The pandemic continues to wreak havoc and impact revenues widely, particularly for small business owners and entrepreneurs. First, try to remain calm and remember that all businesses are in this same, unprecedented situation. The tips for staying in business are not new, but do focus on the bare bones with little room for unnecessary spending at this time.
Focus on your health, your team’s wellbeing, and staying afloat fiscally, with these survival tips:
Create a Pandemic Survival Plan
Unique circumstances often require clever and creative solutions. Start with a Survival plan to help outline what you will do throughout the pandemic. This includes a brief plan for designs, or rather redesigns, that may be necessary to stay in business. Next, compile a list of your bills in order of priority- what needs to be paid first?
Recraft your Budget
Construct a new budget that takes current factors, like a smaller staff, shorter hours, and less inventory, into account. Continue to complete profit and loss statements monthly, as well as project your cash flow for each month that the pandemic crisis continues. Survive and Succeed
Continue to take steps toward success with the basics of business. The first thing to do is to continue to identify and target your distinct consumer audience. How you do this depends on the demographic that you most want to appeal to- for instance, social media marketing is affecting at influencing young buyers. Second, maintain a distinctive and different business than all others. Even if you offer similar products, provide them in a way or create an image that is uniquely you. Finally, establish why consumers should buy from you; reinforce and disseminate this message broadly.
These are tough times for many; talk to the money experts at Capital Crown Investments to discover how to make your money work for you, especially during times like these.