Globally, small businesses are facing some extreme challenges – and for many, the pressure is likely to continue long after the lockdown ends.
At this point, nobody has all the answers. Nonetheless, there are some 2020 survival tips for small businesses.
Focus on managing cash flow
See our article on steps businesses can take to help prevent a cash flow crisis and to respond appropriately if you’re already facing a crisis.
Key steps to take as soon as you can include:
- creating a budget
- cutting unnecessary expenses
- prioritising necessary expenses
- searching for other sources of revenue.
Boost the productivity of work from home
Set a strict, work-day schedule and stick to it. If you have employees, make expectations clear. Set deadlines and establish accountability for meeting them.
At the same time, get the right tools. These may help you communicate more and better, with a remote team or remote clients.
A range of free tools can also help everyone track workloads and report on their progress.
Communicate with your customers
It’s vital for businesses to stay in touch with their customers at this point.
People will remember how you reacted during a crisis. This is the time to strengthen your brand, show that you’re calm and competent, and offer assistance to others where you can.
Keep customers updated on how you’re responding and adapting as the situation evolves.
Use free time to improve your business
Even if all operations are completely on hold, you can make valuable use of your time.
Investigate ways to improve your business’s processes, products or services.
Often, it’s being too busy that prevents improvements from being made. With business slowed to a standstill, you have an opportunity to assess your business model and strategies.
It’s likely you’ll anyway need to revisit business strategies developed for 2020. The COVID-19 pandemic has disrupted every aspect of people’s lives. To thrive after the lockdown, businesses will need to adjust and adapt.
Go digital where possible
The current pandemic has proved the value of going online.
Right now, everything from retail trade to work meetings is happening online only.
If you can find something to offer digitally, now is the time to do so.
Make use of available small business relief
The South African Government has introduced a number of small business relief measures, to help small businesses survive – both during and after the lockdown.
Take the time to find out whether your business could benefit. If so, apply now.
What we offer at The Workspace
At The Workspace, we’re working hard to stay in touch with all our members and to offer them access to useful information and survival tips for small businesses.
For after the lockdown ends, we offer affordable, fully serviced offices and coworking. Everything you need to run a business is already set up (so there’s no need to spend on set-up or running costs) – and agreement terms are as short as one month.