Chief Strategist, CEO ruthhoffmann.com
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What small business can do to survive the pandemic

29th Apr 2020
Chief Strategist, CEO ruthhoffmann.com
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With the global pandemic continuing, many have started to realize that they need to take matters into their own hands right now if they want to avoid running into huge problems in the future. Small businesses seem to be particularly susceptible to problems here, and it’s important to pay attention to what’s going on with the market as a whole in order to anticipate the biggest potential problems, and avoid them successfully. In the end, there’s a lot you can do to ensure the survival of your business in the current pandemic. But you have to start acting right now if you don’t want to be left behind later.

Keep Your Priorities in Order

The most important thing you can do to is to prioritize properly. A lot is going to happen not too long from now, and you’ll want to be sure that you’re taking actions in the right direction in order to avoid most of the problems that you will likely run into. For example, don’t put too much focus on dealing with customers personally right now. If your business can survive without that, then you should definitely think about prioritizing your indirect interactions more. This will give you a better opportunity to align yourself with the current situation, as well as with what the future will likely bring.

Look for Assistance Programs

Various governments around the world have been working hard to ensure that their national businesses don’t go bankrupt, and there are many programs that you can take advantage of for this right now. Take a good look around and see what’s available. Many insurance policies and endorsements cover losses due to business interruption. You’ll want to make sure that you are taking full advantage of those resources, because in some cases they can make all the difference between going under and surviving successfully. Do your best to give back to the community as well, if you’re taking advantage of such opportunities.

Cut the Right Corners

Now is a good time to start thinking about cutting some corners too – but make sure to do it the right way. There are some dos and don’ts here that you’re going to learn over time, and those things will be highly specific for your own business. In any case, it’s important that you understand how to approach this, and what kinds of savings you should be looking into making. In the end, a small business can do a lot to optimize its expenses during the COVID-19 pandemic, but it has to be done the right way.

Take notes of what’s going on as well. Over time, you’re going to see some patterns emerge in this chaos, and it’s a good idea to pay attention to how they work and what they have to offer you. There are various points that you can work on to optimize your reach on the market where you’re operating, and the sooner you get started with those actions, the better you’re going to fare in the long run.

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