Managing a business in crisis requires a collection of bold steps that the small business sector must rigorously act on to be relevant in the present commerce space and this COVID 19 global crisis. Small business owners have no choice but to fight for their survival or go out of business.
In any crisis, it’s the small businesses and midsize companies that are negatively impacted first, and they are more likely to fold. They must search for and apply ingenious tactics to stay afloat. It’s obvious that it’s not going to be business as usual in the upcoming months, so there needs to be some leadership changes in the marketplace.
With the spike in corona cases in the US again, the full reopening of the economy seems on the distant horizon. A new plan of action is called for and is being formulated on many fronts by the SMBs. It is now of the utmost importance to navigate the immediate risks posed by the crisis with wisdom so that your business can emerge with minimal damage when this is all over.
At the same time, the whole world must prepare for a post-COVID 19 world that will surely be different from the one we live in at present.
With the ongoing partial lockdown of the business sector, the shift from the customary physical spaces to embracing digital connection has for many people been the core step in managing a business in crisis.
We are already in a digitally enabled world and experiencing a physical disconnect, which has more than doubled the amount of time spent online for thousands, depending on the type of business.
Food businesses must continue to serve the community. Restaurants and supermarkets have found new ways to stay in business, although some supermarket shelves are empty due to panic purchasing or high levels of unproductivity in some sectors because of the lockdown.
Any business that provides basic commodities is always relevant in any pandemic. Online, tele-purchasing, take-out, and delivery services have taken precedence.
Reach Out And Connect
Many SMBs are reaching out to their stakeholders, which include the customers, partners, bankers…etc. This is to stimulate trust and a feeling of goodwill as the business community rides out the storm.
Here are some of the boldly recommended steps that you can take as you manage your business during these crisis moments.
As you continue the manage your business in this crisis, it is important not to give up. The climate may not be right for fruitful merchandizing as it once was, but noone knows where demand will be after the crisis.
All SMBs and midsize businesses must pull together, lean on each other, collaborate, and get the latest information from their politicians on the latest lockdowns and openings. Earn the trust and credibility of your stakeholders in this time of crisis, as you need each other now and post-COVID.
Plumlogix advocates for all best practices during this COVID 19 era and is here to support you in managing your business in these times of crisis. If you are having difficulty riding out these waves, please talk to us to find out how we can be of help.