The situation today around the world, because of the COVID-19 caused by coronavirus, is devastating. I mean, the virus is not killing people by the thousands or millions (at least not yet) but it has already caused uncertainties for everyone, including how to save your business.
Some businesses have been closed and only a few essential establishments are allowed to operate. Business owners had to lay off some of their employees. Some employees begin to panic and some brought it to social media to protest. Schools closed early and students are asked to stay home.
Then there are those who are able to adapt almost immediately and made work from home arrangements with their companies. Some businesses started bringing their products and services online. Some creative schools opted to do their classes in a digital classroom.
So what now? With people staying home, businesses are losing money because there is few to zero foot traffic. What do you do to save your business during a pandemic?
Here are a few tips you may want to consider.
Consider Running Your Business At Home
By this, I mean running your business online since there is a need for social distancing these days. So ask yourself, “Is it possible to bring my products and/or services online?” Or, if you have different types of products and/or services, “Which of my products and/or services can I bring to the online world?”
While deciding, consider the logistics for physical products. Will you be allowed to go out to do your business – get in touch with logistics for pickup and delivery?
If you are unable to bring any of your products and/or services online, then consider getting into the digital space while waiting for things to get back to normal. You never know, what you start may become a long term venture even when things are up and running again.
Renegotiate Your Rent
If you are renting your office or commercial space, consider discussing a new payment scheme with your landlord. Ask if a discount is possible during this time of crisis. You won’t know until you do it – renegotiate to save on monthly rent if you want to keep the space. This will help save your business.
Relocate to Save Your Business
Sometimes it is hard to renegotiate rent for commercial spaces, so you might want to consider relocating to a smaller office/space for lower rent. That is if your government allows you to leave or move around. But even after the lockdown is over, it will not be easy to get back your losses so finding a smaller office or commercial space may save you a few thousands every month.
Lay Off Non-Essential Employees
This is one of the hardest decisions a business owner has to make during this time of crisis. Some of your employees will surely take the step negatively and some would understand. But as the business owner, you cannot continue paying for a non-essential employee when you are running low on cash. If you do out of pity, you may be out of business and then risk losing your source of income as well as risk having to fire every one of your employees, essential ones and non-essential ones.
Make Work at Home Arrangements for Your Employees
In relation to tip #1, you can make work at home arrangements for your employees, if possible, instead of firing them. Depending on how big your company is or how much your budget is, you can provide each one with a computer set and an internet connection. If this is not possible, then use only employees who have computers at home and then do tip #4 for the rest. Hard decision but necessary.