Surviving COVID-19 as a Small Business
Updated: Oct 16, 2020
It is strange, strange, times wherever you are in the world right now. Whilst the world leaders find out how we can get out of this mess- and fast, here are a few quick tips to make sure your business survives this uncertain time.
1. Understand your monthly fixed expenses.
Perhaps you have office rent to pay, or simply a zoom subscription that has become vital to the survival of your business at this time. You will also probably have salaries, or sub-contractor fees, website hosting costs, and some sort of advertising expense. What is absolutely vital to your company, and how much does it cost?
List these out. Get rid of all of the rest.
2. Talk to the vendors for all of the above to see if they have any deals.
The one good thing about this crisis, is we are all in it together. Businesses big and small are going through drastic changes. Most are providing some sort of relief for their clients. Perhaps your landlord will allow late payment, your advertising company will allow you to post-pone the contract, and so forth.
3. Get creative.
Could you sell online? Can you video call your potential client meetings? Is it possible to host your next event online? Sometimes we can find whole new revenue streams in times of pressure.
4. Focus on the foundations.
Finally, you have the time to do those tasks that have been pushed, week on week, back to when you were less busy. Sorting out processes for when things pick back up. Tweaking your website. Writing content. Sorting out your bookkeeping. Write yourself weekly to-do lists so that you can come out of this with a list of achievements that will help your business run more smoothly in the future.
5. Keep up to date on government releases.
Governments around the world are trying their best to provide us with some sort of cash relief. Whether that comes in the form of postponed VAT payments, salary subsidies, or low-to-no interest loans, keeping on top of this will help you make the most informed decisions.
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