The novel coronavirus has put the world in doldrums for at least the entire 2020. Scared people are locking themselves in until they hear positive news from someplace. Staying at home has reduced the pace of company operations and caused some businesses to halt their operations completely. Market research during the COVID-19 crisis explicitly display the struggles of physical-store model businesses with their employees ‘daily wages and vendors payments.
These figures on the influence of coronavirus will shock you: –
It’s natural to feel overwhelmed in such an adverse economic climate. Don’t worry, though! Our list of recession-friendly tips helps you get there.
Tip #1 – Offer delivery
Whether you provide goods or services, make them easily accessible to your customers. Even though they’re stuck at home, your customers still need your products. Tap into the need and find a way to cater to your clients while ensuring their safety. Ensure you serve your clients even if you need to make special arrangements for them. Pick your customers’ brains and find out what offers excite them enough for them to keep buying from you. So, score additional brownie points by going the extra mile for your clients. If you can’t offer delivery yet, you could try buy-online-pick-up-in-stores option to make the quarantine life easier. This excellent tip ensures you survive and thrive during this pandemic.
Tip #2 – Reduce expenses
In times of crisis, it’s always a good practice to closely monitor your check books. When you sincerely monitor your finances, you’ll be able to handle your finances better. Finding a way to reduce expenses and still maintaining the quality of your deliverables is a delicate balance all businesses need to achieve. Holding off on non-essential expenses like repainting your offices or purchasing new equipment is an obvious no-brainer. Other difficult cost-cutting tips include reducing rents and delaying loan payments. So, stay on top of your capital and spend your money conservatively to endure this crisis. We are sure these tips will assist you in improving your financial records and staying afloat while you try to survive this crisis.
Tip #3 – Check eligibility for government assistance
Several governments anxious to get the economy on track are introducing various helpful schemes, especially for small and medium-scale businesses. Here are examples of great plans announced by western countries: –
So, ensure you know what benefits your government is offering you and take full advantage of those schemes to sustain your empire.
Tip #4 –Take out a small business or personal loan
Don’t fret if you do not qualify for stimulus loans or if those loans aren’t enough for you. Consider leveraging your business credit history to get credit from other avenues. Several banks are offering temporary personal and business loans for you to utilize. This extra revenue helps you pay your employees, fund purchase orders, and cover previous bills. In addition to that, you could also use this money to devise specific plans to cater to your clients during the COVID-19 pandemic. This temporary cash-flow brings positivity and hope in glum offices and helps you get through this pandemic.
Tip #5 – Encourage a learning and skill-building culture
Having more skills is never a bad thing. So, what if people are scared in their homes, they can still learn new skills and polish themselves during this pandemic. While no one knows when this pandemic will end, trained employees will only improve your business. So, motivate your staff to continue learning through various online courses and informational content. Providing them incentives to nudge them towards the path of learning and success will prove to be your best asset in the long-term. As a true leader, try learning something yourself and be a part of the team that looks forward to a better future post-COVID-19.
We hope this post was helpful and insightful enough for you.
Conclusion
Only a fool would deny how badly the novel coronavirus has disrupted several businesses. However, all hope is not lost! Many business owners innovate and devise new plans to tackle the crisis like real bosses. In times of such an acute crisis, be a leader your team deserves, and make firm and knowledgeable decisions by leveraging technological advancements like data analytics. Any emergency is not big enough to defeat the human spirit.
We leave you with an insightful quote: –
“Tough times never last, but tough people do.” – Robert H Sculler
