It’s estimated that about 15,000 stores could go out of business in 2020, versus the 9,500 that closed in 2019. This massive permanent shut down of businesses is a direct result of the economic impact of the coronavirus. Most nonessential businesses have been forced to shut down for the last couple of months. Even with some states opening the economy back up many stores will have trouble recovering from what they lost during the quarantine. Some businesses are struggling while others are getting by pretty easily.
To survive a pandemic as a business owner, you need to be mentally and physically fit, find alternate ways to save your finances, develop new skills as you might have a lot of spare time, and make innovation like digitization your business
Now, let us explore these suggestions further in detail and see if it make sense.
Keep Your Mental and Physical Health in Check
While your mental and physical health doesn’t seem connected to safeguarding your business during a pandemic, they actually are. Your business, like everything else in your life, can only function properly if you’re functioning properly.
What this means is that you have to find ways to keep your body healthy and your mind relaxed during these tough times. It might seem like a hard task with all that’s going on in the world but staying positive and healthy will help you run your business to the best of your ability.
It’s a good idea to follow a healthy diet and continue to exercise, this will give you the energy and mental clarity to stay sharp and help give your staff confidence. In turn, you’ll be able to work together to come up with ways to help your business during this uniquely chaotic time.
The way business is conducted is changing very quickly and that can often make having to make some tough decisions really difficult for you. Keeping healthy, both physically and mentally, will help you make the best decisions for your team and your business. Don’t hesitate to ask for help and different perspectives from the people you trust the most.
Find Ways to Save
If you’re wondering how to plan for a pandemic the best way to do so is to find ways to save. It’s important to have a plan in place for at least three or four months. Take a look at your expenses and first figure out what options you have, there are some resources available for business owners.
Figure out what costs are unnecessary and how you can cut them out. Getting a smaller office could help without the need to let go of any employees.
Redirect Your Expertise for the Greater Good
During any business crisis, it’s important to find ways to use your expertise to help those in need in whatever way possible. While most business models have always prioritized profit, the world is changing really quickly.
Sustaining a profitable business has become impossible without taking into consideration how the environment and the people will be affected. The economic impact of the coronavirus has been felt worldwide and if people aren’t working and are unable to spend at your business then you’re very likely to suffer financially.
What many businesses have started doing is redirecting their expertise for the cause. Using the skills you have to offer some type of aid to those in need will not only keep your business and employees working but it’ll show customers where your business stands morally.
Businesses are using the skills and materials they already have to help fight the coronavirus in whatever way they can. Some have redirected their manufacturing plants to create face masks, hand sanitizer, and tents necessary for testing sites. Some businesses like breweries, for example, have been using their distilleries to make hand sanitizer and disinfectant products.
Some airlines are now using their airplanes to deliver the necessary medical supplies. While companies like General Motors have been working to make ventilators that have been in such short supply in hospitals around the country.
Find Innovative Ways to Conduct Business
Business planning during a recession can prove to be a challenge. The coronavirus has led to a lot of chaos in our economy, leading to cut hours and lost jobs. Finding ways to keep your business alive during a recession is crucial to its livelihood.
It might seem strange to try to increase profits during a pandemic but it’s necessary to keep the business open and customers happy. You’ll have to take a step back and figure out how your business model can do better to adapt to the changes the coronavirus has created. This is also a great moment to look into how to improve your online presence to better serve your customers.
Work on Developing New Skills
It’s always good business planning to work on developing new skills within your company. This is a way to keep up with an ever-changing world. Developing new skills will help you and your employees market your business to a growing pool of customers.
One way to help your business survive is by helping your current employees and not hiring new ones. A way to increase productivity and help your business stay afloat is through training staff on new skills, that way you can get the most done with the small group of people you already have. This is especially crucial during the current pandemic.
How Do You Survive a Pandemic as a Business?
How do you survive a pandemic as a business owner? It’s a scary time to be a business owner but there are steps you can take to protect your business and your employees. Some of our suggestions are listed above.
Make sure to contact us with any questions you may have about helping your business survive during the coronavirus.