Dos and Don’ts for Small Businesses During a Pandemic

If there has to be one wish granted to the world population, they will all stand in solidarity to fast forward the year 2020. No matter how hard you try to derive the positives out of this global crisis, the truth still prevails – that we are fighting hard against COVID-19.

While the more prominent businesses still have a better chance of survival in the coronavirus pandemic due to their more substantial cash reserves, it is the small businesses that are going to be the worst hit.

Here are a few tips for small businesses that will help them survive the coronavirus crisis:

Look for Government Aids

Governments and non-profit organizations across the world have come forward to support the SMBs in this hour of crisis. Take advantage of government aids to keep your business on track.

Move Your Focus Online

What COVID-19 has taught the world is that we should always be prepared for the worst. The biggest tip for small businesses is to have a robust online presence. With the malls and supermarkets being the first places to be shut, it’s never too late to have an online counterpart, which is functional in this time of crisis.

Revise Your Financial Plan

The most important survival strategy that the small businesses can adapt during the pandemic is to segregate their essential expenditures from the avoidable and discretionary costs. Speak to the suppliers and lenders for a grace period and carve out a unique repayment plan that seems fair to both parties.

The focus of the upgraded financial plan should not just be restricted to survival during coronavirus but also should deal with any such pandemic in the future.

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