Forbes reported that 15,542 stores went out of business in the US in 2020 versus the 9,879 closed in 2019. This massive shutdown of businesses is a direct result of the economic impact of the coronavirus. Most nonessential businesses were forced to shut down during the last couple of years. Even with some states returning to normal life earlier than others, many stores had trouble recovering from what they had lost during the quarantine period.
To survive a pandemic as an entrepreneur, 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 and see if they make sense.
1. 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. Like everything else in your life, your business can only function well if you're feeling right.
This means that you have to find ways to keep your body healthy and mind relaxed during these challenging times. It might seem like an arduous 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.
The way business is conducted changes very quickly, making it hard to make tough decisions. Keeping healthy, both physically and mentally, will help you make the best decisions for your team and business. Don't hesitate to ask for help and different perspectives from the people you trust the most.
2. 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 to four months. Take a look at your expenses, and first figure out what options you have. Also, check out if the government or local bodies offer any funds and grants to support business owners.Figure out what costs are unnecessary and how you can cut them out. Getting a smaller office could help without letting go of any employees.
3. Redirect Your Expertise for the Greater Good
During any business crisis, it's crucial 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 likely to change quickly during a crisis.
Sustaining a profitable business has become impossible without taking into consideration how the environment and the people will be affected. If people aren't working and cannot spend at your business, you're very likely to suffer financially.
For instance, you can redirect your expertise to 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 can use the skills and resources they already have to help in whatever way they can. As we have noticed in the recent pandemic, some companies have redirected their manufacturing plants to create face masks, hand sanitizers, and tents. Similarly, businesses like breweries used their distilleries to make disinfectant products.
Some airlines used their airplanes to deliver the necessary medical supplies. Companies like General Motors joined hands with Ventec to make ventilators that have been in such short supply in hospitals around the country.
4. Find Innovative Ways to Conduct Business
Business planning during a recession can prove to be a challenge. The pandemic can lead to a lot of chaos in our economy, resulting in cut hours and lost jobs. Finding ways to keep your business alive during a recession is crucial. You'll have to take a step back and figure out how your business model can do better to adapt to the changes. This could mean ways to improve your online presence, offering easy ordering and fast payment methods, and timely delivery of your products.
5. Work on Developing New Skills
It's always good to develop 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 untapped consumers.
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 can be very helpful during the time of the pandemic.
A pandemic can be a scary time for an entrepreneur. Still, there are steps you can take to protect your business and your employees. Plan ahead of time. Think about the alternative ideas where you can use your expertise, resources, and staff during a time of crisis. Fortunately, some businesses can even thrive during the pandemic, so you need to evaluate your options according to consumer demand.
This is not an Investment Advice
The Ideas and Strategies presented on this website and the information are based on our research and experience. These strategies are not intended to be a source of financial or business advice concerning the material presented. The information and/or documents contained on this website do not constitute investment advice. Any business idea or investment plan with financial risk should never be used without first assessing your own personal and financial situation or consulting a financial professional.