If your business and workflow have taken a hit due to the COVID-19 lockdown, you should take steps to improve your position in all the ways possible. It could be by improving your network, keeping a tab on your cashflow and expenses, improving communication with the stakeholders or maintaining engagement with your customers. You should be proactive about this and even more so if you are a small business.
You are not the only one whose business has taken a hit due to the lockdown caused by the pandemic COVID-19 so the playing level for everyone is pretty much the same. It is upto you how you manage to keep your business afloat even during this time of uncertainty. Here are a few tips that will help you achieve this.
Understand your financial position
It is very important for you to understand your current position financially as it will help you get an idea about the avenues that you can still work on. Be it your ability to trade in this period or to garner customers, repay outstanding debts, pay your employees or something else, you should be aware of all your expenses and revenue generating avenues. Contact your team of accountants and HODs to get an idea regarding the same. Then, manage all your expenses with an expense management software.
Check your company’s eligibility for any assistance from government
Since the pandemic has taken a toll on the economy, some governments are offering assistance to certain companies to aid their business. Also, there is also a chance of getting a grant on a monthly basis which you can use to pay the salaries of your employees. Therefore, you should check with the concerned authorities whether your company falls under this bracket or not.
Communicate with all the stakeholders
Be it your business partners, investors, clients, employees or anyone involved in the business, you should be clear with your plans so that they too are kept in the loop. You should also communicate with your debtors and creditors regarding the payments. You can renegotiate for the time being and set up a new plan until normal services resume.
Look for ways to still be under operation even under lockdown
Look for the latest developments regarding the restrictions related to the lockdown. Seek out the information related to the kinds of businesses still allowed and whether your business can thrive under such conditions or not. See if your business can run smoothly on a work from home basis, then ensure that you work accordingly.
If your office building is on a leased property, then you must definitely talk to the landlord regarding the renegotiations of rent on the basis of lockdown. You should probably sit down and look into the matter to achieve a workable agreement. If your landlord does not allow a contract extension, then you may contact the government authorities for assistance.
Build your network
Since you have a lot more time on your hands during the lockdown period, you should try to build your network. Get in touch with as many possible clients as possible and let them know that your company exists in the market. You never know when and where you strike gold. Through networking, you are not only improving the chances of getting potential clients but also improving the chances for you to collaborate with different businesses.
Be aware of the changes coming in place
Since the situation of a lockdown is something that has never happened before, it is important for you to keep a tab on the changes from the government’s end. Be proactive in getting information from a trusted source for this.
One of the best ways to make sure that you keep your business working and keep a tab on your expenses is by collaborating with an agency that provides this software to improve your efficiency.