We are in hard times. The time when too many things happen they exceed all expectations. Times that are unprecedented. The time when everyone in the world is living with uncertain about there features and they are living with anxiety, depression no matter whether they are from underdeveloped, developing, or developed country.
World business is in a bad time. Most of the business have closed down while good chunk of employees had to do with pay cuts and others have been completely laid off.
It has become a challenging for most of the small startup business to keep there financial wheels turning during COVID-19 lock-down period due to less revenue churn and the uncertainty in the global financial environment.
Unfortunately, the impact of the pandemic is more brutal on smaller startups because of the smaller margins for managing sudden slumps. The ripple effect of this shutdown will have a key impact on India’s economy, all the businesses got impacted by the pandemic resulting in the low revenue generation due to eventual slump on the sale of products and services. ICRA predicted that India’s growth rate will be down for 2% from a range of 4.7%-5.2%
So, during such testing times, business entrepreneurs will have to adapt to a new set of rules and should take necessary actions to alleviate risks and survive the slowdown caused by the COVID-19 pandemic.
As a business leader you need to the same exercise and find the strength to wither this storm. As a business founder, think of those difficult moments in the organization when you need to fight with the odds. It could be when are starting out and trying to establish market in a new field. As you do so, you will find the courage and strength to smile saying that this too is just but a passing cloud that needs not deter you.
In this post look at the ways in which any business can wittiness storm and come out the better and stronger even after the COVID-19 scare.
- Need to move online
Whether you deal with goods or services you need an online presence where all the customers will find you. Set up a social media and website handles were clients can find you. If you are not good at search engine optimizations and Social media always look out for digital consulting services that are going to handle that for you at a small fee.
The reason why giants like Amazon and Alibaba others are still operational today because of online presence and one does need not to go their physical stores to buy anything. Copy this same style and make sure to have customers get word that they can still access your product and services online.
- Apply for loan moratorium with bank
If You have loan but because of thick things happens right now, you will not able to finance it. You can always notice to your bank rep about your inability to pay. Banks also know that you are in a tough and they really care about your being able to weather this storm. I was listening to one of the CEO of a leading bank in a country and we had this care that business will come out healthy after this coronavirus pandemic. Talk to us a loan repayment moratorium. There is a difference between being unable to pay and lacking a will to pay.
- Care for your Employees now
Now more than ever, most of the people working from home. But the business in the informal sector cannot work out that way. They have had to close. Maybe yours is one of the informal one that had to completely shut down. As an employer take care of your Employees. They always taken care of your business for a long dog year. It’s time to pay. If you plan to pay percentage of their salaries without going under, then kindly do it.
- Best time for Outsource
For start-up business, this is the best time to outsource freelancers to save the money. The good thing with the hiring the freelancers is that you are saved so many such as overhead costs, Commuter and house allowances, petrol and diesel allowances and setting up pension plans. With freelancers, all you pay for work due and nothing else on the top of it.
- Show care to your customers
It’s really high time to know your customers are doing. Send the them a good health wishes and wish them a best despite the everything is happening.