HOW CAN A BUSINESS SURVIVE DURING A WORLDWIDE ECONOMIC CRISIS?
Ask for help
Most likely, US banks will follow the recommendations of the International Monetary Fund and the similar measures already proposed by other major European banks, meaning it will extend credit lines and allow employers to take a break from their taxes for a few months.
All local contributions and taxes might also freeze for 1-3 months to allow both companies and people to better handle their finances and avoid bankruptcy. Whenever possible, talk to your creditors and ask for payment plans to maintain your liquidities.
Making success possible in a time of Crisis
Don’t wait for the Federal Government to come to the rescue as there won’t be enough funds to aid all micro-companies without cutting interests to a minimum or increasing inflation.
The most important thing you can do as an employer is to have a contingency plan, similar to your business plan but in times of need. Reduce waste to a minimum and cut down all unnecessary spending that might affect your cash flow.
We, at Dream Team Digital Marketing, are now offering payment plans to all businesses affected by the Coronavirus that want to work on keeping their business above water without going in debt or keep on working on their marketing plan and come up with solutions that will satisfy all clients.
This way, you can continue to invest in your business and help it grow while also enjoying a safety net of a few months until this lockdown is lifted and businesses can return to normal.
Use the extra time to plan for your business comeback
Running any type of business is exhausting, so we’re pretty sure you haven’t had too much sleep, rest or a few days off in a long time. Looking after your employees’ safety is important but don’t forget to look after yourself as well.
Take the time off to unwind for a little, spend quality time with your family, and plan for your business comeback.
The only thing you can do right now to maintain the cash flow and pay for rent, utilities, and your employees is to come up with a smart way to sell products and services in the future.
So, if you own a small business like a restaurant, coffee shop, a Yoga gym or you’re a personal trainer, you can sell vouchers for your clients they can redeem in the future. This is a smart way to keep you in the business without jeopardizing anyone’s health. Sell your future time and services for when it will be safe to go out again and ask people to support your business.
In such difficult times, counting on a supportive community may be the only way to keep your business floating.
Don’t forget that we are talking about a temporary crisis that will be solved soon. So, when it does, you need to be prepared to launch back your business even stronger.
