The sudden outbreak and rapid spread of coronavirus across countries has thrown the world into a frenzy. Our businesses are being put to the test.
Most business owners are seeing an immediate impact on their business. Smaller businesses, are in a holding pattern. As a small business owner during the coronavirus pandemic you now face the true test of being able to operate and adapt to a rapidly changing situation.
While future developments are still unclear, businesses have to take a proactive approach to disaster response right now. No matter what products or services you offer or what industry you are in, your business will have financial ups and downs at some point. As a small business owner during the coronavirus pandemic you now face the true test of being able to operate and adapt to a rapidly changing situation.
The most important thing is: not to panic
Reach out to your banker for help. Look at this as a way to weather the downturn and also position your business for greater profitability in the future and or look to change how you do business.
Here are my suggestions:
Be quick and flexible: Whether it is utilizing technology to connect with clients as an alternative or reworking your employee reporting plan, it is critical to be flexible in order to operate your business. At JMD Systemics, we are encouraging solutions such as video conferencing and going online.
Come up with creative solutions: Does much of your business depend on face to face encounters or transactions? Consider alternatives based on the materials and talent that you have. Go online, go on Skype with customers and have them call in an order, offer curbside pickup or free shipping.
Differentiate your business from the competition: Use this downtime to understand your biggest competitors. Learn from their strengths and weaknesses. Poll your customers and learn what their needs are given the uncertain environment. Then consider how you can meet their needs.
Check your cash flow: Any good small business owner should be projecting cash requirements three to six months ahead. Could the uncertainty of coronavirus result in a liquidity issue for you? Make sure your spending and accounts receivable are in line. Have proactive conversations with your bank to determine a short-term solution.
Hopefully, these uncertain times will pass sooner rather than later. No one is saying these times are easy, but preparedness is the key to continued success and, JMD Systemics is here to help you.
Michel Ouellette / Joseph Michael Dennis, is a former attorney, a Trial Scientist, a Crisis & Reputation Management Expert, a Public Affairs & Corporate Communications Specialist, a Warrior for Common Sense and Free Speech.
JMD Systemics is here to help.