As a small/micro business owner, no doubt this Covid-19 pandemic has been hitting you hard where it hurts most - your profits! To make matters worst, you probably only have a few months of cash flow (at most), so when something this big hits, it can leave devastating effects not only for you as the business owner, but also for your employees. So, how can you survive these turbulent times? Well, there’s no easy answer or one-fix-one-fit solution; however, here are 4 points you may want to start looking at and try to implement at least for the next 90 days.
1. Keep Calm!
This can be difficult especially when cash is running out and you've got bills to pay, but stay calm! By keeping calm, you will influence your staff as well to stay calm, which then allows for your creative juices to flow, and thus help move the business forward. If you're faced with very difficult decisions, then take the time to balance yourself and your mind-set before implementing anything drastic. Taking a step back to reassess the situation, asking for a second opinion, and also keeping perspective of the bigger, more important things will help. Ask for emotional support where you can, and when you need it.
2. Tap into resources provided by the government and financial institutions!
Governments and banks are already putting together initiatives to support small and micro enterprise owners. While this keeps evolving on a daily basis, remember to keep abreast of these initiatives and apply for them where necessary.
3. Create a 90-day financial plan!
Look at your personal finances - how can you control your cash flow for the next 90-days? What costs HAVE to be paid immediately? What can you put on credit? Talk with your creditors, most of them will already have a payment plan in place to help you out during this period. Finally, look for any additional ways to cut unnecessary costs. As a last resort, you can consider downsizing your office, and work from home, from your own website, or through a third-party vendor marketplace such as Amazon, Aliexpress, or even e-bay!
4. Capitalise on all opportunities!
Covid-19 has been a wake up call to businesses to change their current model to include one with an e-commerce, f-commerce aspect! Are you online!? What better time to take your business online than now when most of your customers will be online! Not a social media person? Well now's the time to invest FULLY into social media and especially Facebook! It's a great communication tool to let your customers' know any updates concerning your business, to place ads, and to interact with them, posting things they might care about! Can you digitize any of your products or services, and start offering them online? Can you use available technology to balance any loss of earnings by offering new ways to connect with your customers? Now is the best time to learn about your supply chain and seek partnerships with them! Also, if you had a physical store, why not offer home delivery? If your customers can't come to you, then you go to them!
There are many more opportunities that will present itself...don't feel fad for taking advantage of those opportunities! You have to do what you MUST in order to survive!
By doing what you can to weather this unknown storm, you will emerge with your business intact, and you would have become a stronger and more resilient business leader.