1. Be Flexible
In almost every country around the world, much of life has simply halted. This is going to cause major disruptions to our lives and is something we will all have to navigate through together. Keep this in mind when employees are needing to leave early, or miss days to stay home with their kids. Once you make it through this pandemic, your employees will remember the kindness you showed them and it will strengthen your workplace environment.
2. Cut Expenses
Now is the time to sit down and look through your budget. Expect to need 6-9 months in savings to keep your business afloat. If you don’t have that, make sure to start cutting costs elsewhere. If there is any expense that could be cut, even temporarily, do so.
3. Work From Home
Working remotely helps to prevent any further spread of COVID-19 while still keeping your business up and running. Start brainstorming and quickly implement a schedule to include conference calls and virtual meetings as necessary.
4. Don’t Take Risks
Now is not the time to be taking risks with your business. Even in the best economic environment, risk-taking can be nerve-racking. But in the middle of a pandemic? Risk-taking can really hurt your business. If you’ve been waiting to take the plunge with a new product idea, it’s a good idea to hold off until we see what’s going to continue to happen with the stock market and with other businesses.
5. Be Transparent
For the time being, life as we know it is drastically going to change. Unfortunately, there is no getting around this so it is best to be transparent with your customers. If you explain to them why you are no longer providing a certain service or product, they will be much more likely to understand and be empathetic of the situation.
Don’t go through these trying times alone. We can help keep your business thriving even during the Coronavirus pandemic. If you still have questions after reading these small business tips, or for any other services, give us a call or go online at ParaduxMedia.com.