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How can your startup survive the CoronaVirus

Business Growth

June 24, 2020

With most businesses around us either slowing down and waiting out the virus or coming to a complete stop to ration down resources, there are many you can do as a small business to survive the covid 19 pandemic. 

Many businesses around the world had already a work from home policy as an extra perk to their employees but ever since it became a necessity rather than a luxury, it’s become more important for small business owners to adapt to the change. 

There are many articles that spoke about the best work from habits but we’re not going to talk about that today, so we’ll just leave you with those tips from Google and the Entrepreneur. 

Those are some tips on how to survive the crisis as a small business owner: 

1- Get access to cash Arguably, that’s where the main problem is, if the economy is slowing down and everyone is only buying necessary items to keep them going, depending on your business, your pocket is most likely to take a hit which inturn will affect how you manage your rent, payroll and utilities. Our advice here is to be on the lookout for any government initiatives that are being taken to secure funds for businesses directly affected by the Coronavirus. For example Facebook is launching an initiative to support more than 30,000 businesses around the world. As of this moment, it’s still not clear what the criteria is but it will be announced soon. 

2- Create alliances Perhaps the circumstances weren’t right before, but creating a deal with a fellow business owner so your services can complement each other and sell them as a package can go a long way in capturing the right customer. 

3- Think ahead Its both fair and logical to your business and employees to plan ahead for the next 3 months and to see where you stand financially. Letting your people go in times of uncertainty should always be your last option so it’s best to cut down on unnecessary costs. For example, freeze all hiring that would not affect your work. Maybe it’s time to move to a smaller office to cut down the rent prices or even allow complete work from home all together after speaking with your landlord if he agrees on a pause. 

4- Learn a new skill With everything that’s been going on, there’s no denying that all our daily tasks have become a bit smaller so we all have some free time on our hands. While many people are using that time to do something they’ve always wanted such as taking cooking classes or piano lessons (which I think is great), you can also push your employees to learn a skill that would benefit the entire company after the storm is over and with many legitimate institutions lowering their enrollments fess or removing them all together, there couldn’t be a better time.