Coronavirus not only affected our health but also our pockets. The global scale economic crisis caused by COVID-19 pandemic forced many businesses to shut their doors. Because of their fragile financial structure, local businesses took the major hit. Today we’ll have some advice for local business owners to survive COVID-19 days.
Take Care of Yourself
During an emergency in an airplane, you have to put on your own mask before your child’s. It’s no different in the Coronavirus crisis. You should first help yourself before helping your business to survive.
You have to think about your physical and mental health first. Follow the advice given by your local health authorities and get help from a psychology professional, if you need it.
Be Clear about Your Financial Status
Many of the small business owners lack reserve cash to survive more than a month. If you haven’t done yet, it’s a good time to grab your calculator to figure out how many days you can survive without a cash flow from your business.
At this point, it may be a good idea to separate your personal finances from your business finances. Use your personal savings to support your personal life. But also make a plan to transfer your personal cash to your business, in a case of an extreme struggle.
Be Open and Communicate
Shutting the doors of your store shouldn’t mean shutting your ears and your mouth. Effective communication plays a vital role in surviving a crisis. So be open to all your stakeholders (your employees, business partners, and of course your clients) and make them feel your presence. It can be a good time to revisit the content of your website and update your Google business account.
Don’t forget that you are not alone in this and many other people are living the same struggle.
Almost in every county in the world, governmental organizations created programs to support small business owners. Actively seek a proper program for you and take advantage of that.
Also, many private organizations like Google and Facebook support small business owners with free ad credits and free digital services.
Your business can be a family-owned brick and mortar business for generations. Even if you consider physical communication as the roots of your business, it’s the time to create alternative channels.
If you think you can sell your goods online, first of all, learn the basics. Having your online store can be a good idea in the long run. But if you are looking for a fast start, online market places like Amazon can quickly boost your sales. You can also use Google and Facebook’s free ad credits to promote your website for free.
Moving your business to online channels doesn’t only mean to make sales online. The Internet can also be a part of the way you do your business.
Go beyond e-mail and find creative ways to perform your job online. Meeting on Google (which is also free for now) and online accounting and project management software can be helpful.
Take Care of Your Employees
Employees depending on the wage you give them can be the worst in a time like this.
Your employees are one of the most important assets of your business and you are responsible for your employees. Create a healthy working environment for them and be helpful financially as much as you can. Don’t forget that crises are temporary, but your business is forever.