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.