It is true that the owners of small businesses have not faced a critical situation like the ongoing COVID-19 pandemic. It is really a daunting task to devise preventive measures for dealing with the unique issues that it presents.
Listed below are some of the small business survival strategy following which you can keep your business open and can make your employees and customers calm.
Immediate Financial Crisis : Considering the intensity of the situation, small owners have to think about meeting the day to day expenses of their business activities like payment of bills. Now how long will this situation last is a million dollar question. So you need to make a long term plan beforehand for doing payments. To manage your financial front you have to prepare a cash flow budget including both variable and fixed cost.
Fixed costs have to be paid as it will help you run your business. Besides this you have to make a priority list so that vital payments can be done ASAP while others can be set aside for later. In this process you can utilise your funds to avoid any emergency situations. You mar have to reduce unnecessary expenses that are not giving you the desired results with respect to your business growth and development.
SBA Disaster Assistance Loan : This loan issued by the Federal Government via Small Business Administration can enable small business owners to avail loans of upto 2 million dollars. Using this loan they can actually meet their debts and any other emergency payments and can ensure smooth running of their day to day business activities. This can be considered as a pivotal survival strategy for business.
Here the interest rate is 3.75 percent and the maximum time to repay is 30 years.
COVID-19 Policies Within Your Company : Regarding the virus you have to be clear with your employees so that the supreme safety measures can be observed. CDC guidelines, social distancing, good hygiene, clean work areas are to be followed and maintained so that further spread can be checked. Furthermore, you can also keep a check on the graveness of the coronavirus situation by being flexible on sick leave, postponing physical gatherings, using webcams and conference calls to schedule meetings and events.
Sales and Marketing : These two are both sides of the same coin. They are equally important for each and every organization especially for the service based companies. Being a popular game development company we have to take special precautions so that our customers and employees can experience safe and interactive communication. Especially in this critical juncture, you can suitably use social media presence to serve your target customers.
We have to decide on new techniques so that our services can be delivered within the proposed time without any delays. Virtual web-based services, mails can be thought of as suitable alternatives in this regard. Newsletters or emails can be used to keep in touch with our existing and prospective customers to let them know about our new services, any special discounts, new features, price etc.
Generate New Ideas to Improve Your Services : Technologies have become more prominent in today’s businesses across the globe. Being an established app development company we are in constant scarcity of time when it comes to improvising of any existing idea or concept.
So, now is the time when we are slightly out of pressure in serving our clients with diverse needs. This is the most suitable period where we will invest more time to acquire new skills and expertise so that our brand can stand out amidst the fierce competition. In the process we can improve our efficiencies and redefine our services so that they can become unique in terms of features and look and feel.
Conclusion : We believe in the fact that how adverse a situation mar gey still we can get out of it if there is a will. Being an owner of a small business company we believe in continuing with our services but in a controlled environment. Considering all necessary prevention we will help ourselves and our customers to remain safe and at the same time not to compromise with professional objectives.