Undoubtedly, small business owners are hit the hardest from this current global crisis. Those with large-sized businesses have an edge when it comes to survival. Small businesses, on the other hand, thrive only with a cash flow good for three months the most, so when a pandemic like this happens, it affects not only the small-time entrepreneurs but also includes the employees that work for them. Are you a small business owner? How can you survive through the pandemic? The answers are not easy, but below are some points to consider and plan for the next three months.
Take advantage of the resources offered by the government and from financial institutions.
Governments worldwide are obliged to help its people, and for small business owners, they are doing this through initiatives that can help them thrive and survive day by day. Be updated with how your government can assist you in cutting costs. Other institutions, including banks and credit unions, also have a social obligation. If you are a member of several markets, you can seek support options in those markets. For instance, find information about this from the US government while communicating and seeking resources from a market you’re a part of in the neighboring countries.
Create a 3-month plan for your business and your finances
Almost all small business owners have similar expenses, like shop rental, utility bills, and employees’ wages, among others. Talk to suppliers, or loaners, or whomever you need to pay for the coming three months and see what you can do to spread out the expenses. Most likely, options are already set up, or perhaps there will be an understanding between both parties, as they are also eager to keep your business. You should be vigilant in deciding which payment plans are suitable and appropriate for your business.
Also, you might want to check your finances. Talk to a close friend or confidant about helping you find ways to control your spending and maximize what you have for the next three months. What expenses need to be paid within three months, and what are those that are not very urgent? Are you using business money to support your family, the elderly, and others? You should be able to have a transparent conversation with your institutions regarding short and long-term goals for the business.
Seek feasible and better opportunities
It’s not bad to put some capital on events, but this is also an eye-opener for those that are contemplating how their business is doing. Will your business plan survive the pandemic? How will your customers adjust moving forward? Digitalization is very important nowadays, and you can use it for advertising your products.
Do not be too anxious.
All of us get worried when money almost runs out, but keep in mind that you must care for yourself and avoid getting too anxious, as this will do you more harm than good. When you’re stressed and filled with anxiety, you lose your appetite, and you forget to do healthy practices. Continue to eat the right food, get enough sleep, and find ways that you can relax. Show your employees that you can handle yourself and that you are capable of resolving problems that concern the business as well. Your staff will get their strength from you.
Keep a positive mindset – you will need it to be able to think soundly and focus on finding solutions and ideas that will help the business adapt to the current situation. If necessary, step back and reevaluate, seeking advice from people that you trust. Be hopeful. There will be better days.