How Small Businesses Can Cope Through Covid-19

With the Covid-19 pandemic affecting the whole world, small businesses are not spared. Here are some tips for our entrepreneurs and founders to get through trying times.

Whether you’re in F&B, logistics, events or other businesses, most companies would see a shift in the way their businesses are operating – and the revenue they’re making. As we can only hope for the pandemic to ease over soon, here are some tips for small businesses to cope through the Covid-19 outbreak.

Spend Less Time in The Office
Not only does social distancing and implementing a business contingency plan help to mitigate the risk of spreading the virus, not coming into the office also reduces your operations cost. While it might not be much, having spent less time in the office allows you to save up on electric and utility bills and even eating out during lunches!

Payment Flexibility
Even if small businesses receive assistance, they may still have trouble meeting obligations such as rent and loan payments. Speak to vendors, partners, and clients to discuss the various payment flexibilities to ensure the business is still running optimally on a smaller cost.  

Be Transparent with Your Clients
This may not actually drive revenue, but having a transparent conversation about what your business is going through with clients would help build a long term relationship. With every business being affected by the crisis, customers should be able to emphatise with brands facing a crisis, as long as you communicate with them properly.

Work A New Salary Package 
Instead of completely laying off your whole team, try to work out an alternative salary package. Perhaps it could be based on the hours that they are actually in the office, or even an hourly/freelance basis. Other than that, they could also be contracted on a project basis during such uncertain times.

Get Online If You Haven’t Already
Shift all sales strategies online (unless you’re in the wedding industry) – run webinars instead of workshops, get store advisors to respond through a digital platform where they can answer customer’s questions, or even move marketing & sales strategies onto different social media platforms to drive e-commerce sales (without letting your stock go to waste).

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Written by

Cheryl Toh

Last updated on

March 18th 2020, 2:40 pm

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