The pandemic has taken the world by storm and has affected the human race significantly. It has not only taken the lives of thousands of people around the globe but also has impacted the economies of several countries drastically. Due to the pandemic outbreak, the government has imposed a lockdown across the nation till 14th April 2020. As a result of the pandemic and national lockdown, small businesses across the country are hardest hit. Also, small businesses should be ready to face challenging times in the near future. Maintaining the optimum cash flow to manage daily business operations during such trying times can be difficult for small businesses. This can not only be devastating for entrepreneurs but also for the employees working in the organization.
So, if you are a small business owner worried about the turbulent times that may arise in coming days, you can take these following measures to ensure that your business survives the pandemic:
Keep your cool
Stressful times like these can take a toll on your overall health. The first and the foremost thing to do is to take good care of yourself. Eat a proper and well-balanced diet and include some exercise in your daily routine. When the business is running out of cash, it can get emotionally overwhelming and you might find it challenging to make the right decision. Therefore, it is advisable that you must take some time off to balance yourself and your mind before taking any drastic decisions. You must not panic and remember that you are not in this alone. Things will gradually get better with time and so, you must have faith and look for emotional support in your near and dear ones, whenever needed.
Make the most of the resources provided by the government
The Indian Government has taken some proactive steps to support small businesses during these challenging times. The Government has introduced “The Invest India Business Immunity Platform” which will help small businesses to get quick and real-time updates about India’s response to the outbreak. Also, keeping in mind the interest of employees who fall under the low wage category, and work for businesses having less than 100 employees, the government proposed to pay 24% of their monthly income directly in their Provident Fund accounts for the coming three months. As an entrepreneur, you should keep yourself abreast with government announcements that can help small businesses deal with these challenging times in a much better way.
Make a short-term financial plan
To deal with this crisis in a much more efficient way, you should consider making a three-month financial plan. Make a note of all the key expenses such as office rent, utility bills, employee salaries, etc. Have an open discussion with people whom you need to pay and ask them if there is a possibility of keeping the payments on hold for a short time. Chances are they might be understanding and this will help you lower the cash outflow to a certain extent.
Upskill your staff
One of the most important factors during such challenging times is to gain the confidence of your staff. Try to retain your staff and if you have managed a good team in the past, they should be supporting you. It would be advisable to freeze hiring more employees, rather you can consider upskilling your existing staff by providing training on additional skills. By doing so, you can make your team more productive and efficient. There are several online courses through which you can train your existing staff. Apart from upskilling your staff, you should also utilize this time to study customer behaviour. This will help you understand what your customer really expects from your business. Also, if it is possible to digitize any products or services, you should go ahead with it and start offering them to your customers online. By doing so, your business would successfully survive the pandemic and it would be better equipped to deal with emergencies in the future as well.
Having a fair understanding of all these tips and tricks can help your business deal with the pandemic in a far better way. Moreover, to arrange capital for meeting your business requirements in such a difficult time, you can consider availing a small business loan. With leading financial institutions, you can avail a business loan online from the comfort of your home. Small business loans can help you meet the working capital needs of your business and also take care of the necessary expenses such as paying rent, electricity bill, employee salary, etc. You can easily avail a Bajaj Finserv Business Loan available at Finserv MARKETS through a hassle-free online application process. Minimal documentation, competitive interest rate, instant approval and quick disbursal of the loan amount are major advantages of availing a Bajaj Finserv Business Loan. You can also calculate your monthly instalments beforehand by using a business loan EMI calculator. This will help you plan your monthly budget wisely and make timely repayment of the small business loan.
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