The
coronavirus COVID-19 is no joke, and it is spreading like a raging fire across
the world. The latest information from
the World Health Organization indicates that more than 120 countries are now
affected and the virus shows no sign of slowing down anytime soon.
Of
course, many businesses are affected, either by closure or reduced operating
hours as countries seek to identify methods of slowing down the spread of the
disease. From partial to complete
shutdown, the world is literally ‘playing it by ear’ as they seek to deal with
the economic and social fallout of this disease.
But
while the coronavirus is trending and taking up all the airspace now, the fact
is that when the virus peaks and the affected have recovered, businesses will
go on. Especially for our small business
operators, here are some tips to ensure that your business survives when the
excitement is all over.
1.
KEEP THE LINES OF COMMUNICATION OPEN – If you did not have an online
presence before, now is the time to set-up your social media accounts. These accounts will allow you to have direct
access to your customers/clients and to update them on the business. It is also a good idea to reiterate the tips
provided by the government and health officials to your clients… they will know
that not only do you care about your business, but you care about their well-being
as well.
2.
DEVELOP A CRISIS PLAN – So the coronavirus is a crisis
situation. It is the worst possible
scenario that your business can face.
While it should have been developed earlier, your business’s crisis plan
should kick in, NOW! Areas to be covered
include; operational hours, staffing, how will staffing operate, who can work
from home? If it is a delivery based business, do you expand the business to
cover more deliveries? How do you protect the staff from exposure during this
time? When does the business shutter and reopen.
3.
CUT YOUR EXPENSES – With many persons now on lock
down, consumer spending will be lower than usual. Now is the time to cut your business costs. Of course, reduced office hours mean reduced
electricity consumption but more importantly cutting out unnecessary or
less-used services right now and focussing on the services demanded by
customers, will not only cut your expenses but increase your revenue. Managing office/production time wisely will
also reduce your overall production costs; use technology where applicable;
virtual meetings.
4.
LOOK FOR NEW OPPORTUNITIES – Even in the midst of a crisis
situation there are opportunities. Is
your business able to provide a new product or service? Can it spin on a dime
and provide a solution for customers? Do an evaluation of your business and see
which areas you can maximise to identify a new income stream.
5.
KEEP CALM, IT WILL PASS – Right now, there seems to be no
end in sight for the coronavirus (COVID-19).
The numbers of infections and deaths continue to climb worldwide. It makes little sense to panic. Follow the instructions of the health
professional and do all that you can to keep your surroundings and family safe
and sanitized. Remember, it is always
best to wash your hands with soap and water versus using a hand sanitizer. Use this time to evaluate your business and
identify areas of wastage and how to maximise those areas for new income
streams and new revenue.
