With the increasing global pandemic, coronavirus has left the entire world to a standstill. The lockdown has been the only solution for people to save their lives. But not to forget, with this, every minute, the world economy is facing tons of losses. Out of these, all the small scale businesses are also suffering.
Here are some steps for small scale businesses, in order to fight Covid -19 and keep their work going:
1. Be transparent with your Insurance broker
As this health crisis is a very alarming situation that is making people of every sector suffer, therefore small business owners should make things between them and their broker transparent. Small business loans can become a big headache for the owners.
Therefore, inform them about your struggle of meeting with all the deadlines of the payments. Talk and figure out if any curb can be made to your small business insurance plan.
If you are falling short of meeting your business’s expenses, then there can be a solution to your problem. Treasure truck can be your treasure hunt stop for money.
2. Work From Home
This tip can prove to be the best solution for both big business and small business. At this hour of complete lockdown, you can adapt the practice of work from home. In this way, none of your meetings will get canceled.
There won’t be any postponement in the decision-making too. You can do everything through video conferences at a particular timing. Also, a lot of your business-related work can go simultaneously.
This period can be the best time to work on those missed portions of your work being procrastinated by you and your team.
3. Grow more skills
At this time, all your team members are mostly working from home, you can bring out the best in them. You know what potential each of your team members possesses and in what way they can add more skills to it.
So, ask your teammates to do certain online courses, maybe in some language, programming, or calculation. In this way, as a team, you will become really skillful, and that will help your team to find more ways in fighting the Covid-19 situation and keep moving as a business.
4. Shift your services to online
Shifting your services to online services for your customers can be a great tool for small businesses. There’s nothing to lose as most of the work can be done online.
The key is just to have excellent communication with your customers. Also, through online techniques, you can strategically spread your communications with new clients and make good use of tuning into an online business organization.
5. Analyze your business’s monthly performance
Every month, make a report which would contain the performance level of your business. Discuss it out with your team and focus on the areas where you can work better.
Small business reports are very advisable to make, as it can act as a very good comment on your business. There is always the scope for improvement, and when you give yourself the opportunity to spot your mistakes and rectify it, your work becomes even more accurate.
6. Budget plan
Apart from adapting to work from home, you need to make changes in the process in which your business would function prior. Firstly, make a three-month budget plan of your business.
A lot of things need to function in your business, and if you do not border a budget plan of your business, your employees might work out of the limit.
So, making a budget plan will always remind you and your team to work within a restricted amount of money. This includes the salary of your employees too. This is a great small business tool for fighting Covid -19.
7. Bulletproof marketing plans
Since owners are bound to change a lot of ways in which their business is functioning, they should also change the marketing plans for small businesses. Marketing is a crucial part of any business. So, bring changes accordingly with the policies of your work.
8. Thoughtful Hiring
You need to pay your existing employees if you are willing to hire new employees, do that on thoughtful terms and conditions. Hiring a new client can shake your budget plan too, so do it thoughtfully.
9. Introduce new schemes
All businesses should come out with new schemes. Interact with your customers, take feedbacks, and see in what way you can bring out more schemes to compliment them. This might increase the demand for your service too!
10. Promotion techniques
Most people are glued to their phones all day, so try to make social media promotions of your business to increase awareness of it.
Don’t you think this lockdown is actually getting the better of us? People are actually brainstorming new ways in which they can be more productive by sitting at home. These were some small business guides to favor work at this lockdown hour. It can turn out to be really helpful to your business.