10 Ways to Help your Business Thrive Amidst Crisis
Business owners are finding themselves in a predicament cause by the COVID-19 pandemic, it is a worldwide crisis unlike any other. It is daunting task to figure out how to weather this storm itself, but to ensure your business pulls through is another feat altogether. We’ve adressed some tips below that might make a difference so that you are able to calm your employees and keep doors open for customers.
1. Sort out your finances, fast.
Create a list of priorities and try to set money aside based on the timing of when they are due. You can also implement cuts to unnecessary costs that aren’t producing revenue or securing key business functions. If possible, find additional financial sources of revenue.
2. COVID-19 policies within your organization
Ensure all employees are adhering to the rules and work policies that are set by the goverment in your country. Allow staff to work remotely, so they may stay indoors to curb the spread of the virus.
3. Stay calm and plan ahead
Business owners must set the tone and be the calm in the storm. Remember that things are changing often. Make a plan for the next few weeks, then the next month. One must be prepared for the changing environment that is to come. Be willing to adapt and have new plans.
4. Take advantage of the automatic moratorium that is granted to SMEs
BNM announced its support of efforts by banking institutions to assist individuals, small and medium enterprises (SMEs) and corporations to manage the impact during the outbreak. Banking institutions will provide individuals and SMEs with adequate information on how the suspended loan or repayments will be treated during the moratorium period of six months.
5. Access the stimulus packages granted to certain industries
Bank Negara Malaysia has allocated RM3.3bil to help small and medium size enterprises (SMEs) to sustain their business operations, safeguard jobs and encourage domestic investments. Funds like Special Relief Facility (SRF) can help to alleviate the short-term cash flow issues as well as other packages. You can apply here.
Eligible SMEs can obtain financing of up to RM1 million for a tenure of up to 5.5 years, including a six-month grace period.
6. Protect your employees and key talents
Make sure they are assured about being protected. You want to retain the key people who drive your business. Because when in the very end, it’s people who make every business successful so focus on your people. You can begin the week with a group conference call so everyone is one the same page. Besides giving your staff some direction, this will make them feel like they’re not alone.
7. Digitize marketing and sales strategies
Communicate clearly and consistently with your customers. If you are open for business, make sure they know that and know how to interact with your organization. Make it easier for them to purchase your product and services. Use the power of social media presence to keep your customers up to date and deliver marketing messages that resonates with customers right now.
8. Continue to improve operations and perfect what you have to offer
You and your team can invest in this time to better your product or services. With the available additional hours, spend it to optimize your processes and efficiencies or make the changes you’ve been meaning to do over the past few years or months. Come out of this storm stronger and have a better product or service.
9. Invest in your team
Conduct internal training in your company or get training yourself as a leader in areas you know will improve your company. This is a perfect time to sign up the team for online courses that will benefit both the individuals and your company overall.
10. Assess your business’s 2020 strategic plan
The plan for the year has not come to a crashing halt, but merely needs to be adjusted according to the times. Understand and accept that you will spend weeks to months dealing with the effects of the pandemic to your business. This is a great time to make modifications. Start on projects that have been on your wish list and revaluate your objectives for the year.
Use the extra hours that you have in a day wisely and efficiently. Take the time to better your health and spend more time with your loved ones. Take a deep breath and start your plan on making positive changes to your business during these trying times. May we all come back stronger and fulfilled.