Small businesses are struggling to meet ends during the COVID-19 ongoing crises. They are operating with limited financial and other resources that are insufficient to deal with unforeseen issues effectively. Sudden closure of markets and a drop in demand or supplies have dealt a massive blow to their prospects of doing business. So, they need to keep in touch with the situation and get updated information to help them get away from the crisis. This infographic aims to provide crucial guidance about how small businesses can survive during the coronavirus outbreak.
Startups and small businesses can still come out as winners from the present adverse market situations due to the coronavirus. All they need to do is to revisit their conventional marketing strategies to make them adaptable to the changed circumstances.
For instance, they should be prepared to conduct business remotely from home. They should devise new ways to interact and engage customers. Even terms and conditions with the contractors also need a fresh look. Many such new basics have now become the norm of the day for businesses.
Here Is A Survival Guide For Small Businesses To Help Them Navigate Through The Crisis Successfully
- Tell your customers about any possible shortage of products in your stock or delay in services. Such information will help clear the confusion in your customers’ minds.
- Use all your means of brand communication with customers regarding what your business is doing to deal with the crisis. Send them your business newsletter regularly to update them with the situation.
- Research to find out the new business opportunities which you can explore to your advantage by investing your limited resources. For example, you can register to a not-for-profit platform, SOSlocalbusiness.com and request your loyal customers to get united during this uncertain time.
- Try to help others in these difficult times. So, know about how your business can be socially involved in helping people to tackle their problems.
- Ask your landlord to defer your rent payment for the time the pandemic crisis is over.
- Take your suppliers and vendors on the same page to work out a win-win situation for both the parties.
- Apply the Force Majeure clauses that free you from all liabilities and obligations of your contracts during the crisis.
- Address your cash flow issues by offering enticing discounts on your products or services.
- Save as much cash as you possibly can since the coronavirus crisis may last for many more months.
- Remember that your talented team members are your greatest resources.
- Retain your team and do not think in terms of getting rid of them in these times. Talk to your employees to find out a middle path of retaining them and saving cash as well.
- Think of letting your employees work from home to cut huge expenses on electricity bills, canteen bills, and many more while operating from a physical office.
- Apply for special grants and funds created by the government and social media such as Facebook for small businesses.
- If you have previous loans in your name, apply for a moratorium to get some relief.
- Explore the administration loans your local government is offering.
- Keep in touch with fellow business owners, policymakers, startups.
- Subscribe to important government notifications to get updated information regarding the coronavirus pandemic so that you stay away from any confusion in this regard.
- Take note of dozens of virtual events and conferences happening across the world regarding businesses and how to handle the crisis effectively. Try to be part of most of these events so that your business benefits in many ways.
SOSLocalBusiness.com: A Not-For-Profit Initiative By Designhill
The COVID-19 pandemic has hit businesses hard, no matter the scale. Designhill has started a not-for-profit initiative to financially support small businesses that are facing the calamitous consequences of COVID-19. Through this platform, businesses can request their regular/loyal customers as well as local communities to support them in many ways. Click to know more.
Register Your Business
This Infographic Holds The Basic Details At A Glance To Help Your Small Business Emerge Up Steadily From The Crisis
Get The Infographic As A PDF:
Looking For Pro-Tips To Protect Your Business During The Coronavirus Outbreak?
As the coronavirus outbreak continues to batter businesses, business experts at Designhill have shared several tips to keep your business healthy as a horse. Here’s the best advice on how to protect your business and stay well-prepared for a coronavirus outbreak.
Get Survival Tips For Businesses
Lack of sufficient finances and other resources should not hamper small entrepreneurs from operating their businesses during the coronavirus pandemic. But they must adhere to some basics such as shifting of business to online platforms and remote working. They must also find out ways to interact, engage, and retain customers. Other precautions include renewing contracts, borrowing government loans, and attending virtual events and conferences.