The coronavirus pandemic outbreak will have long-lasting economic implications. Where ever you may live, or whatever trade you are in, chances are you are affected by this crisis. Entrepreneurs, Business and other self-employed people are facing much worse situation in terms of financial crisis. Here are a few things to do to survive & outlast the crisis as an entrepreneur and business.
Keep Some Cash in Hand
As a person or a business, if you are sitting on cash, hold’em tight. Cash is important during these times of crisis and uncertainty. Many hourly workers could lose their jobs. They’ll need temporary income. Many small businesses might fold if the restrictions last too long. They may need cash in order to stay solvent until the storm passes.
Learn More : How Protected Is Your Business to Deal with Coronavirus (COVID-19) Outbreak?
One needs to protect his family and business to outlast through these tough times. There may be medical expenses, interest dues and other bills that may come your way. Therefore, be prepared with cash in hand.
Outlast the Shutdown
Now that the virus is almost everywhere, it will be impossible to contain it. The best we can do now is to slow the course of contagion so that the medical system isn’t overwhelmed by patients. We need to flatten the curve.
Read More : How Prepared Are Businesses to Work in Lockdown Scenario?
Mitigation will save lives, but mitigation is going to hurt. The economy will suffer. Our lives will be disrupted. The purpose of the shutdown is to alleviate some of the pain, and to make sure that, as much as possible, a temporary crisis doesn’t inflict permanent damage. So, be ready to outlast the shutdown.
Bootstrap your Business
Review your costs, and get as lean as possible, even when you’re not facing a cash crunch. Cut down on unnecessary expenses. Asses your supply & demand for the next few years before you spend or borrow money for business expansion. It is necessary as a business to survive through these turbulent times of crisis. Keep your costs of business to the minimal and focus towards your long term goals.
Contingency Planning
Planning could save you a lot of hardship if you’re hit by a sales slump. Prepare a contingency plan that covers red flags to watch out for, such as the loss of an important client or a sudden increase in costs. Act quickly as possible. Don’t delay in taking decisive action if trouble looms. And don’t be shy about seeking outside advice if needed.
Help Your Consumer
This isn’t the kind of thing we can just bootstrap ourselves out of. We’re going to have to rely on each other. Mostly we owe it to our family, neighbors, co-workers, and the strangers we meet to not get sick ourselves.
As a business or entrepreneur, if you can, we need to provide people who are affected by the pandemic outbreak with the resources they need to wait it out — paid sick leave, unemployment benefits, help with food, shelter and health care.
Shop from Local Businesses
Businesses need customers to survive. As a business and consumer try to shop and do business locally. To be realistic, we probably won’t have much choice. We should focus on self-employed and local small business to increase the odds of successfully emerging from this crisis. The ongoing vitality of local small business is critical to the success of the economy. The consumer will be the key to small-business survival and policy makers need to act accordingly.
Learn More : Business Collaboration: Why It’s Essential and How to Embrace It?
Do You Know How to Survive and Outlast the Crisis as an Entrepreneur and Business? Share them on Trdinoo for others to learn and please share us with your friends and network.
