How to manage money situation for a small business owner after Corona lock down?

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 peoplepanicking about the spread, business is seeing a decline in traffic and anincrease in isolation.

In thissituation, how small business owners can manage their businesses after Coronalockdown?

Do you have any plans?

To protectyour business and team in the midst of the coronavirus outbreak, you need totake 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.

Thisemergency plan will not only outline what steps your company plans on taking ifan outbreak impacts your organization. It also brings what measures you have toprotect your employees and business during this situation. Some major steps youneed to take including protecting your employees, protection during anoutbreak, future of business operation if it is infected, etc.

Work from Home Policy

Ascoronavirus is becoming a serious concern, businesses are looking foralternative work arrangements to keep their employees from coming into theoffice and avoiding contact.

As per yourindustry, you may not be able to allow your employees to work from home. Maybeyou cannot provide additional equipment. Or maybe the team needs to interactwith customers face-to-face.

It allpossible, still think to establish a work from home policy. Incorporate thingslike employee eligibility, remove procedures and guidelines.

Avoid Meetings and Travel

Postpone anyteam meetings or hold them virtually. If your employees get sick because oftravel or meetings, you could have a liability issue on your hands. Also, youwill have to manage low morale and sick leave requests.

Think Proactively

It is verycommon that we focus on what is happening right now, mainly in the light of theconstantly changing situation. As small business owners, spend time thinkingabout 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 havefree legal resources for small business owners.

Contact the People You Rely on

Try tocontact 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 moneywhile you sleep. To grow your business, focus on products. If you are inservice, figure out how to productize some of those services. Initially, beginwith 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.

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