How Will Small and Medium Businesses Survive The COVID 19
The health pandemic, COVID 19, has shaken the global economy like never before.It is the biggest economic crisis of the lifetime and is putting maximal survivla pressure, specially on small and medium businesses. These business are the economic engine for any country but the lockdown, steep fall in money flow, demand and supply chain disturbance, these businesses are finding it hard to survive in lack of the fuel.
Darwin proposed "
The Survival Of The Fittest", which we can understand now. Our
Delhi based custom software development company serving globally for any and all kinds of
website designing services in India and
web development solutions in India, fall in the same category working on survival and offering best of services from home during this critical time. So, what can we try to do to be able to survive and fit into the upcoming economy.
Keep calm and composed
Being a leader to your company/organization, it's important you set a calm, composed and adaptive example for your team members. Stay positive and keep their spirits balanced so they willingly work towards the cause.
Analyse your business type
Businesses like travel, entertainment, hospitality and discretionary retail, that is those with high public reliance will find it difficulat to go through this phase than the others. Even when the lockdown is eased down and frther removed, the fear is going to stay and haunt for a long long time, hence social distancing and avoiding contacts is going to turn into a habit till this fear waves away and this would be a long time. Be prepared for this and try to plan out ways out for this. Keep your business reliance on public low yet try to maintain your public supply to the possible extent. You might think of home deliveries, home services with strict hygeine rules set for your visiting staff and so on.
If yours is a table work kind of industry like ours,
IoT software solutions company in India, or say teaching, finances, banking etc, you can shift your work culture to the newly worldwide experimented " Work from home culture". This will not only help you save the rents, office maintenance and overhead costs, will also help your staff cut down their travel cost, time and effort and yield better producivity.
If sustaining full time staff is not being possible for you, shift to contractual and assignment based system, so that you dont loose your working hands and brains and team also is able to support themselves to some extent.
Keep your debts low
Businesses with low or no pending debts at all are more likely to be able to survive, as they have no pending financial stress and their possibilities of getting financial aid is brighter.
Liquidity is king through this crisis. Work on your cash reserves, where best can you use them to help you survive and earn.
Establish better work environment policies
You and your team will get together after having gone through and still carrying the stress and insecurity in their minds, creating a positive work environment is very important.Try to keep a once a week conversation session, where entire team can just talk out share and come back at ease. Don't push yourself or your team.
Maintain Sales and marketing efforts
Do not fall apart on your sales efforts, physical marketing is not possible but you can go in for digital marketing solutions, email marketing, telemarketing to keep your name alive in your industry. Choose the best words to suit the situation to convey your message to your customers.
Cover up the pending jobs and projects
Uttilize this time to finish up your pending projects to revive your buried business relations by getting back in touch with old clients and people. This will not only keep you busy but will help as an investment in times to come.
Shop Local, Help your market revive
Once the lockdown opens, try your best not to get back online. Be it home supplies or any shopping, try to revive the economy you are striving in by shopping local.
Figure out customer's needs
With this crisis, people will definitely arise with a changed mindset and lifestyle. Understand their needs and demands and make a move accordingly. In near future, if you are a fancy clothing store, chances are that the public will fulfill the required casual clothing needs than spending lavish on fancy stuff and so on.
Your short-term cash flow can continue if you keep on providing them with goods and services during the crisis.
Customer needs comfort and hope right now.
Things will get worse before they get better - this is what the medical professionals, lawmakers, and business leaders have to say during current scenario. Keep yoursef well informed through news and reliable sources. Keep your eyes and ears open about what is happening and how can it effect your business and make wise decisions and plans. Re-evaluate your business objectives for the upcoming year including more of risk management.
Let's all use this as a a wake-up call and learn from this experience, save nature, save a good lifestyle, plan better, save liquid funds.
This time too shall pass, every night sees the sunshine.