We know most of you small business owners are finding it hard to know how to proactively manage your business during this covid-19 pandemic.
We at AFROSAGES have put together a checklist to help you keep your small business going during Covid-19.
Before we go on, we know this is a scary time both personally and professionally. We hope you’re staying safe and healthy practising all the hygienic techniques.
1. UNDERSTAND YOUR CURRENT FINANCIAL POSITION
It is very important to make decisions about your small business based on your current financial position.
Cash flow is very critical especially if your income has been significantly disrupted by Corona Virus.
Your ability to buy and sell, keep employees or even pay outstanding debts will be determined by your financial position as at now.
Sit down and analysis the various options available to you and draw a plan that works best to help minimise the impact on your business.
Seek help from a professional accountant of you need to.
2. CONTACT YOUR BANKERS
Contact your bank or financial lender and see if there can be any arrangements for your business to get a soft loan if you’re badly hit by this pandemic.
3. TALK TO YOUR STAKEHOLDERS
It’s very important that you inform all stakeholders about the standing of the business at this time.
If you have staff, tell them your plans and how likely it might impact them. Be very clear and clam as possible.
Follow up with your debtors, draw out a more favourable payment plan in this current situation and do same with your creditors.
Keep your customers updated as well. Of you’re in a lockdown zone and have to do only delivers, make it known to them.
4. EMPOWER YOUR EMPLOYEES
You haven’t layed of your staff yet, how are you keeping them busy and optimistic about the future?
Offer training ideas that will help your team and business in the long term. Be it whether they’re getting new certifications or reading relevant industry books.
Consider making work hours more flexible especially for those with kids.
5. CHECK IF YOU CAN STILL OPERATE
With lockdown restrictions lifted and closure of borders, check if your business can still operate or if there are any changes you can make to fit in with the mandatory requirements.
6. TALK TO YOUR LANDLORD
If you’re in a rented space, please call your landlord and discuss whatever arrangements that can be put in place regarding your lease, especially if you can no longer operate.
7. BUILD ON YOUR NETWORKS
This is a very crucial time to reach out to your networks and contacts for support and advice.
Talk to other small business owners to share ideas and innovative practices that can help your business during this period.
Start with online networking since internet usage has surged during this period so everyone is online.
8. BE INFORMED OF ANY CHANGES
Being proactive in seeking out trusted sources of information is a great way you can keep up with the latest developments regarding covid-19 information for small business.
We at AFROSAGES will also bring you the latest information and news regarding Covid-19.
As you’re creating your Corona Virus management plan for your business, make your you’re keeping safe.
We hope that this article can help you with planning and keeping your small business going during Covid-19.