The Entrepreneur’s Survival Guide During Current Times
Posted: 11th May 2020 10:16
You had big plans for your business in 2020. This was going to be the year that you advanced in your industry, beat out the competition, and become even more successful. Then, the coronavirus hit and changed everything. Maybe you’ve had to temporarily close up shop as a non-essential business, let go of hard-working employees, or things have simply been slow as millions of consumers conserve their money for necessities. Whatever the case is, the future looks bleak, and you have no idea how or if you’ll survive this current crisis.
First, you should know that you’re not alone as millions of small business owners across the nation are struggling to make ends meet. Getting through the coronavirus pandemic won’t be easy, but it’s not impossible. Below is a small survival guide to give entrepreneurs a fighting chance:
Stay Calm and Take Care of You
Panicking, although understood, is not ideal for entrepreneurs. When you’re panicked, you tend to make poor decisions that may provide temporary relief, but ultimately hurt your business even further. During these crazy times, it is vital that you find ways to reduce stress and most importantly, take care of your health. If you’re not well, the challenges of managing your business during the pandemic only get worse. Make sure you’re eating three healthy meals a day, getting regular exercise, doing things you enjoy, and getting at least 7-9 hours of sleep each day. The better you are mentally and physically, the better you can master getting over this hurdle.
Tighten Up at Home
Most entrepreneurs rely on the profits from their business to sustain a living. If sales have declined, however, this means there’s less money to bring home. If you’re going to last throughout this pandemic, it becomes necessary for you to tighten up at home. Create a new budget reflecting current income, reduce any unnecessary spending, put off paying down personal debts, and find ways to save on the things you must purchase. If an emergency should come up, there are quick loans you could use to cover the costs giving you time to repay it so your personal reserve isn’t completely wiped out.
Get Your Business Online
If you were the owner of a brick and mortar business that falls in the category of non-essential, chances are you’ve had to operate from home. Though consumers are asked to stay in their homes, many of them enjoy the convenience of being able to shop online. Whether you sell products or provide a service, your target audience can still enjoy what you have to offer on a virtual platform. Create a compelling, easy to navigate, and attractive website that gets visitors access to your brand. You may even come to find that it’s a lot more affordable to run an online business than a brick and mortar location.
Switch to a Remote Workforce
Instead of letting your dedicated employees go completely, you can survive the pandemic by allowing them to work remotely. There are plenty of digital resources that can be used to do everything from manage time and payroll to collaborating and project management. With the right setup, you and your team can continue to provide quality services to existing and new clients without skipping a beat (or investing too much money).
Get Creative with Your Offerings
The coronavirus may have slowed down or even halted sales, but that doesn’t mean you can’t still generate money for your business. Now is the time to get creative with your offerings. If you own a restaurant, offering free delivery services will keep loyal customers checking out your menu. Let’s say you were a clothing designer, come up with a creative way to produce face masks and matching apparel that people would be interested in buying. Don’t forget that your knowledge and experience can always make you money. You can create online courses, eBooks, tutorial videos, or hold online seminars (for a fee) to continue generating cash and maintain a strong following.
There is no doubt about it, the coronavirus has thrown a monkey wrench in the plans of businesses large and small across the nation. The key to survival, however, is creating a game plan that allows you to maintain positive cash flow, secure your best employees, and continue to reach your target audiences. The above-mentioned suggestions will assist you in accomplishing this and staying afloat until there is some resolve.