The Coronavirus Pandemic which started from one country has now spread across the globe, affecting almost every aspect of our lives. Lockdowns are impacting how businesses, both big and small conduct their daily work and most importantly, stay afloat.
Though there is uncertainty as to what path this pandemic is going to take and how long things are going to be “halted”, there are various things businesses and small business owners can do to keep their companies from dying down and instead, ready them for reopening as and when the restrictions are lifted.
Here are 7 ways in which you can keep your small business running even during the Covid-19 or Coronavirus Pandemic.
1. Look after your employees
A business always needs proactive and faithful employees to be successful. Make sure you have a proper system in place for communication with all your employees to keep a track of how they are personally being affected by the current situation and also make sure to help them out in whatever way possible and also make them work from home as it will be good for both, the business and their mental health. Most importantly, the reassurance of your support for them is a must.
2. Have a Governance system
In a time like this when nothing seems to be going right, it is important to focus on data rather than dwelling on emotions. Building an organized governance system will help you in dealing with the urgent matters i.e. day to day running of the business, the short-term issue like liquidity and employee management and possible long term issues like the impact of the overall slowdown of the economy.
3. Risk Assessment is a must
Even though most businesses already have a system in place for risk assessment, this pandemic is something most of us did not see coming. Hence, a new one may be set up which includes the precautions needed to be taken to safeguard the Humans, Machinery, and Finances of the business, during this outbreak.
4. Give importance to Outreach
As most big businesses of the world have already been seen doing, focus on external affairs. Communicate with all the customers, other interested parties and the public in general and reassure them about the steps being taken by you to fight the outbreak. Inviting the involvement of customers themselves in the process of dealing with the situation is one way of going about it and in today’s world, this is easily possible with the use of various social media platforms.
5. Evaluate the Distribution Chain
With the change in circumstances; the demands of your customers might also change. Keeping this in mind, find out from your customers what it is that they need from you now. Based on this data, talk to your supplier and find out if they can provide what your customers need and while doing so also remember that the supplier may not be able to do as much as he takes on. Also get creative with modes of payment considering the cash inflow right now is not as much as it usually is.
6. Evaluate Operational Risks
Doing so can play an important role in helping you restart your business operations as soon as things start to look up and the lockdowns are removed. Assess all operational factors like machinery, factories and stock; Pre-plan a strategy that you’ll follow once your small business can get running again.
7. Make the most of this time
Use this time to sit back and evaluate your small business’ general functioning in order to make changes or additions to your product or services. Get creative and come up with new things that you can offer to your customers. Work on all those ideas which have previously been discussed but haven’t been implemented due to lack of time. Involving your employees in this process will make them feel productive and important.
Usually, plans are designed to help companies respond to localized threats – like fire, earthquakes and other natural calamities– that affect infrastructure. Once the event is over, while the effects may linger, recovery can begin. However, a pandemic or epidemic isn’t an isolated incident. Due to air travel, many cities around the world or within could be infected simultaneously. Since pandemics are also likely to come in two to three waves, there needs to be a shift in continuity planning.
Strategies have to now involve protecting employees and their ability to conduct business during a sustained crisis. Contingency planning by forward looking companies needs to become more coordinated, headed by pandemic or crisis teams that look after principal functions such as human resources, operations, security, legal counsel, communications etc.
We understand the gravity of the situation and need for you to keep your small business running during the current Coronavirus pandemic.
Hence, our sister company Socinova has pledged to help 100 businesses with their social media marketing to help them keep their customers updated during the Coronavirus pandemic, and kickstart the marketing efforts once the recovery starts.
You can take advantage of this resource and also let us know if we can help you in any way to keep your small business running. The Coronavirus pandemic is affecting us all and helping each other is the best way we can get through this.