How small and medium Business Can Prepare For Life After Coronavirus? Any practical useful advice on how to survive and what to do PLEASE.


I'd be happy to help and offer advice, but in order to give any value, I would really need to get more information (for example: what business do you have or what business you're looking to get in to.
Stay safe and good luck
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Answered 4 years ago

Today many countries are facing economic downfall, so businesses are bound to have already got impacted due to this pandemic, and hence you question.

I have been guiding small and medium businesses during this phase, helping them make a concrete plan for their comeback. I would be happy to share the same with you. However, as I tend to research the businesses well before laying out a plan, so I would need specific details of your business like.
1) Is your business product/ service based ? If product, then what do you deal in?
2) If product, then are you a manufacturer or trader ?
3) What sale channels do you have (online / brick mortar etc)
4) Your country / city of business?

Above will give me a baseline to give you a detailed practical advise/on how to sustain this pandemic.

You may call me and reach me via this link.

Happy to help and stay strong !🙏

Answered 4 years ago

BE CREATIVE! I think right now is an amazing opportunity for every business to redefine themselves and stand out from the noise.

If you have a restaurant for example that was forced to close because of Coronavirus, maybe you can redesign your menu and concept for delivery?

- Send a mail coupon for delivery to everyone in your area.
- Create special delivery deal
- Sign up on all major food delivery app
- Run low budget Facebook ads in your city

I also like taking this time to review the financial of my business and cut down on expenses as much as I can.

If you do that, you should be on your way to survive and maybe even thrive during the Coronavirus, then once this is over you can just keep doing what works best for you.

Good luck! ;)

Answered 4 years ago

It’s certainly a challenging time to work through for any business owner. And a critical time to be flexible in your business.
Some good suggestions here already but I would add that it’s a great time to look outward as well. What do your customers value through good and bad times? How can you better serve them when times are tight (and getting tighter)?
Talk to them (without selling) and learn where they’re cutting and where they’re not. They may clue you into an offering that you haven’t traditionally done, but you can make it happen if there’s demand. Or, double down on something that has steady demand.
Good luck and please let me know if you need more assistance – I’ve trimmed my rate in response to the current global uncertainties.

Answered 4 years ago

I would advise the following:
1. Learn or integrate a new skill in the area of emerging techs.
2. Look online to connect with existing and new customers. Covid19 will drive many people online and this 'habit' may persist among customers.
3. List 3 bills you can eliminate or pay at lower rate
4. Focus on emerging needs as a result of the Pandemic e.g. Disruption of supply lines has aroused the need to have localized solutions to most items which cant wait

Answered 4 years ago

Whenever there is a shock to the system, good or bad it's always good to pause, let it wash over you, and just think. There were daily opportunities at GoFundMe to freak out. I really do see this time for companies to look very critically at how they've been operating and see what improvements can be made.

During this time, I've seen a company, first hand, finally get the opportunity to fine tune their systems, ask "the 5 whys" and cut bait on the things that were weighing the business down or just realized that they were doing certain things because "that's just how we've always done it." I think COVID has stripped away a ton of the BS. naturally. It becomes pretty clear what is important.

Here are a few questions I would ask myself:
- Where can I use technology to help automate certain tasks or processes that take up a lot of time? Do I even know what's possible?
- How am I spending my time each day and where should more of my time be spent?
- Am I aware of how my customers are doing? Is that feedback from the frontlines getting to me?
- Am I aware of how my employees are doing? Do they feel confident in my ability to lead during this?

There are so many more. I think the main takeaway is to make sure that you are really stopping and taking the time and space to think critically about your business and make the necessary changes. Making sure it’s not sprinkled in during your busy work but setting aside hours at a time when you’re fresh and away from media and influence.

I really hope you’re doing well and finding your way through this veery difficult time. If I can be of any assistance, I’m here to help.

