What Small Businesses Can Do to Survive the Coronavirus
While large companies are being affected by the pandemic, small businesses are bound to suffer more. Entrepreneurs must take special measures to ensure that their businesses will be able to survive the crisis.
During the financial crisis of 2008, large companies were affected but small businesses declined even more. Businesses with less than 50 employees saw a 10.4% drop in jobs while those with more than 50 employees saw a decrease of 7.5%. This just shows how small enterprises felt the pressure of the crisis. This is also crucial because small enterprises are instrumental in jobs creation because they tend to grow faster when compared to large companies.
Business owners could be facing a similar scenario now. Large companies have more resources to fall back on during times of crisis. They can afford to sit out the loss of business during hard times and wait until the hard times are over. Small businesses do not have that luxury.
What You Can Do As a Business Owner
If you’re a small business owner right now then it is understandable if you’re a bit alarmed by what’s happening. In some places, businesses are being asked to shutdown with only the essential services remaining in place.
Here are a few things that you can during this crisis. Not all businesses can try these ideas, but for some, it can be helpful.
Be Flexible and Be Online – You should put more effort into going online to connect with customers and clients. Improve your online presence now because more people will use the internet while they stay at home. Whether you can use that to deliver your product or service is another matter, but you must have an online presence.
Work from Home – If possible, you should let your employees work from home. This is not going to be applicable to all employees, but for those who can, you should definitely give them that option. Working from home will not only keep your employees safe but has also been proven as a great way to encourage employees to be more productive.
Creative Solutions – There are plenty of ways that you can be creative now when it comes to finding solutions for keeping your business going. If your business depends on face-to-face interactions, why not try conference calls with clients? The video call apps will allow you to interact with clients in the safety of your own home or office.
How’s Your Cash Flow? – Check your cash flow now. Can you afford a downturn in your business that may last for several months? If you think that you might have a problem, then discuss the possibilities with your bank. Project your cash requirements for the next six months and see where you stand. You need to be proactive about this matter.
These are just some of the things that you can do for your small business to deal with the spread of the coronavirus and its effects on the economy. If you plan ahead and if you are proactive, then your business can weather this downturn.