8 ways to save your business from the Coronavirus

 

The Pandemic has become a burden on businesses. I suppose your business is no different. Not to worry! Here are 8 ways to save your business from the recession.

 

Bin It

Bin it! Throw your 12-month growth plan out of the window. As situations change businesses must change. This is not the time to think about growth but it is time to think about survival!

 

 

Breathe!

Control yourself, don’t panic, breathe. I know it is very hard but this is not the time to panic. Your employees are looking for leadership from you. Stay calm and collected.

 

 

Suspend

Stop all unnecessary spending immediately! Remember cash is king. This is not the time to make that major investment. Do as much as you can to save cash and only spend on the most essential things.

 

You must sell all non-productive assets to generate extra cash for your business. All the assets that do not bring value to your business sell them

 

Is there anything you can digitize to save on employee costs?
Paying humans costs money and we need to save money so wherever you can- automate!

 

Outsource

 

The pandemic is changing businesses and you must change with it. Instead of hiring employees, you may want to consider outsourcing to freelancers or a remote team. You may also want to use a chatbot to increase the efficacy of customer service without hiring more people.

 

Change with time

 

Do you conduct seminars in physical locations? Well, with the pandemic and social distancing that isn't possible you might want to consider turning your seminar to a webinar.

This doesn't just apply to seminars it applies to everything- Ask yourself "Can I virtualize any part of my business to reach more people during this crisis?"

 

Monitor

 

Check your cash balance every day, monitor your cash flow. To make good decisions you must know your situation.

 

Get Cash

 

The only reason your business could shutdown is you running out of cash. So, if anyone

 owes you money. You are gonna be needing it back. If you owe someone money you

 need to renegotiate terms with them, maybe try to defer the payment by 30 days.

 

Get prospects

 

You need to get business to survive, so get costumers. If costumers are leaving 

survey them before they do and offer to help them. Remember, they are

 going through the same thing as you. You may want to consider extending the 

payment by 30 days. Remember better late than never.