It has been a couple of months since lives all around the world have been disrupted. COVID-19 has pushed countries around the world to take drastic measures to curb the spreading of Coronavirus. Countries are going under lockdown to enforce social distancing.
And this means everything except for essentials will be shut down. And we see that the economy is being hit pretty hard. And it is quite understandable that small businesses will be hurt worse. In this post, we will be discussing how small businesses can survive this pandemic.
In this government-initiated lockdown, there are multiple businesses which will face difficulties and some which will fare better than others. Businesses which have high exposure to everyday needs, home deliveries, other essential services like medicines, online banking, e-Commerce platforms, etc will fare better now. However, businesses related to travel, entertainment, hospitality, construction, discretionary retail, etc and businesses that rely on people delivering services like ridesharing, taxi, hair and beauty, etc will find it more difficult during the lockdown.
Things to keep in mind
If you are a small business facing difficulty because of COVID-19, below are some things you need to keep in mind:
- Address the challenges you are facing because of COVID-19 and see if you can come up with solutions
- Understand that there will be a shift in the economy because of COVID-19
- Understand that there is going to be a new normal after we overcome this pandemic
- Remember that there will be changes in regulations and the competitive environment you are going to face post this
- Don’t panic and stay calm.
We will overcome this pandemic together. But, we understand that you would be feeling worried about how to survive this product when you have been hit pretty bad. Here are a few things you can do to revive your business:
- Resolve current issues and find new opportunities – Understand how your customer behaviour is going to change because of this pandemic. Decide how you are going to accommodate the new normal.
- Find resources provided by the government and financial institutions – Check the initiatives being provided by your government and other financial institutions for small businesses. Explore your options and make the right choices.
- Make a financial plan for the coming months – Create a three-month financial plan. Understand and calculate your expenditure and decide how you want to control spending for the coming months.
- Upskill your employees – Train your existing employees so that they can be more productive and efficient. Remember that you need a good team to support you in this.
- Start digital marketing – This is something you can do even under lockdown. Start creating digital marketing strategies and implement them so that your business can survive after COVID-19. Digital marketing has always been an essential part of growing businesses.
We understand that small businesses are one of the worst-hit because of this pandemic. Don’t lose hope. Don’t panic. Together, all of us can face the challenges that we come across because of COVID-19. It is time to make plans for the future and figure out how to face the new normal. Come up with solutions and employ different strategies to up your game. We are all in this together. Together, we will survive.