During these days of the pandemic outbreak, small business owners are confronted with many unforeseen hurdles. Not only has the outbreak changed the way businesses running, but it has also influenced their future goals and workflows as well.
You may be struggling with a lot of knowledge out there to find suitable & reliable information for your business. We have thus gathered a round-up of guidance and some posts that are of the long term benefit to small businesses.
Manage your finances wisely: a comprehensive article on the subject was created by “Entrepreneur.” It explains what improvements will happen to the management of staff & financial affairs and provides practical advice on how to cope with the global crisis.
In the current economic environment, paying utilities, rental office fees, and wages may be intimidating. Some key recommendations from “Entrepreneur” are:
- Plan your finances 3-9 months in advance. With the global decline in revenue, carefully handling your funds currently is of paramount importance.
- Re-optimize your financial investments and re-estimate every expenditure.
- Consider layoffs and furloughs when necessary. Nevertheless, stop losing your important employees. Note, a professional team is an essential asset to the company.
- Vision about discovering new revenue sources & alternatives
Alternatively, you could:
- Introduce or launch a new service offering. Some businesses are already profiting from adding a consultancy arm to the main operation. Consider what would be relevant to your current idea and useful for your customers.
- Get support for businesses affected during corona outbreak from “Small Business Aid” programs.
- Develop the overall budget plan with a set vs varying expenses. This way, you can see clearly what needs to be paid and when, and what costs you can actually prevent. The goal is to set appropriate goals and reduce unnecessary costs.
Governments have suggested an unprecedented tax-payment extension. Taxpayers have yet to file their taxes or extensions, even so. Penalties also apply if you do not file, but again, if you do not pay within the final deadline, no penalties or interest.
Major note: Don’t fall prey to the idea of having trouble paying taxes. If you’re an employer, the government calls the taxes sacred assets during these hard days. You are playing with flames! Payment of such taxes (income taxes) are not extended and there are major penalties and interest for not paying the income taxes.
Covid-19 Policies Inside The Organization
Be transparent to your staff about your business and safety protocol particular policies about the virus. It’s probably best to follow the govt’s guidelines like social distance, safe workspaces, workplaces and good hygiene as best as possible.
Be tolerant of the sick leave that workers choose to take, and seek to reduce company areas with groups of over 10 workers. Cancel major gatherings and, where possible, use phone calls and webcams to interact.
In the short and long term, it would be appreciated to obey any central, state or local self-government guidelines concerning instructions for employers and to look after the safety and security of your workers and customers, even though it’s a headache.
Staffs And Your Talent
It’s not just about payroll expenditure reduction. It is important to exhibit leadership for the business owners. Set the standard, and make the tempest humble. You survive the messy waves, you are on a kayak. Don’t lament the wave or gripe. It won’t improve anyway. But beware of it and adapt. Do not plan too far ahead and bear in mind that circumstances always change. Make a plan for the next few weeks and then the following month.
These plans will change, but here are a few basic ideas or steps that your team needs to consider:
If you have employees make sure they are safe. You want to retain those key people who are driving your company. Ultimately, it’s people who are making any company effective so concentrate on the main individuals.
Don’t hang on to decisions you made last week. Be prepared to adapt, and have new plans. When the crisis is over, you will have to live with those changes.
Communicate any changes to the policies about sick leave. Let sure your workers know that you’re not going back at work and that at this time you’re being generous with sick leave (also helps with the pay costs).
Stop recruiting unless you’ve attempted to hire an applicant, and don’t want to miss out. Connect with them/
Change your plan & goals
Many do not yet appreciate the importance of this approach. Staying positive about your sales is commonplace for finding new ways to achieve your goals. Your approach could be to find a new alliance or to enter a new market.
If things are sluggish, it’s a perfect time to tackle those tasks that you’ve put off. Invest in this time, don’t waste it on Netflix or get pulled into the constant coverage of the news. Instead consider spending this time in developing goods, facilities and seeking efficiencies for you or your team.
Train in your company or get yourself trained as a leader in areas that you know will improve your business. If you know you’re weak in social media marketing, or in accounting and budgeting, IT, or a niche thing in your business category that might drive your business, invest your time in that. Make your team do the same.
Remote jobs for your staffs
For the first time, a lot of small companies have staff that work remotely. Confirm that you set the standards for those who work remotely. Many company owners already work remotely on nights and weekends, but certainly not the staff (at least, this was my experience this week).
Increase your technology level as quickly and as affordably as possible where appropriate. Luckily, you’re not on an old-school server and have in the cloud your main applications and company functions. When you’re on a server, you’ll need to set up VPN access for workers to access their work computers from their home computers. It is much better when you’re on the cloud (Gmail / Google, Outlook 365, Salesforce, the most popular CRMS, etc.).
Implement a work-from-home agreement for the staff in writing, and let them sign it. Set-forth standards and introduce a protocol for a weekly progress report to be done every day and then outlined by the week (excel spreadsheet is what we use) so that workers monitor their workloads, customer engagement and projects. You may also have pay reduction provisions in this agreement based on successful or sales, if necessary.
Evaluate what functions can be done remotely, and what needs to be done in the office. It may not all be remote for most businesses. For such functions (mail, parcels, delivery, etc.), a specific team may need to be on-location. Seek to take a calculated solution to allow as many employees as possible to work remotely but recognize that, based on job role, individual ability, family condition at the employee’s home and more, that is definitely not possible for everyone.
Marketing and sales
Ensure you connect with your clients effectively and consistently. If you’re open to customers, make sure that they know that and how to communicate with your service. Making their buying of your goods and services simple for them.
Using your profile on social media to keep your consumers updated. If you don’t usually use social media, then it might be time to create one now.
Implement your clients with a newsletter or series of newsletters, if you are not already doing so. Use this to communicate your ability to help customers and any changes to the way you provide them regularly.
Be creative, and find new marketing and selling opportunities. What does resonate with consumers right now that you can do, despite the existing conditions? This is a perfect opportunity to concentrate on your current clients, offer quality support, and ensure that you maintain valuable customer relationships. Let some main partnerships know you ‘re still there and how serviceable you can be.
Then find new ways of providing your service or merchandise. It can be via home delivery, shipping, or interactive web-based services. If possible give deals, and think outside the box.
Be generous, show compassion and remember what you are learning from this
We all know a lot about how we should have prepared ourselves properly for this tragedy. Using this time as a wake-up call, and benefit from it. Keep making notes and refuse to return to the status quo until all of this is over.
- Give your company a financial fund or savings account that would aid in times of need or crisis.
- Have a small financial fund of several months of cost of living.
- Build at least a limited food-storage. Perhaps the household items worth a few months, such as toilet paper, food, feminine care, washing powder, etc. Do the utmost with the money and energy that you potentially have.
- Find new sources of revenue and tiny diversifying for your company.
Finally, try to represent to support those in your community. The more you back somebody worse off than you, the happier you feel. As the world’s past has given us such wonderful examples of challenges and resistances, this time too will pass and we will do our utmost to help each other through this process while we all grow and develop from it.
We are in this together, let’s not forget.