Productivity

5 Immediate Actions to Survive The Coronavirus Economic Impact on SMEs

The Coronavirus pandemic has been causing panic and fear from future for all kinds of businesses all around the world. With the pandemic crisis getting worse by time, small businesses are suffering the most as the COVID-19 epidemic has been affecting them financially and even affecting the workforce; companies are either laying-off employees or putting their business on hold until this crisis is over.

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Although this is a one of a kind crisis that businesses have never faced before, there are tactics that can guide a small business owner to survive this worldwide crisis.

 

Don’t Panic, Remain Calm

This is a very dynamic and uncertain situation and as such, many may feel that they have no control for the market. This in itself can cause fear and alarm. As humans, knowing what we can control and what we cannot is intrinsic to our wellbeing and mental health.

The very first thing you have to do is remaining calm as there is no point in panicking. Every business owner in this world is going through the same crisis you are, so, you are not alone in this.

This current situation will require all your focus and innovation to come up with solutions for your business to keep it alive.

 

Re-organize Your Current Financial Sheets

Start by creating a 3 months plan for your financial situation and how you will control it. You have to reconsider your spending and only keep the necessities.

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If your rent is consuming a lot of money, you have two options, either you discuss your payment options with the owner or consider going for a smaller place since most of your employees will be working from home. Avoid laying-off employees as your team is the one who is going to help you get through this crisis, you might want to discuss decreasing salaries with them as your last option.

 

Move from Traditional to Digital Marketing

If your business includes selling products then you might want to consider moving it e-commerce. Since everything is being done virtually and people are all in quarantine and avoiding going out, it will be a great idea if you created a website to sell your products online so you can keep your customers interested.

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One new approach of marketing that is booming is micro-moment marketing. When we understand marketing in the context of this newly defined approach, we can get a feel for the way in which digital marketing needs to be approached differently than traditional advertising.

Your customers are the main key in keeping your business alive so you have to keep them and earn their support.

 

Stay Active On Digital Media Platforms

As it was mentioned previously that people are in quarantine and going out only for necessities, they tend to be active on social media more than any other time which makes it the perfect time to exist on social media platforms.

People are heading towards social media platforms like Facebook, Instagram, and TikTok more than ever, which drove some brands and businesses to exist on these platforms to connect with their customers.

Breaking down your audience will help you figure out the following:

  • Which social media sites you’re active on
  • Your posting schedule
  • The type of content you publish
  • Your brand’s voice
  • The information in your profiles

 

A Back-up Plan Is Required

No one knows when this crisis will be over and it is obvious that the situation is changing and getting worse. This will oblige you to come up with a back-up plan in case you came across any other problems that will threaten your business.

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You have to be ready to overcome any upcoming crisis.

If you own a small business, how do you think you can overcome this Coronavirus pandemic crisis?

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Stay safe and healthy. Please practice hand-washing and social distancing, and check out our resources for adapting to these times.

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