How to manage a business during Covid19?
Without a doubt, the coronavirus has impacted small and large business globally. Putting people at risk and worrying about paying the bills at the end of the month, scary times for most of us. As the number of cases increases day by day, health and safety of our family members, friends and employees become crucial at this moment. Don’t worry, we will get through it and there’s light at the end of the tunnel.
Many are wondering about how to manage a business during this pandemic. Some may have predicted the virus and effect it could bring to businesses. As we move forward, uncertainty plays in our heads, how do we manage our business? Will I have enough cash? How to generate more sales? How to manage cashflow? How to motivate employees?. As you can see from the question that we have listed out, these are common question that we ask ourselves as business owners daily. Just that this time is different because the whole world is in lockdown.
We don’t have a clear answer as to how surely manage a business during this pandemic. Who does anyway? For those who are running an online business, I guess you guys are set up. However, those who the majority of the market are still not online or are not able to conduct their business even though they are online, we have a couple of key suggestions that we want to share with you.
1. Cut Cost
Yes. Cut cost. Don’t give us excuses. Just cut cost. Unnecessary expense, you just have to cut it out. At this point, we need to have cash and we need to use that cash for marketing purposes.
If you’re Tesla then yeah sure you don’t need to spend money on marketing however in our pov, articles that report saying that Tesla doesn’t spend money on marketing is just ridiculous. You got the owner who is constantly on Twitter either marketing his business, they partner with other brands to promote their business. You can say or highlight that they don’t spend money on marketing but at the end of the day, they market themselves. If you have no money to market, it’s fine. We use to be in that position. What we did was we emailed, cold call, post on social media and tweet to CEO with the hope of scheduling for a pitch.
3. Change your business model
It sucks and it can be a lot of work but you have to change your business model. Other business owners may not have the money to throw around to pay for your service. Instead of thinking of these people may not have the money to pay, why don’t you turn it around and figure out how you can come up with a payment structure that enables them to pay for your service.
4. Go Online
Move your business to online. If it’s heavily relying on physical operations find a way to at least move 10 % – 20 % of your business online. If your business does not own a website, get one. If your business relies on humans to do documentation, find or build a software that can automize the process. I am not saying to shift 100% of your business online but if you move at least 10% to go online, you are able to save cost and productivity is hire. At this point, you need to cut cost, save cost and double your productivity to stay relevant moving forward.
Last but not least, as business owners, you’ll need a strong character. Don’t think that you don’t. The fact that you are already running a business or planning to start a business shows that you have the ability to take on risk and mental strength to overcome any challenges. During this pandemic, you have to be very patient and be extremely proactive. Easy said than done, but from our experience, these two plays a big role for us to be successful in our projects and business. We don’t know when the pandemic will stop, but we have to be positive. Don’t be stagnant. Change and evolve when you can. Your business depends on you.
Please take note that articles are being written by us. We didn’t hire any professional writer to write our post. Our focus is to provide you with information and knowledge so that you can grow. Please mind our language and grammar. We are not an English major student, and we use Grammarly just to make sure that our grammar is a bit up to standard. #enjoy