You have probably heard that the coronavirus disease, also known as COVID-19 is making its way across the nation. With many people panicking about the spread, businesses are seeing a decline in traffic and an increase in isolation. This is a pandemic, unlike anything we have seen in our lifetime. It is a global crisis impacting the lives of every person on the planet, especially small business owners and entrepreneurs.
Coronavirus outbreak is undoubtedly a story of human tragedy and it is likely to cause significant harm to the economy, too – and the true scale of this cost has only just started to emerge. Yes, there is fear. That is a completely rational emotion to have during a crisis. However, it is not just risks or challenges that the situation is generating. There are actually opportunities presented in such a scenario. Externally, you can identify certain market niches or openings which can be relevant right now and fully capitalize on those. Hence, the need of the hour is to contribute creative ideas to keep business thriving. To do so, let us arrive at 5 super ways out for businesses to navigate through this crisis period and stay afloat.
Create a Plan/back up plan to combat this pandemic situation:
As the pandemic situation continues to get more severe, businesses are putting safeguards in place to protect their companies and employees to gear up with the current situation. A key precaution many business owners are taking includes creating or revamping an?emergency preparedness plan. If you have not created a plan yet, it’s high time to create one. An emergency plan needs to outline what steps your company plans on taking if an outbreak impacts your business and what measures you are taking to protect your employees and business?before?disaster strikes.
Allow work from home, if possible:
If you don’t have a work from home policy or plan, now is the best time to add one. With corona virus in every state, businesses are finding alternative work arrangements to keep employees from coming into the office and avoiding contact.
Having said that, however if a certain amount of your business is still being carried out from actual workplace/office, you need to definitely?reevaluate your cleaning procedures. Now is the time to hike up how frequently you clean your business. Employees will appreciate your extra effort to ensure that they stay healthy.
Keep Your Employees Posted:
No one likes being left out of the loop, especially when something like the corona virus strikes. Just like managers and supervisors, you absolutely need to keep your employees posted, too. To communicate corona virus related news to your employees, you can send out emails, messages or schedule mandatory company meetings. Filling in your staff not only allows you to keep them posted about your policies, but it also helps reduce workplace panic.
Look after your employees’ mental health:
You can share various wellbeing supports with your employees to help them through an isolating period of working from home. Check in with your team face-to-face via technology on a daily basis and encourage them to take regular breaks and keep active, have virtual conversations, provide daily feed of required news and information, and let them know who they can contact if they have any personal concerns.
Take Advantage of the various loans being provided by the financial institutions to help you keep your business afloat during this crisis:
The coronavirus is making a huge dent in the business world and economy. But, there is no need to panic because?small business reliefs?are on the way!
There are numerous financial institutions offering MSME loans to help small businesses and individuals negatively impacted by the virus.
If your business is struggling to gather funds to cover business expenses due to the coronavirus outbreak, you are not out of luck. The government of India has vested in initiatives like CGTMSE which is a Credit Guarantee Fund Trust for Micro and small enterprises which provides the financial institutions with credit guarantee to provide loans to SMEs and MSMEs.
Small businesses can also apply for Udyog Aadhar which is a twelve digit UIN provided to MSME that serves as registration to get started with your business.