Written by Prof. Mikel Volkman II

In

Small businesses are important because they provide opportunities for entrepreneurs and create meaningful jobs with greater job satisfaction than positions with larger, traditional companies. They foster local economies, keeping money close to home and supporting neighborhoods and communities.

Challenges: But in this pandemic situation, small businesses will be the hardest hit from the current COVID-19 pandemic. Though the Big Businesses have survived already, small businesses are still dependent on limited cash flow. It can be devastating not only for the small business owner, but also for the employees they support.

Handle The Situation Calmly:

Though there is a problem of cash shortage, owners need to keep their mind calm and think in a way to survive. If faced with some difficult decisions, take time to balance yourself and your mind before taking any drastic decisions. It is a very dynamic and rapidly changing situation, sometimes taking a step back to reassess, asking for trusted opinions, and also keeping perspective will help. Things will get better.

Apply for Govt. Resources:

Government has taken some initial steps to keep our small businesses alive and running; there are lots of schemes released by the authority. Take a google search about them and apply in some. Talk with some consultants and something will surely happen.

Make a Good Financial Plan:

Every small business usually has the same key expenses, which include employee salaries, office rent, and utility bills. Further expenses range from industry to industry. Owners need to focus on these matters very well; they can talk with investors or do some outbound projects to maintain the balance. Try to cut unnecessary costs which can be harmful for the company.

Find more Opportunities:

Nothing is permanent and there are always ways to come out from every unplanned situation; we just need to find them. In this situation, owners need to focus on other opportunities which may give business a push; moving into a new concept can help them to get some work. It is the time to support each other, so try to find out the seekers who need your help; help them in return for your business.

Upskill The Staff:

A healthy and mutual understanding between owner and staff always helps to survive in any situation. Try to talk with staff who are reliable and hard workers; sit with them and discuss plans. If they understand your situation; they will surely find a solution.

End Note:

Remember that, the right decision, good teamwork and a great plan can make your Small business survive in this situation. Going for security and survival is the best way to keep business alive.

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