Small businesses tend to live on only a few months of cash flow at most, so when something like this hits, It can be devastating. So, will your small business make it? There is no step by step guide to help your small business survive, but here are a few pointers you can implement.
This social lockdown means that millions across the country are now working from home. Not only is it difficult for me to be isolated from colleagues but we work with clients face-to-face and not having access to that element is really tough. I like to sit in front of my clients and be able to build a relationship that keeps that human element.
So, find the right tools that will help your team meet what’s required of them. We are currently using Zoom, Microsoft Team and WhatsApp as tools for communication with my team and clients.
Our government is doing what they can currently to aid businesses. Be up to date with the resources being provided by each department. Financial institutions have also stepped in to help during this time. The pandemic is new to everyone including our government, it’s a learning curve for all of us and I’m grateful that they are thinking of small businesses survival during this time of need.
Have a financial plan
Every small business usually has the same key expenses, which include employee salaries, office rent, and utility bills. Find out what options you have from people you have to pay to ease out the costs. Chances are they may already have options in place or will be understanding, as it’s in their interest to keep your business.
Keep calm and take care of yourself
This can be difficult especially when cash is running out but remember to take care of yourself in a way that works for you. Ask for trusted opinions and emotional support where you can. One thing that has helped me a lot during this time is prayer, and having people around me for support. Some days are better than others but what brings me comfort right now is knowing that I am not the only one who is affected by Covid-19. Taking care of yourself will help you keep calm, which will then keep your staff calm. Ultimately, this will build a healthier mindset for everyone to brainstorm effective strategies moving forward.
During this period of uncertainty, we as small business owners need to make quick changes to survive and keep our services relevant. Although it is hard for even the most optimistic person - we need to stay positive and think innovatively of ways to keep our business running for the people who depend on us.
