Many businesses have experienced some turbulence from the current pandemic, but small businesses have been hit the hardest. Large corporations have more of a chance to survive the COVID-19 pandemic, than their smaller family owned counterparts. Most small businesses maintain off of a few months of revenue. However when something as detrimental as a global virus occurs, the future of a business is unknown. So, how is it possible for a small business to survive the pandemic these trying times? The answer is not definitive, but here are a few pointers to keep your business afloat.
Tap into Government and Financial Institutions Resources
Governments around the world have put together their initiatives to support business owners during the COVID-19 pandemic, and it is growing on a daily basis. It is very important to stay abreast of how your government can help you cut cost. It is equally important to keep an eye on institutions who have a social responsibility, such as banks.
Create a 3-Month Financial Plan
Typically small businesses have the same expenses, consisting of employee salaries, rent and utilities. There are other variations that range from industry to industry.
Talk with your landlord and suppliers to find out if there are any COVID-19 pandemic payment options to spreading out the costs. You may be surprised that there is something already in place. We must not forget it is also in their best interest to support us and keep us as patrons. Make sure that once a financial arrangement is agreed upon, you will have enough financially to carry all other expenses.
Check your personal finances as well. Look for areas of opportunity trim any fat. Determine what expenses are necessary, and what can be put on hold. You could also holding off on hiring full-time employees, or downsizing to a co-working space.
Explore New Opportunities
To most of us the COVID-19 pandemic has been a wake-up call. You can reconsider how you have been doing business and try a new area to capitalize on. Ask yourself, is your business model able to survive the changes from the pandemic? How will your customers behave moving forward. What will and won’t matter them moving forward? Are you able to accommodate them, or will you attract new types of customers? Should you move your business online, and digitize products and services?
We at Kane DIGITAL have launched an e-course course for businesses to create their own websites, to move their products and services online. This is a great way to learn how to personalize your own digital platform. It can be done from home while you and your team are practicing social distancing.