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Coronavirus Business Impact: How Small Business Can Survive In COVID-19

Posted by getleadx on April 23rd, 2020

Measuring overall COVID 19 impact will be a task of Herculean proportions no doubt and there are questions galore about eventual small business survival in India.

What is coronavirus and how it impacts on small businesses?

Assessing the coronavirus business impact is extremely difficult. With the initial epicenter being the Chinese city of Wuhan, the coronavirus pandemic has dreadfully spread its tentacles across the globe, sending the biggest cities into indefinite lockdowns and claiming thousands of lives while dispatching innumerable people into hospitals and quarantine. The overall small business impact will be severe, particularly in India since the nationwide lockdown will lead to a huge drop in sales and growth figures.

What are the implications for business?

Some of the widespread implications for small businesses include a scenario where there are fears of a global recession after the COVID-19 outbreak subsides. In this scenario, the nationwide lockdown has naturally suspended manufacturing, production, service delivery and business operations. Small businesses will be facing a glut of orders and clients while dealing with lower earnings simultaneously.

How small business can survive in COVID-19 pandemic?

Cushioning the problematic small business impact can be possible with a few strategic moves like the ones pointed out below:

  • Stay patient and focused- Without panicking, stay calm and focused even in a scenario where cash is fast getting depleted without much coming in. Stay safe and help your employees stay safe. That matters first now.

  • Leverage government aid- Tap into moratoriums and other incentives offered by banks and financial institutions and also look at ways to mobilize government aid if you badly need the same.

  • Plan finances for a quarter- Make a financial plan for 3 months or one quarter, prioritizing key expenditure like salaries, rent, utility bills and the like. Find out how much you can spread the costs. Refrain from new hiring as well.

  • Sniff for opportunities- Think for new opportunities or changes that will eventually arise once the COVID-19 pandemic subsides. How will clients and partners move ahead? What will they want more and what will they largely do without? Can technology help in balancing out lower earnings through reaching out to more customers? Think, plan and execute.

  • Motivate staff members- Motivate your employees and staff. Train or up-skill them periodically for enhanced future efficiency. You can invest in affordable online courses in this regard.

Help is at hand for small businesses

The Central Government is expected to come out with a second financial stimulus package for SMEs and MSMEs soon. This could be worth approximately billion or Rs. 1 lakh crore as per reports. The Indian Government has already announced its Rs. 1.7 lakh crore package for food security and direct cash transfers among other measures. This will benefit millions of poor citizens impacted by the lockdown.

Similar help will soon be offered to small businesses as well. Keep your chin up and stay positive. Things will get better soon.

Also See: Small Business, Covid 19, Small Businesses, Business Impact, Small, Business, Impact

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