In today’s scenario, how do small enterprises survive and see through the pandemic? Here are a few pointers and suggestions -
Take decisions and do not oscillate and wait for things to improve or for the government to come up with solutions. Things can get overwhelming, but it helps to break down the problems and attack each one individually and based on urgency.
Once you start taking proactive measures, you’ll feel more in control and be able to deal with the problems at hand.
Keep abreast of all the laws and legislations
The business landscape is changing almost every day, and the government is coming out with new legislations daily.
The federal, state and municipal governments are implementing new rules and regulations, and one needs to keep up with the changes and monitor how it affects you. Go by the official source and do not rely on online and social media messages and interpretations.
Do not overstress about how to manage employee expectations, your business obligations etc. Take time out for yourself and relax. A confused and confounded mind does not come up with solutions but throws up more problems.
Plan a budget
Make a there-month survival plan. For small businesses, the expenses are set like employee pay, overheads, suppliers etc. Talk to your landlord and
suppliers on how to manage payment. Most likely, everyone is feeling the pinch and nobody wants to lose paying customers in hard times. A mutually
beneficial payment plan can be worked out.
Think ahead and see how the post-pandemic scenario will affect the business. Is your business model suitable for a more online presence? Think
about how customer behaviour will change. Will you be able to fulfil new needs and purchasing patterns? How much of your business can go online, and how much technology you can bring in to cut costs?
Retain and consolidate
Keep your team intact as far as possible. Work out a payment plan if you are tight on cash. You could train your existing staff on additional
skills, which could make them more productive and efficient. Help them train in areas that you intend to retain and move them laterally and offer
to upskill with training online or some other way.
Along with the governments coming up with stimulus packages, the businesses need to hang in there with cost cuttings, innovative budget solutions and a tight rein on spendings. If a majority of small companies go under, then the market scenario will change completely. Big businesses wil consolidate and run out all small enterprises. This kind of situation is not suitable for innovations and new ideas and market competition. Prices will go up due to less competition, and purchasing power will come down. It will lead to more inequality, more sclerosis and a weaker GDP.