Keeping Your Business Afloat During and After A Pandemic

Last evening I delivered a presentation to members of the Manchester business community on the topic “Keeping Your Business Afloat During and After A Pandemic” during their monthly members meeting. When faced with a crisis, it is only natural for individuals and business owners alike to become frustrated and apprehensive about the future. One such crisis is the Covid19 pandemic that has rocked the entire globe. Regardless of what is unfolding around us though, we must continue to grow our economy; and, as such keeping your business afloat amidst this crisis is paramount. Truth is however, every crisis gives birth to opportunity. While we ponder the unprecedented impact of this pandemic, we can transform the crisis into opportunities. Before delving into the “biz nuggets” on how to keep our businesses afloat, we must ask ourselves these four (4) major questions:

1. How do I cope with this crisis now?
2. What opportunities does this crisis create?
3. How can my business stay viable?
4. How can we prepare for future events of this nature?

Having answered these questions, we can proceed into the tips on how to ensure our business remains viable during and after a pandemic.

• Keep Calm: How is this possible you may ask when I’m running low on cash, I have a tough decision to make whether or not to cut staff, rent is due, loans are going into arrears, interest is being generated on my credit card bill and utility companies have been reminding me of overdue bills? And here is this blogger telling me to keep calm during this mayhem! Let me remind you that it is impossible to pour from an empty cup; therefore, you must put yourself before the business. Taking care of yourself will help you to keep calm, which in turn will also mean keeping your staff calm which will create a healthy mindset for everyone to come up with innovative ideas to move forward. You don’t need money to keep calm and to take care of yourself, find a way that works for you. This can take many forms including a nice warm bubble bath in the comfort of your home, reading, binge eating while watching your favorite NetFlix series, exercising, listening to music, meditating or simply…..catching up on some well needed rest. Coming out of this crisis with your mental health in tact will be your greatest achievement so #CalmDown

• Change your mindset and models: Rather than viewing the situation as the end of the world, we should use the current situation to speed up long overdue changes. Sometimes things happen in life to push us outside our comfort zones and start DOING rather than PROCRASTINATING. As my late grandma would say “something haffi happen fi we shake up we folly ground”. Don’t ask me what a “folly ground” is but I think it applies to this context. Covid19 presents a cost-saving opportunity by allowing business owners to re-examine; and, if necessary reinvent, all aspects of operations, business models and revenue models. #ChangeIsNecessary

• Make a financial plan: I am no financial expert but I know the importance of saving for rainy days. Simply put, it is recommended that we all have an emergency fund with at least three (3) months living expenses in preparation for the unexpected. Likewise, businesses should do the same. Every business has the same key expenses including employee salaries, office rent and utility bills. Look at your finances and speak to an expert on how to control expenses for the next three months. What costs are necessary, what can you put on hold or cut? Now isn’t the time to be spending on non-essentials. #FinancialPlanningIsMandatory

• Tap into resources provided by government and financial institutions: The government has initiatives to support small business owners. Be up to date with how the governments can help your business stay afloat. Don’t be afraid to ask for help and support where necessary. #CapitalizeOnFreebies

• Find the opportunities: It’s never a good feeling to look for opportunities during a crisis but this pandemic serves as a wake-up call to reconsider how we’ve been operating as individuals and business owners. Is your business model able to survive the changes that is to come? How do you expect your customers to behave moving forward? How can I use technology to gain and retain clients and to boost sales? How can I improve my CRM model? These are just some questions to ask when seeking out opportunities. #OpportunitiesKnockOpenTheDoor

• Establish an online presence: The shutting down of the physical world and the shift to the digital world has transformed not just schools but also organizations. If you didn’t think it was necessary to be online, you’ll need to change that mindset going forward post-Covid. Personally, I was never a huge fan of social media besides WhatsApp. I seldom respond to messages or accept requests on the few platforms I am on. However, Covid19 has taught me that I’ll need to change that as I’ll miss out on opportunities. Covid19 has kept us inside for the most part. For weeks, we have been going outside only for the basic essentials. Therefore, business owners must meet their customers where they are – an online presence is the best medium of reaching them inside. If I say “Google, find vegan restaurants near me” or search “hairdressers in New Kingston” on Jamaica YP and your business doesn’t appear after that search, then your business is non-existent to me. Without an online presence, I regret to inform you that your business is in trouble. Organizations that use the shutdown to enhance their digital capabilities and capitalize on existing trends will be able to get closer to offering real-time experiences. With that said, #GetOnlineOrGetLeftBehind

• Train your staff: If you’re a small business owner, you could train your existing staff on additional skills, which could make them more productive and efficient, rather than hiring more staff. There’s plenty of free or affordable online courses that you can capitalize on. Check out Coursera, UDemy, NewSkills or Shaw Academy – they have a wide array of courses on offer. Larger corporate companies could develop a learning platform to upskill and/or cross train their staff which will allow them to focus on other areas of the business when their department is down. Thanks to my company I have been certified in public speaking fundamentals, leadership, business writing and key account management etc. via their Training & Development online platform. #GetTrained

• Assess your organization’s agility, adaptability and resilience: Ensuring that the organization is agile, adaptable and resilient means we must re-examine the organizational architecture. Assess areas such as infrastructure, processes, technology and facilities. What is working and what isn’t? Only then will you be able to survive after the crisis. How is your customer service? Consumers increasingly judge organizations based on their own customer experience. Your customers will determine whether or not your business stays viable during and after this pandemic. #AssessmentIsCrucial

With evidence of devastation caused by this pandemic across the world, it is imperative that we implement strategic plans to boost our businesses; and ultimately our economy. We must take advantage of the resources available to us and utilize our skills to be successful. It will be a new day in the world post-Covid and we better be prepared as it will not be business as usual. We will be forced to realign our lives and foster a new way of thinking in order to “navigate the seas” when the Covid19 storm has passed.

Sharmica Holness is a client relations executive with an extensive track record in key account management and sales. She is also a freelance communication specialist who specializes in PR/Marketing/Advertising, personal and professional development workshops, team building activities and leadership training.

• Uncategorized