Are you a small business owner who’s concerned about the impact of the COVID-19 pandemic on your business? Here are a few ways your small business could be affected.
COVID-19 has affected everyone globally and has made it almost impossible for consumers to make use of some of their everyday services and products. This means that as a small business owner, the services/products that you provide may not be needed during this time. And if it’s not business as usual, that means that you won’t be making much (or any) money during this time.
COVID-19 is spreading rapidly, even with all the precautions that are being taken to prevent this from happening. If you own a business and you have a team of people working with you, every ill-ness, no matter how small it may seem, needs to be taken seriously. This will mean that people will be taking more time away from work, causing your business to be short staffed, which in turn im-pacts the time spent on production.
Closing shop is every business owner’s nightmare, but unfortunately, according to the national lockdown regulations, that’s been the reality ‘for most businesses due to the COVID-19 pandemic’. If your business is not providing an essential service (i.e healthcare, pharmaceutical services, fi-nancial services etc.) or essential products (food, medication, fuel etc.) you’ve had to close shop temporarily. This will result in a loss of income/profit meaning you might struggle with making im-portant payments such as salaries (if you have a team of people working with you), rent, or even making basic purchases to keep the business going after lockdown.
All this sounds scary and perhaps it has sent you into immediate panic, we get it. But there really is a bright side to all of this. It’s not completely over for your small business. Here are a couple of things you can do to improve your business’s situation.
Ride the resource wave
The government has promised to help small business out with what they’re calling the Debt Relief Fund. This funding will be given to small businesses who are directly or indirectly affected by the COVID-19 crisis to help with existing debts and repayments. The sooner you jump on this by registering your business and applying for funding, the better.
As a business owner, you’ve learnt the importance of financial planning. Creating a new financial plan around your current circumstances could potentially save your business. List your expenses in order of importance and find out about existing payment options that’ll help ease the strain and lessen the costs of those payments. Explore and negotiate on every expense if possible. Right now, every cent counts.
This is a very frustrating time, but not all is lost. Try and utilise resources and explore as many op-tions as possible that will help you with keeping your business afloat even after the COVID-19 dis-aster has settled. Try and turn your panic into a learning curve. Good luck!