The coronavirus pandemic has forcibly shut several enterprises down, both small and big. Countries are in economic ruin, and businesses, especially small ones, are struggling to survive. Here are a few crisis management tips for small businesses.
Look for Opportunities
If you had to shut down your business and it’s unlikely to open any time soon, start looking for new opportunities. For example, if you are a garment company and showrooms are closed, see if you can enter a business where you can make masks for healthcare workers.
Revise Costs and Forecasts
If you had planned a yearly budget and forecast, now’s the time to revise those figures. Be realistic consider the worst-case scenario and calculate backward from there. Use this time also to explore every area where you can cut costs: payroll, benefits, other business expenses, etc. Perhaps some verticals of your business might have to be put on hold indefinitely.
Keep in Touch and Keep Busy
Hold regular online meetings, whether it’s to discuss business or just to check in on everyone. Try to keep yourself and other busy through tasks, even if it means filing documents, reviewing statements, or thinking of new marketing ideas.
If you’re wondering how startups can survive the COVID-19 economic crisis, it’s challenging because their funding might stop. But, startups are often innovative, and their best option is to change the line of business into something that can profit during the pandemic. For example, an electronics startup can focus on making drones to assist the government.
These tips will help your business thrive during COVID- 19. Another way to help your business during the pandemic is by getting comprehensive commercial coverage. If you have any questions, contact the experts at Patterson & Associates in Richardson, Texas. We are ready to assist you with all your business insurance needs today.