The corona virus outbreak (COVID-19) that has been sweeping the world since the beginning of the year has shaken people’s daily lives. Not only is it life threatening, the corona virus outbreak has also hit a lot of business continuity.
Then, how to maintain business in the midst of the Corona crisis. Appeal to stay #sosialdistance ranging from work, school to worship Mandiri888, has more or less influenced the wheels of business.
Not a few business actors are overwhelmed by this crisis. If you have a business, making sure that the business continues to run smoothly in the middle of a pandemic is a big PR. Stay optimistic and consider the following important tips.
Check the financial condition of the business
No one can be sure when the corona virus outbreak will end. As long as the outbreak has not ended, surely economic conditions will not return to normal. That will obviously affect the continuity of your business.
Do a deep check on the financial condition of the business. One important thing that you need to check is the condition of liquidity, aka cash on hand. Liquidity is like blood in a body. In household finances, it is also commonly referred to as an emergency fund alias emergency fund.
If liquidity conditions are not safe, the future of the business is also threatened. Try to calculate how much the level of business liquidity, until how long you are able to live a business in a situation without income?
Ideally, you still have cash on hand for the next 12 months operations. If it’s less than that slot online, you need to think about securing liquidity in order to sustain business in the midst of this corona crisis.
Prepare yourself for the worst case scenario
The calamity of the COVID-19 pandemic is clearly a big influence on anyone’s business. It is not only the market that has drastically dropped drastically as physical distancing policies, supply chain disruptions also disrupt business activities. Not to mention the cancellation of requests or projects that were previously agreed upon in the event of this outbreak. That clearly affects the fate of business.
Therefore, as an anticipation step, make a business plan that also contains projections or forecasts for the sustainability of your business Mandiri888 for at least the next year. For example, projections in terms of business revenue, expenditure levels, continuing capital and so on.
The COVID-19 outbreak is feared to have triggered a financial crisis worse than the previous financial crisis. It is important for you to take extraordinary steps so that the breath of business can run longer. The mandatory step you need to take is to reduce expenses in various ways so that liquidity can be stronger. For example, reducing operational costs from routine posts such as electricity, water and internet bills.
An easy example, your business in the field of food and beverages. Work from home policies make purchases on the spot drop dramatically. You can reduce operational costs by optimizing service delivery orders that do not require too many employee attendances. Because it doesn’t serve sit-in shoppers, you also don’t need to turn on all the lights and air conditioning machines in the shop all the time of operation. Also save marketing costs by optimizing social media organically. Postpone spending on capital expenditures that are draining large funds.
If possible, negotiate with suppliers regarding payments that may be extended. Also consider negotiations with banks if the payment of debt installments feels burdensome.
Give understanding to employees
The COVID-19 pandemic crisis is a time of concern. If you are not careful, your business will close down in a matter of seconds because you are not able to be hit by the devastating COVID-19 tsunami. The way to keep your business in the midst of the next corona crisis is to talk to your employees to work hand in hand, strengthen each other in this tough time.
Tell employees about your current focus on maintaining business continuity so as not to go bankrupt which can lead to termination of employment. In order to achieve this, employees must be willing to forget about salary increases or bonuses as usual. At least until conditions return to normal.
Boost sales in the cheapest way
The COVID-19 outbreak requires many people to avoid the crowd to put the brakes on the spread of the virus. Apply the most appropriate strategy so that sales remain on target at the lowest cost. For example, say your business Mandiri888 is in the F&B sector, which had relied on direct customer visits. In the present situation, it is clearly difficult to happen. Move the strategy to optimize the delivery order service, drive thru or intensify subscription promos.
For example, offering a more economical price for customers who choose to purchase a subscription for a week. Or, give a voucher if there is a purchase up to a certain value where the voucher is only valid if there is another purchase in front of a certain value.