In 2020, the keyword for both life and business is “survival.” The global pandemic caused by the novel coronavirus has taken lives, infected employees, managers, affected organizations, and the global economy. As a safety measure, the governments of most states and countries across the globe arrived at few rules – to pursue global lockdown, implement social distancing and stay-at-home, where only essential service providers will be functional. It made many small and start-up businesses close their operations for a while. Even if the staff was working from home, it didn’t yield the best result. Is yours a small/start-up business? Are you thinking about how to resume activity now? If yes, you need a progressive plan that works in this pandemic reality.
Essential small/start-up business guidelines by Robert Trosten
Many small and start-up businesses that had barely started operations before the COVID-19 impact have to start all over again. Robert Trosten, a financial expert who takes a keen interest in small business survival strategies during a crisis, suggests ways for small/start-up businesses to cope.
- Address the financial matters first
Due to lockdown, it’s evident that most small/start-up business wasn’t making sales for a while. Hence, it’s essential to address the most crucial aspect that runs an i.e., money. It would be best if you asked yourself a few relevant questions, such as:
- Is there a business saving or emergency fund for more crisis?
- There cash at hand to resume services, pay bills, and employees?
- Is there a need for external funding to resume business?
It will help you to know about your financial standing. Opt-in for funds if there’s a need for it. However, it makes sense to pay off all the debts before you approach an investor.
- Consider work from home if required
Take time to assess the situation where you reside. Has your area or your office/store area been declared as a contentment zone? If yes, then it’s a smart call to keep working from home. You can address matters like clearing payments and making business plans from home. Once, the situation becomes safe to travel, attend an office, or visit the store in turns to ensure maximum safety. Also, ensure to sanitize your office and store before you and your staff visit it.
- Communicate with your customers
Most customers wouldn’t know whether or not you have resumed business. Hence, take the time to send an email or a text, stating that you are resuming business. And if you have a home delivery system at work or not. It will help you to make sales gradually.
- Make a business plan for the next few months
Your business needs to adapt to new ways of living and expanding. Hence, have a pivot plan and focus on the next few months, instead of an entire year. It will help you to address what’s essential and ensure business longevity.
The current situation doesn’t call for five-year-long business plans for small and start-up businesses. The objective is to exist during the crisis and gradually make sales to keep your running despite all odds.