Small-Business Survival Plan In A Corona Virus Economy
Perhaps the only hitch you anticipated when starting your small-business was a business or at worst, low patronage. More than 90% percent of local businesses owners never dreamed of a day when their very existence on would be threatened by a pandemic.
There may not be past experience to learn from, but below are 10 tips we have put together to help insulate your business from complete paralysis.
1. Cut down all unnecessary expenses
In times of resource scarcity, prioritization becomes a necessary evil. Group you current expenses into primary and secondary expenditure. Primary expenditure are the ones that keep the business doors open or Fixed Expenses, Whilst positively affecting your revenues. Secondary expenses are the long term business investments whose impact aren’t immediate. All other expenses that aren’t producing revenue should immediately be suspended to curtail excessive cash outflow.
Another group of expenses you may consider cutting down on are expenses on auxiliary staff. Though necessary, auxiliary staff only add to improve business outlook without necessarily bringing in revenue. You may also consider laying off staff whose output have not being satisfactory within the last quarter of 2019.
2. Be the Captain, your employees are the crew
It’s not all about cutting costs with payroll. It’s important for business owners to show leadership. Set the tone and be the calm in the storm. Your business was never prepared for this, but its better late than never. Sit with your team and develop and emergency plan.
Switch to shifts if necessary, discuss salary reduction or scrapping bonuses. Your employees are human, they would understand that these are perilous times, hence everyone must sacrifice so that there would be a business to come to when the storm is over.
3. Safety first, everything else is secondary
Your employees are the people who are sacrificing to ensure that your business is operational. Your customers are the people who ensure that you and your employees go home with smiles. Therefore take steps to immediately demonstrate to your customers that you place their safety above everything else. And also ensure that your employees are well protected. At no point should the key people driving your business feel you are risking their lives for money.
4. Keep your communication channels open
In times of storm, its difficult for people to see too far from them. Hence reach out to your customers, let them know if you are still operational or not. Inform them of the measures you are putting in place in preparation towards the coming days. Also if there would be price changes or changes in mode of operations and safety precautions, be sure to get this information to your customers.
Keep your social media handles active, share relevant information on the pandemic with your customers both current and potential.
5. Consider working remote
If your business isn’t into production, and your staff can offer the services to your clients from the comfort of their homes, go for the option. WeWork, Skype, Team-viewer and many other remote collaboration technologies are at your disposal. Do not risk having unnecessary meetings in person when you can have a video conference from the comfort of your homes. Meet only when necessary.
Finally, try to be of service and help those in your community. Deploy WHO and Ministry Of Health as well as Ghana Health Service protocols on safety and prevention methods. Offer corporate social responsibility to the less privileged within your catchment area and together we shall overcome this storm.