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When a crisis hits, you can wallow in self-pity or take action. Businesses that do the latter have a better chance of surviving Covid-19 and coming out the other side relatively unscathed. Of course, it’s easier to say you should act than it is to do, mainly because the starting point is never evident. You want to do something, yet you don’t know where to begin.
It’s a tale as old as time itself. Still, the fact it’s common won’t point in your company in the right direction. Instead, let the tips in this article do that.
Below are the crucial steps to consider if you plan on leading your business out of a crisis.
Avoid Firing People
Liquidity is essential, especially if you’re a small or medium-sized enterprise. As a result, the labor bill is the first thing to be cut, which means laying off employees. However, while it may relieve the pressure now, this move will only put the company in a tricky spot in the future. Without physical employees, it’s almost impossible to create a comprehensive customer experience or generate leads and make sales. Nearly 50% of workers in the private sector are relying on businesses such as yours to maintain their employment, according to sba.gov. The ‘Small Business Workforce Stabilization Fund’ is available if you’re struggling.
Ask Customers For A Show Of Faith
Selling goods and services is going to be challenging for the next couple of months. So, you need another way to keep money coming in so that the company’s arrears don’t escalate out of control. In the US, and around the world, businesses are asking for a show of faith from shoppers. Broadway, for example, said theater-goers should continue to purchase tickets or gift cards. Cnn.com, on the other hand, is reporting that restaurants in Seattle’s Chinatown are offering discounts if you can prove you shop at local stores.
Plug The Gap In The Market
Finding a niche in a crisis such as Covid isn’t easy as everything is specialized. Still, businesses are doing their best to fill a gap in the market. ‘Uber Eats’ is probably the most popular takeout service in the country right now! Tcsupfitting.com is also a shining light of how to get creative during tough times. By upfitting emergency vehicles, such as police cars and ambulances, they’re helping to keep emergency services safe. And, which one of these institutions isn’t going to ask for extra security?
Do Something Memorable
Making a grand gesture is a long-term investment. When the chips are down is when communities must come together to help one another. If you are willing to do this, sometimes at your own expense, the public won’t forget your dedication to the cause. Whether it’s paying employees even if they aren’t working or offering discounts for medical staff, now is the time to invest in the community. After all, people will gladly return the favor when they finally have the resources.
Is your business in trouble? What are you doing to survive the current crisis?