What Small Businesses Must Think About in Response to the COVID-19 Outbreak

These are hard times and everyone is worried. For business owners, the outbreak has greatly compromised operations with some businesses, especially small ones closing shop altogether. It is important that small businesses assess the current circumstances and put in place measures to deal with the impact of the outbreak. How well small businesses plan may determine how fast they recover beyond the outbreak.

We have put together a list of things that you must think of as you plan.

1) Finances 

For most businesses, reduced income is the new reality. It is important to assess your expenses vis-à-vis your income. Plan for recurring expenses like rent and salaries. If you are not bringing in any more income, you may need to have an honest conversation with your land lord and employees.

Together, you may be able to derive short-term solutions. For some companies, staff have, for instance, agreed to take pay-cuts across board to help the business remain afloat. You may also need to face your landlord, let her/him know that you are aware of your rent obligations and that once things pick up, you will start working out a solution.

2) Have a plan 

We understand that these are uncertain times and it is hard to predict what will happen a month or two from today. However, even with this uncertainty you need a plan of you will handle things in best and worst case scenarios. What is the worst that could happen? For instance, what will you do if non-essential businesses like yours are closed for the next three months? How will you manage? How will your staff manage?

Also, think of the best-case scenarios. For instance, what if the lockdown is lifted in a month, will you be able to get things up and running? What do you need to put in place for that to happen? Spend some time drawing a plan with clear steps of how you would handle either scenario.

3) Cultivate a social support system

There has never been a better time to strengthen relationships and establish new ones. This is the time for you to build cohesion within your team. Make them feel valued by engaging them in planning processes. Your social support system also includes other business owners, your suppliers, your customers, your friends and family and people and businesses that you have collaborated with.

Check on your customers, how are they managing? Share with them vital information on how they can stay safe. Reach out to your business partners and collaborators on how they are getting on. You never know, they may share tips that will help you to keep your business afloat.

All in all, keep your stakeholders aware of your plans and of what you are doing as a business to promote safety. Let them know if your services will be interrupted in any way and when you expect to be up and running again.

4) Communicate and Be Informed

We cannot overstress the need for communication during these times. There is a lot of uncertainty and incorrect information. It is therefore important that you share accurate and timely information with your customers, staff, partners, and collaborators.

Aside from giving others information, ensure that you keep yourself up to date with what is happening in the communities that you serve and in the relevant industries. Keep abreast of the emerging trends and opportunities. There are, for instance, a number of free training opportunities for small and medium enterprises that you can benefit from. This is one of many opportunities that you can leverage if you keep yourself informed about what is happening in the relevant industries.

5 thoughts on “What Small Businesses Must Think About in Response to the COVID-19 Outbreak

  • Komuka skills hubApril 21, 2020 at 3:40 pm

    Life has given us lemons we shall make lemonde.it is a matter of time that we shall bounce back sound and clear.
    But thanks collage for this piece of encouragement. We ought to plan ahead if this crisis.

    Reply
    • rhelmzrtApril 21, 2020 at 4:45 pm

      This is a winning mind-set @Komuka Skills Hub. Keep inspiring!

      Reply
  • mirembeagnesnalunga@gmail.comApril 21, 2020 at 9:36 pm

    New skills and plans on how to add up to my ability.thank u bussiness partners.

    Reply
  • Edith Violet (AgriSan)April 22, 2020 at 10:20 am

    Great tips. Thanks Collage ??.

    Reply
  • Nabimanya PeterApril 22, 2020 at 2:45 pm

    It’s a global restart to almost everything, for some it will be an opportunity to refocus, to others it’s a whole new beginning. The after war mentally will come into play. From scratch to greater heights…

    Reply

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