It has become a “battle field” for survival as small business owners scramble to make a living. Many of these businesses have been badly affected by COVID-19 lockdowns that is being imposed by governments around the world. Whether we realise it or not, the world as we once knew it, is long gone. It is time for us, as business owners to “adapt or die” as the world has evolved into the new digital age.
I see this as an opportunity to adapt and take advantage of all the new business opportunities this pandemic has created. Just as an example, the delivery and courier services industry has seen a record year of revenues recorded as a result of this pandemic. Likewise, so have food delivery services as the demand for these services has “sky rocketed.”
Big companies and corporations that went in as “winners” before the pandemic came out as “losers.” How is that possible? I ask myself. You definitely need to be more aware and in-tune of what is going on in your business on a day to day basis. You cannot afford to drop the ball. Here are some of my tips on how small businesses can survive the pandemic:
Survival Tip no.1
Adapt and change your business model if necessary to get some sort of revenues in. For example, many service business have started using Zoom to offer online classes and meetings with their clients. Others have boosted new revenues like webinars. There are so many opportunities to develop “new apps” and you don’t need a coding degree.
Tip no.2
Be proactive and look at other ways to reinvent your business. Look at other streams of revenue that might be related to your trade or start a new business venture that can take advantage of the current conditions to ride the wave as long as you can.
Tip no.3
Try to stay in business. Do whatever to keep your doors open. If this means cutting staff or temporarily reducing your overhead to stay afloat, then by all means do it. This should be a good time for you to take a temporary pause and look at things that work versus things that don’t work in this pandemic.
Tip no.4
Speak to your bankers, landlords or creditors and negotiate better repayment terms to free up cash flows. Don’t be afraid to approach them. Get an accountant that is well equipped. It is worth to invest the money as you are going to need to work very closely to monitor the cash flow for your business. This will also make a good impression and show of confidence that you understand your business.
Tip no.5
Look at your local government for assistance and schemes for temporary assistance. Do your research and consult. Also speak to your accountant regarding tax incentives and benefits that might be on offer.
Tip no.6
Take your business online to capitalise on this opportunity. This is not the time to be stuck in your “old ways.” I cannot emphasise this enough. The future is e-commerce and we need to embrace it.
Tip no.7
Look at what your “competition” is doing to survive and improve on it.
And lastly, don’t just accept these conditions as a defeat but embrace it. This is the “new normal” and it is here to stay for at least the next 3 years. I feel that a change of attitude is needed to change your outlook on this COVID-19 pandemic. You are either closing your doors or you are staying open.
