How Your Small Business Can Survive The COVID-19 Pandemic

There is no doubt that the current COVID-19 pandemic will strike small companies particularly hard. The larger businesses have a greater chance of survival; however, small businesses prefer to survive with just a few months of cash flow (at most), and when something as serious as this hits, it can be devastating not only to the business owner, but also to the workers they support.So, how can small businesses survive the turbulent times to come in 2020? There’s no simple answer, but here are a few points to start implementing and planning for the next few months at least.

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Small business owners trying to weather the corona virus pandemic will face a financial blow that’s likely to be worse than what they experienced during the Great Recession more than a decade ago,” says Karen G. Mills, a senior fellow at Harvard Business School.

1. Don’t worry, be patient and keep calm

This can be especially difficult when cash runs out, but remember to take care of yourself in a way that works for yourself-eat well, for instance, and try to get some exercise in. Taking care of yourself will help you stay calm, which in turn will also mean keeping your staff calm and, in the end, a healthier attitude for everyone to come up with innovative ideas to move forward.Take time to calm yourself and your mind before making some drastic decisions when faced with any difficult decisions. In what is a very complex and constantly changing environment, often it can help to take a step back and evaluating, and ask for trusted advice and also to maintain perspective. Things are going to get better, and you are not alone in this. Ask emotional support when and where you can need it.

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2. Resources provided by government and financial institutions

Governments around the world were already creating initiatives to support small business owners, and this is changing on a daily basis. Stay up-to-date on how the governments will help cut prices, as well as other critical organizations like banks with social responsibility as well. If you are active in more than one country, explore options for support in both markets For example , you can find out more about UK government support for small businesses there, and we’re also waiting to hear about a stimulus package from the Dubai government to support SMEs in Dubai, which should be announced soon.

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Related: 5 Survival strategies for businesses during COVID-19 lockdown

3. Make a three-month financial plan

Every small business usually has the same key expenses, which include employee salaries, office rent, and utility bills. Further expenses range from industry to industry.Speak to who you need to pay in the next three months (landlord and suppliers), and find out what options you have to spread out the costs. Chances are they may already have options in place, or will be understanding, as it’s in their interest to keep your business. Always be careful when you come up with payment plans with other small businesses, as they also need to keep afloat too, so this should be fair for both of you.

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Look at your personal finances, and speak to those you can help and have a realistic conversation about how to handle your personal expenses for the next three months. What are the expenses involved, what can be put on hold? If you have a partner to help you as your company expands as the breadwinner, have an open and frank discussion with them about your immediate and long-term business plans

4. Find the opportunities

Capitalizing on things like these is never easy, but they can also be a wake-up call to rethink how you’ve been doing it. In this case, is your business model capable of surviving the changes coming from the COVID-19 pandemic? How do you expect your clients to behave in the future? What will and how can you accommodate those who are likely to be a new type of customers? Can you digitize, and start selling, all of your products or services online? Can you use automation to balance the sales loss by providing new ways to connect with your customers?

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Related: Steps To Grow Your Online Empire

5. Upskill your staff

Do your best to retain your employees wherever possible they depend on you, and if you’ve built a strong team they will support you. Rather of recruiting new employees, you should train your current workers on additional skills that could make them more effective and successful. There are lots of online classes that are really affordable, and that will allow them to concentrate on other business fields while their department is down- for example, the sales team would now be able to support the marketing team. We at The Co- Dubai also launched an e-course on digital marketing for small companies that is a perfect way to learn how digital marketing approaches can be developed and applied for your business.

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Related: Here’s What Your Business Should Focus On As It Navigates The Coronavirus Pandemic

2 thoughts on “How Your Small Business Can Survive The COVID-19 Pandemic

  1. harshal says:

    amazing sir,you created a log many small business that how can they survive in these pandemic..great sir i appreciate you for that.

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