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How to manage money situation for a small business owner after Corona lock down?

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How to manage money situation for a small business owner after Corona lock down?

Coronavirus, also known as COVID-19 is making its way across the nation. With many people panicking about the spread, business is seeing a decline in traffic and an increase in isolation.

In this situation, how small business owners can manage their businesses after Corona lockdown?

Do you have any plans?

To protect your business and team in the midst of the coronavirus outbreak, you need to take some precautionary measures to stay ahead of a down economy;

Planning

As coronavirus is spreading, companies are putting safeguards in place to protect their companies and employees. The major precaution business owners are taking is creating an emergency plan. If you have not started, start right now.

This emergency plan will not only outline what steps your company plans on taking if an outbreak impacts your organization. It also brings what measures you have to protect your employees and business during this situation. Some major steps you need to take including protecting your employees, protection during an outbreak, future of business operation if it is infected, etc.

Work from Home Policy

As coronavirus is becoming a serious concern, businesses are looking for alternative work arrangements to keep their employees from coming into the office and avoiding contact.

As per your industry, you may not be able to allow your employees to work from home. Maybe you cannot provide additional equipment. Or maybe the team needs to interact with customers face-to-face.

It all possible, still think to establish a work from home policy. Incorporate things like employee eligibility, remove procedures and guidelines.

Avoid Meetings and Travel

Postpone any team meetings or hold them virtually. If your employees get sick because of travel or meetings, you could have a liability issue on your hands. Also, you will have to manage low morale and sick leave requests.

Think Proactively

It is very common that we focus on what is happening right now, mainly in the light of the constantly changing situation. As small business owners, spend time thinking about how to create once this is all over.

Take support from the expert financial professional to plan how much reopening will cost and begin devising a plan. In case, you are cash-strapped, most communities have free legal resources for small business owners.

Contact the People You Rely on

Try to contact people like your bank, vendors, and anyone else you rely on regularly. Connect with any small business communities or look for local organizations or alliances to join new so that you can all share resources and advice.

Productize Service-based Businesses

You have a lot of time to sell and execute services. Products will help you make money while you sleep. To grow your business, focus on products. If you are in service, figure out how to productize some of those services. Initially, begin with one. Products come in different shapes and sizes, from e-books to digital gadgets; anything that people can buy and pay online and the most important keep washing your hand.

Bottom Line

Have a regular discussion with your suppliers, investors, partners, and local officials to know how you start to implement safeguards that will help you stay away from COVID-19.

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