Running and maintaining a business doesn’t come without any challenges. While you may have a solid business plan, there are certain unforeseen situations that may keep you at the tip of your toes. Extreme weather conditions, acts of nature and even a pandemic can have a significant effect on your business. With the coronavirus currently plaguing the entire globe, here are some tips on how your business can survive this virus outbreak.
Create a Plan
The first thing that you can do to survive this pandemic is to create or update your emergency preparedness plan. It should outline the steps that your business needs to take in light of the current situation. It should also include the measures that you would do in order to protect your colleagues and employees, even before the pandemic was fully blown.
Rethink Your Business Processes
Consider the possibility of running your business remotely and do the necessary steps to work towards it. It may entail the need for you to establish a work from home policy and collaborate with your colleagues on how this can be executed. Keep in mind to inform everyone regarding the updates concerning the outbreak and the government policies in place that affect your business.
Apply for Loans
Take advantage of the loans being offered by the government at this time wherein every business is negatively affected by the outbreak. You can also look for top credit cards that can offer you a great way to continuously manage your business expenses even in this current crisis. There are credit cards that are suitable for businesses, rewarding users with cash back and rebates when they are eligible for said promotions,
Also, research about private sector programs that are designed to lend a hand to the businesses heavily affected by the pandemic. For instance, Facebook, a social media platform giant, pledged a hundred million grants to small businesses. There are also other corporate companies who are willing to give out loans to other entrepreneurs in support of the business sector.
Renegotiate Your Debt Contracts
Finally, think of ways on how you would be able to pay back your debt in a more manageable way and raise this to your lenders. Even the government requests the support of private lenders in terms of their debt collection. For instance, landlords are encouraged to give more time to their tenants in paying their rent. The government is likewise encouraging banks to defer interest payments on outstanding debts. Leverage on this and try to renegotiate your debt contracts.
In conclusion, explore different options to keep your business afloat such as trying to apply for loans, or leveraging on your credit cards to keep financing the production of your brand. You can also look into private sector programs or renegotiate your existing debt contracts. At the very least, create a plan and establish how you can continue running your business from home. Rest assured that your business will see through this unfortunate scenario and this too shall pass.