The coronavirus pandemic has been catastrophic for public health and the economy across the world. Still, its economic impact is not clear as nations struggle to chart recovery methods while the pandemic keeps raging. But one thing that everyone would agree on is that small businesses are facing an existential crisis. This is an alarming situation for the US because small businesses are the major job generators as 48% of jobs originate from businesses that employ less than 500 people, cites Eric Dalius while confirming that the same sector accounts for 43.5% GDP. Small businesses are highly vulnerable to various threats due to the fragile finances that leave no room to absorb even mild shocks forget about the whiplash of the pandemic.
The government has correctly identified the threat and provided aid for small businesses that should help to gather strength to tide over the crisis. Eric J Dalius recommends some steps that small businesses should take to navigate the current crisis that includes looking after employee welfare and guiding them to look after their mental health so that they can once again become productive like before.
Make plans and avoid impulsive decisions
The grim situation has all the ingredients that can make small business owners panic, which can blur their vision and affect their ability to make the right decisions at the right time. During the crisis, never rush but take your time to understand the situation and avoid any knee-jerk reaction, advises EJ Dalius, who has faced various adversities during his long and successful marketing career. Since every day comes up with new information about the Covid19 crisis, you must be flexible to adapt to changes at the shortest notice to take the best decision that suits the situation. Make detailed contingency plans and tap the resources that can show light amid the darkness.
Understand the changed needs of consumers
The Covid19 pandemic has shaken the world and widely disrupted our lives that have sent shocks across the entire human race. Lives have perhaps changed forever because it is hard to believe that we will be able to replicate the life enjoyed before the pandemic. People are building new habits to cope with disrupted living due to the pandemic, and it has changed their needs. Small business owners must figure out the new needs so that they can develop strategies to meet the new customer expectations, even from those who have been loyal to the business and brand for years.
Adapt some realistic accounting
This is the time to show your innovative skills that can help reinvent your business and keep it going during the pandemic. After zeroing in on some creative solutions and have made some plans by taking time, you must get ready to take some hard decisions. Estimate your cash flow before and after the pandemic on a realistic basis with a focus on fixed and variable expenses so that you know what to cut and when. Plan to delay some payments, if possible.
Finally, seek whatever public assistance comes your way, including government aids.