Keshav Kunal Tech Content Writer and interested to read and write tech article.
The time when a natural disorder occurs, peoples are in hard times. Times that are unprecedented. No matter whether it is developing or developed country, when they are uncertain about features they are living with anxiety and depression.
Most of the business has been closed and employees who are skilled, unskilled living with the pay cuts and others have been completely laid off. These are the time were world need to look for the different solutions to fight against COVID-19 and earn money.
The effect of COVID-19 not only effected in developing countries but also developed countries like BRAZIL, USA, and ITALY, etc. By seeing these pandemic severity World health organization(WHO) declared the world health emergency. The outbreak of (COVID-19) corona-virus, First identified in Wuhan, capital of Hubei, China. These Viruses identified as pandemic since it as spread globally, Recorded as of 23.07.2020 more than 15,405,391 cases as been confirmed with more than 631,022 deaths. The USA recorded 4,101,308 total corona cases with more than 146,192 deaths.
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Wuhan Virus is a virus that has created a pandemic situation and the whole world is suffering from lockdown in this situation. All the businesses are losing their business and the economy has started declining. These situations create a lot of stress and anxiety. And why not, its hampering your lifestyle, your business, your needs. We are not able to pay the employees therefore keeping a new employee is not even a second option instead some companies are terminating their employees or cutting their salaries. This has created a situation no one ever thought of.
Now you must be thinking of the cricket matches where one team keeps on loosing and others just keep on seeing. They have to go a long way to play that match again show people how they will win it. Same is the business situation these days. You know you are loosing right now but there is a ray of hope in future with full dedication and hard work that you will cope up with this and achieve success.
You need to keep some points in mind till all this slows down:
First of all don’t panic, it can be difficult but if you will take care of yourself then only you will be able to do the business in a better way and rise. Keep your immune system strong and get into exercises for keeping yourself away from anxieties and be mentally fit. Stepping back is not the solution but bringing out some changes in this time is good enough. Ask for good opinions from the experienced people. Don’t take the decisions drastically, first plan out well and make up your mind and then take the decision. Get an emotional support from wherever you can, calm down your staffs in this situation.
Do a healthy research about the resources that Government has provided and the financial institutions have provided. Government is taking a lot of initiatives for the businesses to make up to their businesses specially the startups. You should keep yourself up to date about the government’s help and other financial institutions like banks who are providing the support and have the social responsibility.
Make a strong financial plan, like cutting on your expenses, every company has equal amount of expenses like employees salary, rent, bills. It differs from industry to industry. Ask about cutting the cost or be little lenient in rents. At this time everyone will understand. Come up with plans of payment and try to be fair in terms of payments. You cannot maintain your Profit and Loss account but can reduce the unnecessary costs such as improving margins, operating costs, payroll cost. Cash is like oxygen to your business which creates pressure because revenues are draining because the slow down in the economy.
Keeping this in mind you need to take care of three things:
Improve your sales cycle through cash conversion cycle. The faster your service the faster your account should be filled up with the amount. Do not rely on cash transaction as everything these days is going online. Improve your delivery service, billing and payment service, reduce the inventory.
Secondly remove the least profitable products from your list. First of all rank them on the basis of profitability and then do the thing.
Labor’s productivity should be fine tuned known as labor efficiency ratio, in which gross profit is calculated as per the amount of labor hours spent. Increase your gross profit or you can reduce your labor cost. Check your cash balance daily, keep a daily track record on spent and earned. If you would not keep the record you might dis-balance your business and later might regret on it. keeping a record my help you judge better what is good and what is not for you. Where the amount should be spent and where the amount can be saved.
If required you can also attend the business planning sessions for better understanding. There are various workshops conducted virtually for your benefit and this makes you more productive in working.
Try to cut the costs as much as you can. You can stop the hiring process for sometimes, try doing that work yourself in those times or can work with freelancers on project basis.
Find more opportunities, as you can go into digital marketing services, for which you can call digital marketing agencies to help you in this work. It would be better to invest in the digital services in these times than going on hiring employees. Get a good business plan and think of the ways you can digitize your service or the products. Try finding new customers, think of the ones who can benefit your business. Digital marketing agencies promote your business online and make it visible to the customers. As people are more into social media, they will help track by doing the analysis and help you out in good sales. Digital marketing agencies are always a good option for today and even in the coming times.
You should rely on your employees and try giving them full support. Try training your staff on some additional skills which can increase productivity and efficiency than hiring more staff. There are various courses online which are in budget and this can increase a helping hand in other areas also. There are digital marketing courses, customer relation courses which you can do and increase the productivity. These courses make you more experienced and confident. You cannot rely on anyone in this pandemic time, its good that everything goes well with everyone but the situation never comes knocking the door, it just enters. So it is better to be prepared than to think later.
This pandemic situation is very critical for everyone, startups are having a great loss. But if we are not able to think about the profit then at least we should try thinking about how to save yourself from losses. Losses can be declined if do proper planning and sorting economically as well as mentally. Do not panic instead focus and try finding better solutions.
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