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How small business can survive COVID-19 and beyond.

The outbreak of COVID-19 has particularly caused disruptions for many small to medium-sized businesses and is re-shaping the way we see work and do business.

Because keeping up with the guidelines and new rules while managing the team can get really overwhelming for business owners, we’ve decided to share 5 ways small businesses can survive this pandemic and thrive beyond it. 

 

1) Brainstorm Survival Strategies

Strategy means everything for the survival of a business and this is no different. You may organize a meeting with your team to brainstorm products, services or strategies that your company can employ to survive this pandemic. To encourage people with their ideas, you may ask your team members to write down their individual ideas and during the brainstorm session, all of you may collectively discuss each other’s ideas. 

 

 

2) Review your Business Model

With more time on our hands, it’s a great opportunity for business owners to pause and objectively reflect on their business. A great place to start is with your business model. What were the plans you laid out when you started your business?- Financial, Operational and even marketing. The next thing you want to do is to analyze how COVID-19 might affect it and pivot if necessary.

For example, part of the after-effects of the global pandemic will be a resource limitation. Therefore, people are more likely to focus on purchasing essentials rather than spending on luxuries. So, brands should think of creative ways to provide essential service/product offerings for their clients.

 

3) Centralise your information.

If your business information is still scattered across several different platforms that don’t aren’t accessible online, the recent world events have probably forced you to reconsider.

Centralising your databases, and business information have its benefits, especially if you’re managing a distributed team as this would help improve collaboration and productivity.

 

4) Use Digital Tools

In this digital age, using digital tools for your business is no longer a luxury but a necessity. 

But if there is anything the global pandemic did, it was to redefine the way work was being done. Because of the outbreak of the virus, businesses had to quickly adopt the “remote” culture. Thereby causing a spike in the use of collaborative and project management tools. 

The good thing with digital tools is that you don’t have to reinvent the wheel, all you have to do is leverage existing software programs to make work pleasant for you and your teammates. 

Here are 4 resources to get you started. 

 

5) Keep Your Team Engaged

Your teammates rely on you, so it is important to keep them informed about every development. As a business owner, it is your responsibility to keep your team members engaged and stay connected with them. If you’ve adopted the remote-work system, you can use video conferencing tools like Zoom, Skype and Google Meet to touch base with them.  

 

The COVID-19 pandemic may have caused major changes to the way we go about our daily business,  but if you’re willing to put in the time and effort, your business would thank you for it. 

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