Sustaining a Business in Times of Crisis

With the world slowly shutting down, it’s hard to see that there could be a light at the end of the lockdown tunnel. With COVID-19 making its way across the globe, people are suffering, and businesses are dropping like flies. The rate of small business closures in their first year is usually 50%, but with this virus, small companies cannot sustain themselves.

Before you panic that your business may fail, let’s take a breath and remember that you are not working from home: you are at your house trying to maintain your business during a massive crisis. You may be in the middle of a time of uncertainty, but that doesn’t mean that you’re going to flop.

If you stay informed and you stay busy, there is a good chance you can come out of the other side of this crisis relatively unscathed. So, let’s take a look at a few of the ways that you can keep your business steady through quarantine.

Photo by Christopher Gower on Unsplash

Accept It

It’s not easy to accept that the future you have so carefully mapped out for your business is at risk. You can’t deny what’s going on, though. If you bury your head in the sand and try to continue with business as usual, you’re going to struggle. You need to accept what’s happening and get organized so that you can react appropriately to what’s going on around you. Choosing to accept it isn’t weak; it’s how you organize yourself better. Use Templafy and get a document out to clients and employees about how life will be in your business going forward. People need to be in the know, and that’s up to you!

Read The Information

The more you know, the better off you will be. Check with the government as to what initiatives are being put in place for your business. Several grants are being offered to small businesses right now (from different entities). I saw one from Facebook the other day. You could be in line for a cash injection to keep your business moving forward. Unless you stay up to date with the information out there, you’re not going to know.

Speak To Your Landlord

A big blow to sustaining a business in times of crisis is paying off the rent for an office space. Your commercial premises may be closed right now, and all your staff is working from home. So, if you are paying rent to a commercial landlord, speak to them about the situation. There are policies in place to have payments deferred until later, and businesses are protected from eviction in these circumstances. Again, though, check with your government!

Plan Ahead

You know that this situation isn’t going to go away immediately, so speak to your finance team and your Co-Founders about what to do going forward. You should have a plan in place for furloughing employees so that they can feed their families. You also need to work out your immediate contingency plan for lost business. Plans will keep you in control and prevent heavy business losses.

Sustaining a business in times of crisis can be tough. Quarantine has positives, though; you can still work on your automation and productivity strategies. Make the most of working and stay safe!

Sincerely,

Check out Taxumo’s #ATimeForHope campaign. Visit http://taxumo.com and talk to us about it!

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