As the world experiences a global health crisis, people’s lives have turned upside down. According to the US Bureau of Labor Statistics, the
unemployment rate dropped to 13.3 percent in May, down from 14.7 percent in April. The economy is shutting down and some small and medium businesses have been permanently closed. It is no doubt that the pandemic has affected all of us negatively.
Surely, if you are a business owner, you would not want to be included in those statistics. So here’s how you can protect your business from shutting down despite the pandemic.
Re-create your Strategy
Creating a good business strategy is one of every entrepreneur’s keys to a successful business. Being able to meet the demands of your audience in different situations is not easy. For instance, this pandemic requires adding safety measures. It has been happening for months now and nobody knows when it will end. You may want to broaden your target audience and add some features that will allow support for them during these trying times.
Pivot your business if you must. It does not necessarily mean that you have to throw all your hard work in the past. You can always assess if you can reuse anything and take advantage of your past connections.
Protect your employees
Your employees are the foundation of your business. Protecting them should be of the utmost importance. If you can, offer them a work from home setup so their exposure to the outside world is minimized. Apps like Zoom, Google Meet, Skype, etc. have been a great help to people as they offer video calls and conference services which you can use for meetings.
However, if your business cannot support that, make sure that you keep your employees safe in your workspace by following proper health protocols and providing them protection. Provide counseling for your employees. We may not know it but some of them might be having a hard time especially during this pandemic.
Having a specific plan for the safety of your employees says a lot about your business. It shows how you care about the welfare of other people and not just your own. Protecting their physical and mental health will show them that they are appreciated thus resulting in a harmonious relationship.
Insurance and back-up plans
Getting business insurance is a must so you can be protected in case of any unfortunate events. Depending on the nature of your business, it is usually best to get a comparison quote from different insurance companies so you can choose what will benefit you best.
Another way of protecting your company is hiring an
estate planning attorney. You have worked hard for your company and have sacrificed many things. Estate planning can help in protecting your assets and belongings. It starts with creating a will but it also includes planning for taxes, planning in case of disability, and planning for future successors of the business.
In a world where we can’t control everything, having back up plans when it comes to your business is important to ensure its success and safety.
Cut costs
Running a business may require a large amount of money especially during a pandemic. That said, evaluating and regulating your finances may help in preventing your business from shutting down. A major cost-cutting that you can do is marketing and advertising. These days, most people have been heavily relying on technology for communication and entertainment purposes.
According to eMarketer,
51% of total respondents — 60% of those ages 18 to 34, 64% of those ages 35 to 49, and 34% of those ages 65 and up — reported increased usage on certain social media platforms. This simply means that you can promote your business on social media platforms or make your own website.
These are usually free or may only require a low cost. Some online platforms that you can use are Facebook, Instagram, and Twitter. If you have loyal customers, you can simply ask them to leave a positive review and recommendations. There are also experts that you can hire if you are not confident or you have no idea where to start.
Taking advantage of technology itself can help in
cutting costs. If you have employees, there are readily available apps that offer zero money transfer fees and you can use this for their salary purposes. Going cashless will also be promoted and there will be less exposure from the virus.
Running a business during a pandemic is extra challenging and exhausting. But it always helps to think of the reason why you started in the first place. Follow these tips to keep your business alive. It’s not just a source of income for you but you are also helping other people to make a living and boost the economy.
