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We all know it is here. Everyone is afraid of the Coronavirus situation. Let’s face it; it’s not a pleasant outlook that not only threatens health and wellbeing but at this stage for many; it is threatening their livelihood. 

Let’s face it if you are a small business owner you are probably feeling the effects that this global crisis is bringing along. Whether you get stock from compromised countries or your supplier does, whether you are in Tourism and Travel or if the majority of your customers are trading in these areas or supplied by you in these areas, either way, you will feel the hit. Even if not the aftermath of this global pandemic will be bloody and the global economy is already showing signs. What does this teach us? Economic balance is quickly turned upside down. What can we do about it? 

Well, let’s say that the first thing you need to do if you are facing in full or in part one of the situations mentioned above is not to panic. Panic leads to rash decisions. Rash decisions are usually stupid decisions. Like any problem, if it can’ t be resolved, it can be mitigated. You will probably ask me “If the future is uncertain with this situation, how can you mitigate or resolve something on this scale?” So let’s discuss a possible approach that will make things better. 

1. First and foremost rely on reliable information, the more reliable the information you have on the situation, the better. 
2. Secondly, look at your operation and focus on those areas where you believe you will suffer the most. Also, identify areas within your business that you can concentrate upon to make up for the losses. Every little thing helps in these situations, so even a small shift forward is moving forward.
3. Thirdly think out of the box. Can you offer new complimentary services that can aid until the storm is over? Maybe services you never offered before but are in a position to do so without increasing costs using the talent you have in-house?
4. Low hanging fruit – Put offers in place on potential business that could benefit from preferential pricing or service and offer it to your existing customers. Make it irresistible. It is called ” Low hanging fruit” for a reason. Therefore find that fruit and make it appealing for your customers to enter into potential business even now when the situation seems critical. Everything passes and usually, these times offer as much opportunity as they provide distress, especially for those that are smart enough to find opportunity in every situation.
5. Shift resources. This strategy is optional, and not everyone can use this, still if you are in a position where you can move your internal resources around to generate funds from areas in your business that are less affected than others. This strategy might help you survive the storm and avoid having to let go, people, out of desperate necessity by merely moving them around internally to help generate more revenue.

Most importantly staying calm is critical. Patience rewards those that know when and how to practice it. Find the time to think and focus, think out of the box, involve your people in brainstorming, more than one brain working on problems is always much better in generating ideas on how to resolve challenges. Remember you don’t have to be in this alone. All your employees are with you on this, and they will help if you ask.

A mix of the above points might prove to be beneficial in supporting your business during times of distress and fragility.

Good luck with your business and if you think these types of articles can be of help feel free to join our newsletter for more useful content.