Featured Video Play Icon

SME Futures Explains: Top 6 tips for small businesses to survive Covid-19 crisis

Businesses across sectors have taken a hit in wake of the Covid-19 pandemic. The impact is more severe for small businesses that have seen their business dry up and their cash flows disrupted. While the going will no doubt be tough, there are ways a small business can survive the crisis and be able to bounce back when things get better.

Checkout the top 6 tips for small businesses to survive the Coronavirus crisis:
  • Focus on customers over competition: It is customer service that differentiates small business from big business. It is the time to dig deeper into your business – look at what has worked well for you in the past and what you can do more of to add value for clients and retain them so that once things get moving again you are the first they think of.
  • Focus on Cashflows: Focus on cashflows and not on profits. Figure out if you can offer some essential services to your customers, even if it is not the main line of your business. Talk to your existing vendors and suppliers to see whether you can extend your payment term or get a longer grace period.
  • Brainstorm and look for the opportunities: Don’t just sit back scared, look for ways to get back. Look for opportunities to harness this situation. If you have a slowdown of client work, then use this time to work on a key project or systems overhaul that you know you’ve needed to do for years, but never seemed to have the time to tackle before.
  • Engage & Educate with your customers: Remember that customer is the king and you need to keep the communication going even if it is leading to any sales during this period. Engage more with your customer through social media channels to stay in their minds so that your business picks up when the going gets good.
  • Make A Financial Plan: The financial plan you had in place is not likely to work now and adjustments need to be made. Take a closer look at your income and your expenses. Analyze areas where expenses can be delayed or put on hold. Have a plan in place of how you can get back to business as soon as the crisis is over.
  • Check for any available financial aids: Governments all over the world are putting into place financial assistance plans for small businesses and India is no different. Research and find out if you are eligible for any such assistance. Tap into all the help at hand to stay afloat.

   


Related Videos

Featured Video Play Icon
India’s Industrial Diaries, Ayodhya: business opportunities to boost after Ram Mandir construction
Business and income opportunity will boost after Ram Mandir Nirmaan.
Featured Video Play Icon
Top 10 digital marketing trends for SMEs
Future of business is digital. As digital trends evolve every year, SME leaders should always be aware of the changes in order to easily adapt with emerging technologies and stay ahead in the market. This will help them gain a competitive edge and become able to develop new ways to grow their businesses, generate leads and improve the relationship with their existing customers. Here are the 10 digital marketing trends which will help you accelerate your digital marketing agenda.
Featured Video Play Icon
How much did Modi government spent on MSMEs in 2019?
MSMEs are the backbone of the Indian economy. They contribute 29 percent of the country’s GDP. MSME Minister Nitin Gadkari has set a target to up the contribution to 50 percent by 2025 as India becomes a $5 trillion economy. To boost the capabilities of MSMEs and small businesses, the MSME Ministry implements various schemes and programmes. Know how much did Modi government spent on MSMEs in 2019.
Featured Video Play Icon
SMEs power game in solar energy sector
The 12th edition of the renewable energy india expo witnessed vast presence of Indian SMEs and international companies. Indian SMEs […]
Featured Video Play Icon
How Maruti reduced auto-part inventory through a simple strategy
Maruti Suzuki is one of the iconic brands in India. The company does not stock its components. It has adopted […]