Coronavirus and Small Business: How to Survive

Coronavirus and Small Business: How to Survive

The situation with the pandemic of the coronavirus hurt everyone. The small local business is experiencing this crisis the hardest, as the customers of this business are now on self-isolation. But do not fall into pessimism: these rules can help survive a pandemic.

1. Do not panic

Not everyone will stay afloat — only those who will act, monitor developments and respond quickly. Yes, we cannot control the wind, but we can control the sail, become a captain on a ship.

The most important thing for an entrepreneur is to feel the breath, manage the situation and make daily decisions. Then we will survive this storm and get off the ship transformed, updated and ready to continue living in a new reality.

2. Cutting costs

During any crisis, people begin to spend less money. Accordingly, the profit of your business will inevitably begin to decline, if you do not make attempts to improve the situation.

Usually, the biggest expenses go to renting a room. You can try to reduce the cost of rent by trying to negotiate with the landlord so that he will lower your price. There is also the option of subletting part of the premises. An extreme option would be to move to a smaller room, and pay a lower price.

3. Take care of the safety of your workers.

The best you can do to ensure the safety of your employees is to transfer them to remote mode. If this is not possible due to the nature of your company’s activities, organize disinfection of all surfaces during work, limit contact with customers and in no case allow people with signs of a cold to work.

4. Pay maximum attention to the client.

Each client is worth its weight in gold. Therefore, you need to introduce additional features for buyers — free delivery, bonuses upon purchase, certificates for the next purchase.

Most likely, the business will experience even greater difficulties after some time. It is important to value what is now and prepare a margin of safety.

5. Salaries: review staff motivation

Do not be afraid to change the payment system. Instead of firing staff, pay them for the result during the crisis. You can temporarily reduce the percentage of the premium. The next necessary step is to remove salaries and leave only bonuses from sales.

Picture Credit: Pexels