Business During & After Corona

We all had big expectations for 2020. Whether it was new business, professional development, vacation or carnival, we all had big plans.Unfortunately, Covid-19 struck like a thief in the night. Everything literally came to a halt overnight andeveryone is at the mercy of this Corona pandemic.We’ve seen the complete shutdown of countries globally. Curfews been implemented and safety and precautionary measures such as social distancing been actioned. This has drastically affected the economy causing job losses and business closures. Industries such astourism and entertainment have not been spared the wrath of the pandemic.Despite all the negativity associated with the virus, it has afforded us time to reflect and strategize our next steps with regards to business survival during and after Covid-19.

Five survival recommendations for Small Businesses during Corona Covid-19:

Aim to Breakeven

We are all in business to make a profit. However, at this moment it’s challenging to do so, because customers’ may not have the spending powerbecause their dispos- able income has been reduced. Cash flow needs to be managed wisely. Revenue still needs to be generated and collected.Remember, ‘Cash is King’. This may be the opportune time to access variable costs and make a decision to eliminate all unnecessary expenditure.

Be Innovative

Create a product or service that is essential to your customers. Ensure the production is efficient and cost effective inorder to be delivered in a timely fashion at a competitive price and still be in demand long after Covid-19.

Brand Positioning

Be active on social media and show customers that your company has the right attitude and expertise during this pandemic. Ensure that your message is clear and that you are able to deliver quality service to your customers safely and securely. Please remember excellent customerservice is important to them. Your customers will appreciate and remember this when normality is restored and you will see their loyalty shinethrough.

Essential Staff

In many instances, businesses may be operating below capacity. A decision would have to be taken about the workforce, whether it is thereduction of hours or retaining essential staff members for the survival of the business. The key factors would be whether those are versatileor multi-tasked and have a ‘can do’ attitude.

Review

Evaluate your company. Review current operations and adjust your business model to suit your customers’ newbehavioral pattern. The way we do things now will be the new normal.