There\u2019s no doubt that startups and small businesses will be the hardest hit from the current COVID-19 pandemic. The bigger businesses have a better chance of surviving; however,\u00a0small businesses\u00a0tend to live only with a few months of cash flow, so when something as significant as this hits, it can be devastating not only for the small business owner, but also for the employees they support.<\/p>\n
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Overall, many startups face challenges during the coronavirus crisis such as dropping business activities, supply chain disruptions, difficulties in fundraising, home office, and travel bans. So, how can small businesses survive the turbulent times during current COVID-19 pandemic? There is no easy answer; however, here are a few points to start implementing and planning at least for the next one year many of which are applicable to both startups and small businesses.<\/p>\n
1. Don\u2019t panic and keep calm 4. Upskill your staff 5. Offer Discounts 6. Offer Remote Services 8. Call Key Clients <\/p>\n <\/p>\n \u00a0<\/b><\/p>\n \u00a0<\/span><\/p>\n <\/p>\n","protected":false},"excerpt":{"rendered":" There\u2019s no doubt that startups and small businesses will be the hardest hit from the current COVID-19 pandemic. The bigger businesses have a better chance of surviving; however,\u00a0small businesses\u00a0tend to live only with a few months of cash flow, so when something as significant as this hits, it can be devastating not only for the […]<\/p>\n","protected":false},"author":3,"featured_media":916,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[6,74],"tags":[],"_links":{"self":[{"href":"https:\/\/tco.am\/blog\/wp-json\/wp\/v2\/posts\/915"}],"collection":[{"href":"https:\/\/tco.am\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/tco.am\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/tco.am\/blog\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/tco.am\/blog\/wp-json\/wp\/v2\/comments?post=915"}],"version-history":[{"count":3,"href":"https:\/\/tco.am\/blog\/wp-json\/wp\/v2\/posts\/915\/revisions"}],"predecessor-version":[{"id":919,"href":"https:\/\/tco.am\/blog\/wp-json\/wp\/v2\/posts\/915\/revisions\/919"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/tco.am\/blog\/wp-json\/wp\/v2\/media\/916"}],"wp:attachment":[{"href":"https:\/\/tco.am\/blog\/wp-json\/wp\/v2\/media?parent=915"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/tco.am\/blog\/wp-json\/wp\/v2\/categories?post=915"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/tco.am\/blog\/wp-json\/wp\/v2\/tags?post=915"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
\n<\/strong>This can be difficult especially when cash is running out. Keep calm, which in turn will also mean keeping your staff calm, and ultimately, a healthy mind for everyone to come up with innovative ideas to move forward. If faced with some difficult decisions, take time to balance yourself and your mind before taking any drastic decisions. Things will get better, and you aren\u2019t in this alone.
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\n<\/span>2. Tap into resources provided by government
\n<\/b>Governments around the world are already putting together initiatives to support small business owners, and this is something that is evolving on a daily basis. Be up to date with how your governments can help cut costs, as well as other important institutions, such as banks who also have a\u00a0social responsibility.
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\n<\/span>3. Make a one-year financial plan
\n<\/b>Every small business usually has the same key expenses, which include employee salaries, office rent, and utility bills. Speak to who you need to pay in the next months, and find out what options you have to spread out the costs. Look at your personal finances, control your personal spending for the next months. What costs are necessary, what can be put on hold? If you have a partner supporting you as you grow your business as the breadwinner, have an open and honest discussion with them about your long-term plans for the business. Also, look at ways you can cut your personal costs. Remember, that your biggest costs\u00a0would be your staff and your office rent.<\/p>\n
\n<\/b>Wherever possible, try your best to keep your staff\u2013 they rely on you, and if you have managed a good team, they should be supporting you. You could train your existing staff on additional skills, which could make them more productive and efficient, rather than hiring more staff. There\u2019s plenty of online courses that are very affordable, and these will allow them to focus on other areas of the business when their department is down.<\/p>\n
\n<\/b>It\u2019s a tough time for most businesses, even for big players. Companies will be tightening their belts, it might be time to reach out to clients you\u2019ve had conversations with and offer discounts on services or products they\u2019ve expressed interest in.<\/p>\n
\n<\/b>Consider what kind of remote services you might offer your clients. This might be especially applicable for B2B companies. Think ahead, not just about the here and now. You need to do all you can to drive revenue today, but you also need to be building the business you want to be running in six months.
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\n<\/span>7. Offer Gift Certificates
\n<\/b>If applicable, offer gift certificates whereby loyal customers can continue to support your business for products or services they are likely to use in the future. This helps you to bring forward some future income.<\/p>\n
\n<\/b>Call your key clients – the ones you have solid relationships with.
\nThis serves two purposes:<\/p>\n\n