The outbreak of the coronavirus hit many businesses. Some of them had to stop running their operations. Some had to scale back. All of these things were done to reduce the spread of the virus.
On March 23, 2020, about 40% or more of businesses in the U.S. had to close as a result of the pandemic. These business owners aren’t hopeful. About 76 percent of small businesses state that they’re being impacted negatively by the public health crisis.
As these businesses wait for more ways to stay open while these lockdowns last, they’re waiting to hear about what national and local governments will do to help them. This article would show us some things that businesses could do to survive amidst the pandemic.
Ways to Keep Your Business from Closing in 2020
- You need to show care for your people.
This is done by establishing frequent and robust communications with your employees for them to know that you are personally impacting their lives from the stress the virus has brought and for you to provide reassurances on how you want to support them in any way possible.
- You can create a governance system.
This is necessary for making decisions related to your business. This focuses on data rather than emotions. This comprises three different levels. The first would include people that are involved in the day-to-day running of the business. Then there is the midterm potential layoffs or cash conservation methods, and then we’ve got the long term options. These would be those that might have a serious impact on the economy and on your business.
- You need to run assessments on risks.
You might not have a risk assessment, or the one you’ve got might be outdated. You need to set up a new one and focus it on the safety and hygienic measures that would save finances, jobs, and operations in this pandemic.
- Push communications externally.
In a pandemic, one of the commodities you’ll need is to have people you trust. You need to reassure all your stakeholders, customers, and the general public that you are doing all you can to fight the virus. You are also aiding to fight off this resolution. Social media could be a wonderful platform where these could work. It could also be a way to gather ideas from clients.
- You need to assess supply chains.
You should know if your clients are still clients and if they want the same supplies they normally get before. You can always talk to suppliers about the things you could get offered.
- You need to make sure your place is safe.
The virus is real. In your business make sure you have hand sanitizers, you have face masks, you don’t let people come in without being properly protected.