How to manage money situation for a small business owner after Corona lock down?
Howto manage money situation for a small business owner after Corona lock down?
Coronavirus,also known as COVID-19 is making its way across the nation. With many people panicking about the spread, business is seeing a decline in traffic and an increase in isolation.
In this situation, how small business owners can manage their businesses after Corona lockdown?
Do you have any plans?
To protect your business and team in the midst of the coronavirus outbreak, you need to take some precautionary measures to stay ahead of a down economy;
Planning
Ascoronavirus is spreading, companies are putting safeguards in place to protecttheir companies and employees. The major precaution business owners are takingis creating an emergency plan. If you have not started, start right now.
This emergency plan will not only outline what steps your company plans on taking ifan outbreak impacts your organization. It also brings what measures you have to protect your employees and business during this situation.
Some major steps you need to take including protecting your employees, protection during an outbreak, future of business operation if it is infected, etc.
Work from Home Policy
As coronavirus is becoming a serious concern, businesses are looking for alternative work arrangements to keep their employees from coming into the office and avoiding contact.
As per your industry, you may not be able to allow your employees to work from home. May be you cannot provide additional equipment. Or maybe the team needs to interact with customers face-to-face.
It all possible, still think to establish a work from home policy. Incorporate thingslike employee eligibility, remove procedures and guidelines.
Avoid Meetings and Travel
Postpone any team meetings or hold them virtually. If your employees get sick because of travel or meetings, you could have a liability issue on your hands. Also, you will have to manage low morale and sick leave requests.
Think Proactively
It is very common that we focus on what is happening right now, mainly in the light of the constantly changing situation. As small business owners, spend time thinking about how to create once this is all over.
Take supportfrom the expert financial professional to plan how much reopening will cost andbegin devising a plan. In case, you are cash-strapped, most communities have free legal resources for small business owners.
Contact the People You Rely on
Try to contact people like your bank, vendors, and anyone else you rely on regularly.Connect with any small business communities or look for local organizations oralliances to join new so that you can all share resources and advice.
Productize Service-based Businesses
You have alot of time to sell and execute services. Products will help you make money while you sleep. To grow your business, focus on products. If you are in service, figure out how to productize some of those services. Initially, begin with one.
Products come in different shapes and sizes, from e-books to digital gadgets;anything that people can buy and pay online and the most important keep washingyour hand.
Bottom Line
Have aregular discussion with your suppliers, investors, partners, and localofficials to know how you start to implement safeguards that will help you stayaway from COVID-19.