Answered 4 years ago

The first thing that strikes anybody who has done foresight work on the Post-Covid19 era is that a “return to how things were before” is excluded. That being the case, innovation is going to be important. So start where you are now. What innovations did you introduce (or were you forced to introduce!) during the crisis? Make a list of them all – not just the big things, also the small ones. Then draw a balance sheet on them: what worked well? What worked less well? And for both of these, why? Which innovations should you therefore keep “as they are” after COVID is past? Which innovations may you want to take in part/and or adapt or even exapt? Moreover, based on what you did, are there small “safe-to-fail” probes that you can then undertake that may even be new market segments or products? I.e. not only changes in the way that you make/sell your existing offering, but new things to be sold…

Secondly, in the immediate aftermath, the state in almost all countries is going to be playing a driving role in keeping economies afloat. Is there any way you can benefit from this – putting more emphasis on government clients? More emphasis on clients receiving government guarantees? Obtaining government credits for e.g. green investments? SMEs normally see government as an obstacle but here you need to keep your antenna finely attuned instead.

These are generic recommendations – but not knowing your situation - hopefully useful nevertheless!

Answered 4 years ago

Lets keep it simple. Do save a portion from the retained earnings for any possible future crisis. This would be the foremost priority. Let your investors know about the plan. You can also share the idea with your clientele which i believe would be a great idea to grow your business value from moral grounds. This will also help you sustain in future difficult times.

Answered 4 years ago

Ask yourself these questions
1) Are you selling products that your customers don't need?
2) Do you have the right team?
3) Do you have laser-sharp focus?
4) Do you have legal issues?
5) Are you executing sales & marketing?
6) Are you located in a bad location?
7) Are you easily out competable?
8) Are you in peace with partners & co-founders?
9) Are you burning a lot of cash?
10) Are you learning from your own mistakes?
11) Are you raising too much money?
12) Do you have a proper road map?
13) Who are you chasing? An investor or a user?
14) Do you have good leadership?
15) Do you have good alliances & vendors?
16) Do you have a differentiation? USP?
17) Do you have a good business model?
18) Do you have a good revenue model?
19) Are you over expanding?
20) Do you have bad debts?
21) Is your execution slow? How slow?
22) Is your target set right?
23) Are you scaling prematurely?

Answered 4 years ago

The COVID-19 outbreak is inflicting a variety of uncertainty and challenge for anybody worldwide. As a small and medium-sized enterprise owner, you must be dealing with related challenges in the shape of assist and protect your employees on this disaster, along with maintaining cash flow.

According to a new survey - 27% of businesses expect that coronavirus will have a moderate to high impact on their revenues. Another 30% expect that coronavirus will have a moderate to high impact on their business supply chains.

Some have already taken the survival steps - over half of or 52% are taking measures to put together for a financial slowdown as they're increasing fees, converting suppliers, reducing operational costs.

Here's a list of assets to assist small groups to survive towards coronavirus pandemic:

Short Term loan - Gov. Ron DeSantis said a preliminary $50-million injection to the Florida small commercial enterprise emergency bridge mortgage software is meant to help those corporations stay afloat all through an economic shutdown and is meant to reduce the effects of the pandemic.

State survey - DeSantis’ management activated the survey of commercial enterprise harm evaluation to evaluate the impact. The survey will assist you to plan your enterprise techniques.

Remote work option - People are already operating from home. With a few free software programs and telecommunication software programs (zoom, skype, and hangout), your groups can stay in contact and run your commercial enterprise as usual.

Example - Coverage organization Aetna, which shed 2. 7 million rectangular ft of office space and stored $78 million within the system.

American Express started saving as much as $15 million yearly after introducing telecommuting in their running system.

Far off work policy - In this crisis, there desires to be a widespread policy that can be communicated seamlessly to each new and existing employees.

Business continuity plans -To track deliver chain disruptions, modifications in business operating ways, absenteeism, commercial enterprise continuity plans ought to be organized.

Outsourcing - COVID-19 is spreading rapidly. In this sort of critical time, a few employers are permitting their employees to work at home. Small agencies can opt for outsourcing because of a team of workers shortage.

Virtual Assistants - Pick out digital assistants on your commercial enterprise to get all of the paintings achieved definitely rather than in-man or woman.

Answered 4 years ago

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