We’re all in the same boat, but not all of us are going to make it out alive in the business world. Already, we’re seeing many thousands of companies being crushed under the weight of lockdown and prolonged fears in the markets. But you don’t have to be one of the victims.
You have the ability to protect yourself from harm, no matter where it’s coming from. Being proactive in this endeavor is how you will achieve a better final outcome for your business. We’ll not explore some of the best options which can limit disruption and headaches for you as a business owner.
Revise growth expectations
Even though you know you have to take your foot off the gas while the pandemic is slowing the markets, you technically haven’t made it official until you revise your quarterly expectations and thus, goals. You have to look at your business plan and rewrite it for at least a year.
So, lower the level of profits you think you should aim for, lower the number of hirings you will do, and lower your overall growth plans. This means, halt actions for expanding to new locations and renting more warehouse space, etc. instead, use the capital you were going to use for those plans, for your current situation.
This could be to keep paying employee salaries, hire a delivery company, or boost your marketing campaigns online.
Find a cushion
One definite way to limit exposure and harm is to get business insurance. You should have a plan already but if you don’t, don’t worry, it’s not too late because companies like simplybusiness.com are still offering their incredible plans.
They believe that you should be protected from loss and or liability. When things such as the pandemic are out of your hands, then this can count as both.
So if you keep paying all year round, you will have the chance to recoup some of your losses and also, protect from any kind of disgruntled customers who didn’t get their products or were subject to some kind of company policy change. This is your cushion, your overall protection during this time, so go ahead and do your research into this some more.
Take the tough decision
Employee salaries are the number one expenditure for any business. They are the number one drag when you’re suffering as a business. It’s harsh and it’s unfair, but it’s necessary.
You have to consider letting some employees go. It’s going to protect your business in the long run because you will save a lot of money and still function on a minimal level. This brings up the tough decisions of knowing who to let go. What is your skeleton crew? Once you know this, you will know who can and can’t be fired.
The pandemic has wreaked havoc all around the world. It has been a nightmare to contend with for small business owners. However, you don’t have to settle for being a victim, you can still come out of this ordeal as a survivor!