No one could have thought of the conditions we are in now. We never imagined it. Working from home, locked in from the outside world, but still trying to persevere and make revenue. Those things are unprecedented. But alas, here we are now, with our struggling businesses and dreams and promises that we can see breaking. However, there is a way to make it through. There is a way to make your business survive this pandemic so that by the time lockdown is lifted, we are that much stronger.
Entrepreneur Problems during pandemic
As a startup-owner or an entrepreneur, your business’s survival chance can dim because of the challenges your companies will face. These are as follows:
- Paying full salaries to your employees: The MHA has said that you should pay full salaries to your employees, but that’s difficult when there is not much revenue.
- Paying the bills: Office bills like electricity bills, water bills and even rent, can’t be fully paid during this time because 1) you aren’t using the offices and 2) you aren’t making enough revenue to pay them.
- Finding clients: Everyone is staying inside. And therefore, you are cut-off from your major market-base. Finding clients in such situations can be difficult.
While facing those three problems, to keep your business going during COVID-19, you should be able to tackle these exact problems in a way that can make your stronger. So, we have created some list for you. Things that you can do to make your business stronger during COVID-19 pandemic.
Saving your small business during pandemic
The following five tips will let you take calculated and good decisions to ensure that your business is able to survive the lockdown (that will definitely extend):
- Keep Calm: Even though the cork from home and lockdown seems like a calamity, it isn’t. If you are facing stress that cash is going to run out, you need to find a way to get stress free. To make decisions, you need a healthy mind, and a healthy mind can only exist within a healthy body. Therefore, eat right, do yoga and keep your mind as stress free as possible.
- Look at the government for help: Governments of all countries are putting together packages and other initiatives to ensure that small businesses are able to survive properly. Contact the government officials and tell them your plight, and they will be able to help yu in some way. Just, be positive.
- Create a three-month financial plan: Right now, think that for at least 3 months, there won’t be any lockdown lift. Therefore, in order to ensure that your employees are getting paid, you are able to retain a lot of revenue and you are able to survive, you need to make a financial plan.
- Take tough decisions: While it’s not right to cut costs of your employees, in these trying times, your employees will understand better. You have to reduce their salaries somewhat. If they are loyal towards your business, they will stay.
- Upskill your staff: Being at home is a good time to enhance the skill of your staff. If you are cutting the salaries of your employees, provide them some educational provisions through which, they are able to upskill themselves.
Conclusion
Making tough business decisions is important for business survival. However, don’t go overboard with it. Take a deep breath. Rest your mind and watch as things figure themselves out.
Also, get detail about MSME registration requirements
