In this article, we will discuss helping your business survive through COVID-19 lockdown Eric Dalius. So keep reading.
The COVID-19 storm took the world by surprise, and there seems to be no let off. With the reports of more potent and faster-acting strains, several parts of the world have gone into a second lockdown to protect lives.
According to Eric Dalius, we are going through an unprecedented time. It will be quite some time before we can fully understand the impact of COVID-19 on people’s economic, social, and mental health.
It Is The Time To Preach “Acceptance” – Eric Dalius
The truth is, not only do we have a fear of the disease and the morbidity itself, but the thoughts of the impact COVID-19 also plague us can have on our lives.
There are always thoughts about missing relatives, difficulties in making payments, and loss of jobs/livelihood. With so many challenges, it is quite normal for even the most high-performance individual to freeze.
However, according to entrepreneurial guru EricDalius, all you need is a renewed focus on specific aspects of your personal life and career to make the most of even such bleak situations.
First and foremost, the necessary courage to deal with any problem stems from the mentality and ability to accept reality. Sure, the downtime due to the lockdown will hurt your business, but you do not control the government mandates.
So, it starts with a change of perception regarding things under your control and exercising that control to assert modifications, if and when necessary.
As far as adapting your business to the changing times is concerned, it is vital to understand that this is a very tough economic climate – one that is prevalent on a global scale.
With the spread of coronavirus, every business has to bear additional costs and tremendous losses. However, entrepreneurs have still found success through these troubled times.
We have taken a hard look at what is required to survive through this lockdown and make business processes run as smoothly as before.
Here are our best tips.
Helping Your Business Survive Through COVID-19 Lockdown Eric Dalius.
Maintenance Of Adequate Cash-Flow
Cash is the king in business. The COVID-19 pandemic has resulted in widespread economic meltdown on a global scale, and therefore, it has become exponentially difficult to access lines of credit or creditors to sponsor operations.
However, several nations have taken various steps regarding government grants, aids, stimulus packages, and even lowering reserve requirements and deferring loan principal(s) to help businesses survive.
It is vital to take advantage of such benefits if they are on offer and available for your concern. Ask your suppliers and partners to pitch in and help, as these are trying times, and helping each other is the best way to help yourself.
If your bank allows you a repayment holiday, then make sure you are availing of its financing facilities. Lastly, do not give up on the creditors – make sure they are disbursing the invoice as early as possible.
Rationalize Your Costs
COVID-19 also brought forth the crippling supply chain disruptions. There is nothing more conducive for business failures than uncertain supplies, especially when vendor chains are well established. It resulted in many businesses looking elsewhere for sources, which proves expensive.
There are instances where companies dealing with supplying items had to provide protective gear for the delivery team, which increased expenditure further.
These unprecedented times call for cost rationalization maneuvers. If your office space is a rented real estate, then the lockdown is the right time to ask for a rent holiday since you won’t get to use the premises. It will allow you to use the capital to pay for the surplus costs and wages.
You can also try to negotiate longer payment periods along with discounts with your vendors and suppliers. Additionally, you can also look towards personal cash reserves to bail your concern out through this trying period.
Ensuring Health And Safety Are Pivotal
Your staff is the most vital component of your system. It would be best if you put plans into motion to ensure complete safety for your team. Embrace the #StayHome campaign wholeheartedly and make sure that the staff is operating from their homes’ safe confines.
This is the perfect time to upgrade all your operations and processes to cloud-based computational platforms. Going digital will not only allow smooth operations even through lockdown but also streamline your entire operations for the foreseeable future.
Keeping the staff healthy is one of the primary concerns of all companies and brands out there. Every effort is being put into making sure that the staff retains working ability through the lockdown period.
From providing financial resources to technical support for managing operations, are you doing your part to ensure smooth operations? If you are yet to start with the safety protocols, then it is high time to rectify the past mistakes to ensure maximum efficiency.
About Recovery Planning
The final and the most critical step in the recovery planning once the curve completely flattens. With the development of the vaccine and the increased rates of immunization, we are looking at a time frame of around six months to commence the road to recovery as far as the businesses are concerned. But there has to be a plan for this, and that is diversifications.
Diversifying your portfolio is the best way to ensure the increased efficiency of a business. Brainstorm ideas with your team and identify important sectors that you can diversify and venture into without spending a fortune.
The aftermath of the COVID-19 pandemic will create demands for specific tools, processes, and items with tremendous market potential. Diversification into the right field at the right time could be the key to unlocking a golden opportunity created out of this situation.
It is essential to stay true to personal beliefs. Ask yourself, on a scale of 10, how much has COVID-19 impacted your business? Use the power of after-thought and back-trace your steps to exactly where it went wrong and make the corrections.
Follow our tips to make sure your business survives these trying times. All the best!