How can SMBs survive during COVID-19?
80% Small and Medium Business comprises major chunk approximately 80% of the our country’s economy. All the businesses are feeling the pinch of the current situation of crisis wherein pandemic has decimated the SMB’s. Some key things which can be helpful for SMB’s to stay grounded during these days.
Communicate with Employees
Discuss the current situation openly with the employees and get their views, suggestions on how to combat with the current situation jointly, and help in taking care of each other in all situations physically and mentally.
Invest in WFH Technology
With technology at our disposal, this is the time to optimise it to the brim. It will not only help us improve productivity but also save on cost like infrastructure, maintenance etc.
Prepare a Business Continuity Plan
Irrespective of big or small business, we all should have BCP in place so we are well prepared in extreme circumstances in terms of Available Funds, Overhead expenses, Remote working, Prioritizing work etc.
Prepare a Business Continuity Plan
Discussing the current situation with them will give them confidence that this situation will change and we can work together for mutual benefits.
Consider Scaling Back
Sustaining the current business in priority but yes, we need to find ways to scale the current business by reducing the cost and focusing more on productive ways of getting more business.
Explore your Limitations
It is always said that the worst situation brings out the best in you, please explore yourself to the core in all aspects and the best results will show up.
