In the recent past, small businesses have not faced a nation-wide/worldwide crisis as challenging as the corona-virus crisis. It has been such an overwhelming task trying to tackle the unique challenges that the pandemic ushered in. The good news is that in the midst of the daunting situation, small businesses can leverage a practical survival plan to improve their businesses.
Plan #1: Instant Financial Relief
At the onset of the problem, most businesses were concerned mostly about how to foot their bills in the meantime. One of the immediate solutions for financial relief in times of crisis is to create a cash-flow budget. The budget will feature fixed vs. variable costs.
Generally, the door will remain open with fixed costs, so it’s compulsory to pay them. Prioritize the costs in the order of their importance. Consequently, you can make effort to put money aside for their payments, having an eye on their due dates. Payless attention to, or completely cut off none revenue-yielding costs or costs not associated with performing essential business functions.
Another helpful survival action for immediate financial relief is to find additional sources of income. Get creative with your marketing and sales to help generate more revenue. You can also leverage small business loans and grants from the government to get some financial ease.
Plan #2: Introduce Remote Work
For work continuity, adopting remote work is a great survival plan for most businesses and companies in the pandemic era. However, ensure you organize remote work by setting expectations for your remote employees.
One of the major ways to get remote work organized is to boost your level of technology to accommodate remote working. You should do this as soon as possible and in the most affordable manner.
Make sure your company’s functions and key software are in the cloud. Think of how your remote employees can use their home PCs to access the company’s work computers. In this case, you need your IT team to set up VPN accesses if you are running on a server. You are better off being on the cloud since this makes things easier.
Plan #3: Adopt the Most Cost-Effective Way of Getting Things Done
Technology helps cut costs in the long run. You need to tighten up your technological tools and AI (Artificial Intelligence) to make work both cost-effective and increasingly value-oriented. Also, outsourcing helps to reduce salary pay-out substantially.
You can augment your lean remote work team with an onshore or offshore outsourcing team. Some businesses that laid off most workers discovered that outsourcing is a more affordable replacement, especially in these trying times.
There are other survival plans you can explore to help your business survive the pandemic.
Daven Michaels is a New York Times Best Selling Author and CEO of premiere global outsourcing company, 123Employee. The company employs hundreds of young bright individuals on three continents. His International event, Beyond Marketing Live! Inspires entrepreneurs to build & grow their business with revolutionary new theories and systems allowing them to design the business and personal lifestyle of their dreams
1 thought on “A 3-Point Survival Plan For Small Businesses During The Pandemic”
This just comes across to me as sincere, well reasoned advice. Thank you!