The COVID-19 pandemic has affected all aspects of our lives, particularly the way businesses are operated. However, that doesn’t mean you can’t protect your small business and continue growing. Even during such rough times! To help you craft your plan, here are a few tips on how to operate during coronavirus. It’s not as difficult as it seems!
1. Prioritize health and safety
If you want to keep operating your small business during the coronavirus pandemic, you need to prioritize health and safety. Not only for you but also for your employees and your customers.
If you’re running your business on your own, you must limit your travel and maximize your work from home. If you have employees, it’s your responsibility to keep them informed and teach them to comply with prevention techniques such as social distancing, constant sanitization, and more. In other words, you need to establish safety procedures.
2. Assess the impact of the COVID-19 pandemic
A pandemic is a time of crisis, so you need to determine how your business can be impacted. To do that, you must determine both the best and worst-case scenarios so you can create contingency plans.
You need to do this not only for the short-term, such as 3 months, but also for the long-term, 6 months to a year, or more.
For example, if you’re forced to stop operating for some time, how will that impact your revenue? What can you do to continue operating even under the circumstances? How must you adjust the way your business operates?
3. Keep everyone informed
Communication is key, so you need to develop a plan to reach out to everyone about the measures you’re taking and how you’ll be operating during the pandemic.
This is not something you should only do with customers, but also suppliers, partners, investors, and anyone with an interest in your business.
The point of communicating is to keep everyone updated about your policies so you can continue working together safely.
4. Prepare to adapt
Needless to say, your ability to adapt will make a big difference when it comes to riding out a crisis. If you want your operate your small business during coronavirus and do it successfully, you must be willing to adapt.
Create a plan to adapt your business for each stage of the pandemic. It’s certainly difficult to plan ahead, but if the lockdowns continue, you need a contingency plan to help you keep your business going.
5. Keep an eye on your finances
If you want to operate your small business during coronavirus, you need to keep an eye on your finances. Determine the risks and the impacts your business will take by regularly updating your cash flow forecast.
This will allow you to find opportunities to reduce unnecessary spending. You also need to determine if you’ll need to tap into your savings or if you’ll need to secure a line of credit. It’s best to know these things in advance so you can start preparing.
6. Start using digital payments
Last but not least for today’s tips on how to operate during coronavirus, you want to start using contactless payments. This reduces the contact you have with customers, providers, etc., and it’s a lot more convenient as well.
You’ll be happy to know you can do that with the Bizbox app, which is the perfect all-in-one solution for entrepreneurs. Try it today!