A Few months back when the spread of Corona increased, we all thought; it’s just the flu and will eventually fade away. Little did we know that it would not only affect the economy but change the whole concept of traditional setups.
The harsh truth is, COVID-19 crisis will hit small businesses the hardest. Unlike the big enterprises, small or local entrepreneurs survive on the regular cash gained from daily business.
Hence, when such detrimental situations arise it affects the entire staff.
But as they say: ‘every cloud has a silver lining’ and this situation as it too. Small businesses can survive these turbulent times and come out stronger by acting quickly and smartly. We know you all are well-aware of this.
The actual question here is how can a small business survive this pandemic?
There is no easy and precise answer to this; however, we have put together some proven practices that can be your business survival plan.
Pro Tip – When we asked an expert, he had some interesting insights about the situation; you can read the full story here
Now lets see what are those 5 driven tips that can save your business.
1. First, calm down
Really this is your idea? We know you just said that but trust us on this. We know it is difficult to achieve that right now, but staying calm will actually help you think clearly.
Practising positive, thinking optimistic, and getting some exercise will help you build strength and develop a healthier mindset. Besides, it will boost your thinking capacity and help to come up with innovative ideas.
Take a step back and assess, because one cannot see things clearly when it’s too close. We also think one must seek trusted opinions from their well-wishers. Emotional support always works!
2. Make the best use of government resources
Small businesses are crucial to the country’s economy. Reports say, in the USA alone, 59.9 million people are employed by these small and local businesses. And it is quite the same around the world. Huge, isn’t it?
Hence, Governments across the world are building various strategies and taking initiatives to help small businesses. Pay attention to government schemes, renowned institutions, and also the banks that technically have a social responsibility. We bet you will definitely find some sort of stimulus package.
3. Build a financial plan in advance
Expenses of the small businesses are basically the same; employee salaries, rent, electricity, and utility bills. A little humble conversation can save you from disaster. Request your landlords, or suppliers to cut you some slack.
If you ask us, the best way is to spread the costs and try altering the departments. One month consider paying for the rent and bills, next month keep the rent on hold and pay employees. No doubt you will lag behind, but you won’t collapse.
4. Upgrade the skills
Whenever it comes to learning new or doing something new, we somehow end up giving excuses, time being the major one. But now, we have time and also the reason to upgrade our skills. Encourage your staff to take training or give them one yourself. This will result in making your staff more efficient and productive.
5. Find a reliable promoter
As all the malls and food chains are shut down, people are more likely to rely on their local vendors for their basic needs. The best way to let your neighbours know about your services is to go with a reliable business promoter like Brobia.
We list the small businesses on our platform to let people know about the closest providers. Try this tip , we bet the result will be amazing.
These were some of the most driven tips that can save small businesses if thoroughly implemented. Besides, Brobia is always there to help you out. We can represent your business in the most alluring manner. You can contact us to know the details.