Worried about your small business surviving the Covid-19 pandemic? You’ve come to the right place. Here’s the complete and concise five tip Covid business survival guide.
Dash for cash
Make sure to hold onto as much cash as possible. You need to collect cash on your invoices and your signed contracts. Revise your contracts to include “act of God” clauses (force majeure).
Invest in relationships
Ensure that your relationship with your customers does not fade. Keeping a loyal and intimate customer base is vital to promoting the survival of your business during Covid.
Give credit some credit
In the short run, don’t feel bad about taking credit. Things will take time to get back to normal so if you need a loan to keep your business afloat, do what needs to be done. As long as you follow all of these tips, you can manage the likelihood of you defaulting on your loan and surviving and thriving for the long term.
Keep colleagues close
Make sure that you keep your colleagues “in the know” about the immediate future of your business. Be sure to give them an update on the new hours and expectations that they’ll have to deal with during Covid. Also, give your colleagues a rundown on preventative safety procedures in the workplace (if they’re not working remotely).
Communicate about your business
Reach out to key stakeholders and carefully craft an effective press release so that your base knows that your business is persevering through Covid. If you’re not savvy with communication yourself, pass the baton to someone who is for the sake of your business.
The keys to Covid-19 business survival
If you follow these five crucial tips properly, your business will have a fighting chance at surviving (maybe even thriving) during Covid. There are a lot of business trends that are likely to survive the pandemic, so keep those in mind to position yourself for the future. And by the way, if your business is a restaurant, see this guide to making restaurants Covid-compliant.
Questions about business resilience for discussion on Ohlelo:
- How has your small business been faring through Covid-19?
- Are you afraid to take a loan for your business? Why?
- What are the pros and cons of working remotely?
- What are your best tips for Covid-19 business survival?