Decisions for small business owners to make in order to survive the impact of covid-19
It has not been an easy journey for entrepreneurs since the strike of covid-19, it has been a battle of survival for most businesses especially for small businesses who do not get any form of relief from the government, most of the businesses have had their doors closed and a lot are still struggling for survival. If you are a small business owner who is trying to overcome the difficult situation that covid-19 has placed your business into, you certainly need to go through this post.
You need to worry about cash flow.
This is a period when the use of cash needs to be taken with great importance, it does not have to be a physical cash it can be an amount in account. Make sure that you collect every cash for your business, this is no time to give out goods on credit, a lot of small business owners struggle with this issue because they are trying to get and sustain customers, but this is not the time for giving out goods on credit at all, get all the cash for every transaction made.
Spend time with your customers.
People’s preferences have changed, spending time with your customer will give you the idea on what they consider problematic and in turn you will be able to place yourself in a position where you can solve those problems and receive a monetary value in return.
Speak with your employees about what the impact of the virus.
There are changes that needs to be made in a work place since the virus has taken over everything, it is important to educate your employees about the impact of the virus as well as the steps that needs to be taken in controlling the effect that the virus has caused to the business area, you do not want to have sick employees all the time so educate them on the need for personal hygiene and controlling the effect of the virus in your business place.
Continuous communication.
Communication is very important in any establishment that will record success, it is highly mandatory to build a type of communication forum to employees, stake holders and customers. Do not stop sharing your idea to your team members, do not stop providing update on the next line of action you want to take, do not stop talking about the impact of the covid-19 on your business. Adequate communication is necessary for the record of any successful business.
