When the pandemic started in March, the people were left unprepared. Everyone was affected including customers and businesses. In the same month, the National Federation of Independent Business Research Center reported that about one-quarter of business owners would be hurt by the pandemic as there will be issues and problems with the sales, supply chains, and workforce because of the coronavirus and the escalating cases around the globe.
If you own a business, there are many services and companies that can help you or provide you cash assistance or invoice finance. Besides this cash assistance, you also need to learn some strategies you need to apply in order to help you thrive in this pandemic. These are the following:
1.Calm customers to ease supply chains – when the pandemic happened, a lot of people resorted to panic buying. In fact, because of this, there was a shortage of toilet papers and napkins, rubbing alcohol, and more, and this greatly affected the supply chain of other products that need these items and materials. One of the best ways to avoid this is to calm your customers and encourage them to avoid panic buying, as there are still no reasons for this. According to the Association of Supply Chain Management, good utilization of these demanded products will be unchanged and there would be a risk in boosting production too high for a temporary demand.
2.Seek financial assistance to fight slowing sales – you cannot help but to admit you now need financial assistance and help when you realize and notice your business is slowing down. This is the reason why asking for cash help will be a great choice to continue your business and avoid losing all of your investments. According to Facebook, there are 30,000 small businesses around the globe. There is a need to thrive in this pandemic before you decide to quit. Also, you need to be prepared after the pandemic since all the economies are getting slow and weak. In addition, losing business will not just affect your family and your finance, but also other people especially customers who rely on your products and service and your employees who rely on the income you can provide them. By making your business thrive during these trying times, you are helping many people.
3.You need to have some plans for decreased productivity – small businesses are trying to survive and one of the ways to achieve survival is to place workers on furlough, lay off employees, or reduce employee’s hours. While being prepared for these, you also need to prepare yourself of the employees that might get sick or reduces productivity from them. Understand that everyone is affected by the pandemic and there are people who are less privileged. Also, other businesses rely on remote working and this greatly affects the productivity of the workers. Do not expect fast adaptation on the side of your workers. Be patient. Allow them to adapt and find their momentum.
No one knows when this pandemic will end. The only thing that is certain is that it will. We just need to be thriving.