(Newswire.net — December 17, 2020) —
The Covid19 crisis is unprecedented for everyone, including small business owners, due to the unique issues they are facing for which they do not have any answers. For small business owners, trying to tackle the unique problems by keeping the business afloat by maintaining the various operations restrictions to cope with the pandemic is indeed daunting. The biggest concern is to save the business first and create a new business model. You need to comply with the needs of hygiene and safety while keeping the workforce motivated, feels Eric Dalius, a seasoned and successful marketer who knows how to handle such situations effectively.Employee motivationis critical at this hour because to get back the business on track, employees’ contribution matters the most to ensure smooth business operations that can help the business survive the pandemic and enter a new era that promises growth.
Business owners can address the crisis by paying attention to the following action items that can impact maintaining the business operations while helping customers and employees keep calm.
Some immediate actions to take on the financial front
As businesses face roadblocks and work to overcome the hurdles of throttled cash flow, business owners’ biggest concern is to gauge how they can keep paying the weekly bills, week after week, and for how long. Nobody knows how long the pandemic will continue, and many businesses have already downed shutters, unable to resist the initial shock. Here is some advice from important Eric J Dalius about the steps to manage the finances effectively.
- Recognize the fixed and variable costs to create a cash-flow budget and a list of priorities according to the importance and set some money aside for paying bills when they are due.
- Identify the unnecessary costs that do not generate revenue or help in securing key business functions.
- Plan for employee layoffs and furloughs with caution to balance the strained finances because you must retain employees who are your assets and who you need to keep the business thriving once things improve.
Tax payment plan
Take advantage of the relaxed window for tax payments offered by the federal government, as the initial deferment of filing taxes up to 90 days to ease the financial hardships, and be on the lookout for further relaxations that might come your way down the line. Filing tax returns by avoiding interest on penalties will help save money as you can even expect some earning from tax refunds if you are eligible for it.
Covid19 policies for your business
To gain employees’ confidence so that they come back to work, create some Covid19 policies specific to your business set up and develop safety protocols regarding the virus. Take a cue from the CDC guidelines when framing your Covid19 in-house policies like maintaining physical distance, clean environments, and work areas, and practicing good hygiene.
Create workplaces to suit modified workflows so that there is no overcrowding, like not allowing a certain number of people within a designated area depending on its size and the type of operations carried out. Be flexible in granting sick leave to employees and using technology to create virtual workspaces to avoid physical gatherings.
Follow the federal and state guidance or regarding employers to ensure the safety of your employees and customers not only for now but also in the long run.
Be flexible to meet employee requirements and retain talent
According to EJ Dalius cutting costs with payroll is not the only way to make the business survive. Instead, business owners must show their leadership qualities and gain employee confidence by demonstrating their ability to stay calm during the storm while adapting to new things that help the business survive.
Employee protection should be the top priority because they only can drive your business amid the crisis to help you see the light at the end of the tunnel. Protecting your key employees is critical to survival and makes your business thrive.
Be ready to adapt and embrace changes that keep cropping up during uncertain times. Review the decisions taken last week and modify it if necessary that should help to move ahead faster. The more comfortable you are in adapting to change, the better the prospects of turning your business around because the changes would be a part of the future process.
Stop hiring unless the candidate is someone who you need desperately to help you in your fight to cope with the pandemic and beyond.
Marketing and sales
Keep communicating with your customers with clarity and consistency. Teach your customers how they can interact with your business in the changed circumstances so that it is easy for them to make purchases and avail of services. Be active on your social media channels to keep your customers updated. If you do not have an online entity for your business on social media, create one immediately. Use email marketing aggressively and newsletters to maintain a live relationship with your customers who feel encouraged to engage with you according to their needs.
Be on the lookout for new opportunities to market and sell. Try to provide the right things that resonate with customers by using your creativity and thinking out of the box. Consolidate your existing customer base by maintaining a proper relationship with timely and useful communication.
Pay attention to developmental work
Now that you have time on your side due to the business’s slowdown, you can revive some projects that were pushed back earlier. You can invest this time to improve your business processes to make them more efficient. Implement your pending plans for improvement by developing products and services that can add more value to your business.
Conduct training programs to keep the employee spirits high and improve their skills while at the same time, you can upgrade your skills. Identify your areas of weakness and work upon them to drive your business on the right track with the desired momentum.