is it impossible?
Not at all. Follow the steps given above, and you can make sure that your business survives until we get to the new normal. Keep an eye on your expenses, take care of your suppliers and customers, and you will be good to go.