The Covid-19 pandemic has disrupted the world’s economy. Both small businesses and big corporations have suffered, but it is the small and medium businesses that have been affected the most. According to a recent study, small businesses employ more than half of the workforce in the private sector. However, the pandemic has resulted in mandatory lockdowns and many companies shutting down. Some businesses may never reopen. So, how can your business survive during the pandemic?
Manage cash flow
You need money for your business to survive. Therefore, you should always keep in touch with your bank and accountant. Schedule regular calls to assess your options on how to maintain as much cash as possible through these unprecedented times and how to retain your employees. Additionally, you need to reduce your business expenses to be able to pursue your business goals even amidst the pandemic. A great way to reduce your business costs is to stop using print ads and invest in digital ones. Digital marketing can dramatically reduce your business expenses and provide you with better leads.
Be more social
With social distancing rules and shutdowns, it is impossible to meet-up with your clients and foster business relationships. However, you can use social media to build these relationships. According to the Global social media research summary, more than half of the world’s population is on social media. Additionally, users spend approximately 2 hours every day. Therefore, you can use social media to foster business relationships with your clients.
Avoid just posting content on your social media platforms and start interacting more with your followers. While this may seem easy, you will be surprised by the number of businesses that just post creative content but don’t socialize with their audience. Similar to other relationships, your relationship with your followers shouldn’t be one-sided.
Get professional help
Business coaching services providers have worked with several businesses, and they can provide you with valuable information on which strategies will work well and what you should avoid. Because your business coach is independent and not emotionally attached, they will be able to analyze your business and give insights that you may not have thought of.
Additionally, your business advisor can connect you to other organizations and professionals that will help you. Remember, just like you wouldn’t leave a loved one to represent themselves in court, it is also unwise to try managing your business without an experienced financial professional in your corner.
Look after your mental health and that of your employees
Being cooped up at home for long periods can affect a person’s mental health. Therefore, ensure that you check on your team from time to time through face-to-face video calls and encourage them to keep active and take regular breaks.
Although things may never return to what they used to, there are ways that your business can survive during the pandemic. By cutting your business expenses, using social media, seeking professional help, and looking after your employee’s mental health, you can help your business grow and thrive during the pandemic.