8 Ways Small Businesses can Survive During Covid-19 Pandemic
Are you a small business owner and currently affected by the pandemic now? It's common to worry about your business right now. It seems like everyone is affected by the spread of coronavirus. But, it doesn't mean that you have to close down your business permanently. There are ways that can help you survive the temporary impact of this pandemic on your income. If you are curious about the approaches you can take, here are the top 8 ways that will help you overcome the Covid-19 crisis.
1) Operate online and work from home.
Since the Covid-19 crisis has pushed many small businesses to closed down temporarily, this doesn't mean that you have to stop your operation. Whether you are selling food or other products and services that don't deteriorate easily, you can still operate online and work from home. This time, you can focus on addressing orders online. You can also answer customer inquiries through your Facebook page, Instagram profile, and other social media accounts. Just make sure your online presence is established already to do this approach.
2) Make sure your inventories are in good storage.
To avoid incurring more losses than what you already incurred, make sure that your inventories are in good storage during the lockdown. Ensure that it is in a safe place and it won't be damaged until you open your business again. You have to preserve your stocks as much as you can so you don't have to bear the cost of damages when everything about the pandemic ends.
3) Sell the stocks that are about to expire at a discounted price.
This is applicable to companies that are selling food and drinks. If your stocks are about to expire, sell them to your neighbors and nearby customers at a discounted price. It's better to sell them at a cost or lower than the retail price than let them expire in your storage.
4) Offer promotions online.
Since you can operate online safely, you might want to start offering promotions online. But, don't give discounts and promotions that will incur losses for your business. Make sure that it's still a part of your advertising plan should the Covid-19 didn't happen. You don't have to operate at a loss if you can be an effective online marketer. Your customers need to know that your business is still operating remotely despite the pandemic so you won't lose customers when you get back in the normal business.
5) Give free shipping options.
If you still want to make sales despite your business's temporary closure, you can offer free shipping options to your customers. However, this is only applicable to SMEs that are selling products and goods. People are now looking for stores that can ship door to door because they are scared to come out of their homes. Use this opportunity to make sales. If you can give the shipping for free within your city or area, you can do so.
6) Look for government support that your business can avail of.
Most of the governments in different countries are considering giving aids to employees and small companies right now. Check with your national government if your business is qualified to receive financial aid. If you are qualified, don't hesitate to process the requirements and submit the necessary documents so your business can receive extra funds in lieu of the income that you could have generated during the lockdown.
7) Limit your business expenses.
Remember that during the lockdown, you still need to keep your finance stable and your cash flow coming in. One way you can do that is by limiting your business expenses. Review your potential expenses for the month and eliminate those that your business won't need for the next days. Just keep the expenses your business needs to survive while still operating remotely.
8) Ask your landlord if he/she can waive your rent for the affected period.
Your rent is surely one of the most expensive expenses you are paying for your office or storage. It doesn't hurt at all to ask your landlord if he/she can waive your rent during the affected period. In this way, you will be able to minimize your business expenses until you get back to the normal operation.