10 Things Small Businesses Can Do to Minimize the Impact of COVID-19 on Their Businesses

All businesses are currently experiencing the different effects of COVID-19. Some businesses have been able to adjust properly by adopting an efficient approach, while some businesses are still in a “limbo.” The effects of Coronavirus on business are good for some business economically, while some businesses would have to shut down their operations temporarily or permanently. However, the effect of covid-19 significantly depends on the industry in which a specific business operates. For example, small businesses involved with provision of supplies to the healthcare industry are likely to experience a demand that exceeds supply. The good part in a situation like this is associated with huge gains over a short period, and the bad side is associated with possibly overworked employees.

1. Practice Empathy

In times like this, businesses owners should not encourage or induce an approach that would cause clients and employees to panic. More so, small business owners may use this opportunity to create a stronger bond with their employees by empathizing with them. By acknowledging that they are aware of the effects organizational changes would cause in the personal lives of their employees, and expressing concern about how they would cope with downsizing or pay slash.

2. Express Understanding

Humans are emotional beings who are in need of heartwarming messages that express a sincere understanding in the time of crisis. Offer a helping hand where necessary. If you’re lying off employees, do it it from a place of understanding. You might need to quickly regroup your employees and pick -up where you left off, once the crisis is over. People always remember how you treat them in times of crisis.

3. Spread a message of Love, Care, and Support

Reach out to existing clients whose personal lives, loved ones, and /or businesses have been affected by the crisis. Offer them any form of support you can offer. When people know and feel you care. They are likely to reserve their business for you alone when things get back to normal.

4. Ensure Employee COVID-19 Testing

If you must continue to do business in the same premises (not remotely , make sure your employees get tested and are COVID-19 free before they converge together at work. Although, working remotely might be an affordable luxury for some businesses and people, not all business can function with remote employees.

5. Engage in Niche Research:

Find out what other goods and services your business can offer to bring in cash flow. The more you know about “currently hot niches,” and how you can exploit them without endangering the lives or health of your employees, the better.

6. Re-evaluate and your team

If you would stir your business in a new direction during a crisis, you will need a team to help you get there. As such, business owners would have to figure out a new work process,  who would be responsible for what, and where.  Share the responsibilities and get to work. Test the business process and improve it as time goes on.

7. Get in touch with Existing and potential clients.

Inform your existing clients about how you intend to handle business during the period of the crises and get their opinion regarding what you can offer at this time. Be open to suggestions and find a reasonable common ground for compromise with your clients as long as it doesn’t put anyone in peril.

8. Invest your Energy and Resources in Current Market Demands

Some industry niches are currently overflowing with demands that are met with fewer supplies. You want to find out what those industry niches are and benefit from what they have to offer.

9. Exploit the Benefits of Social Media Marketing

Market your goods and services on social media. Create a product/service awareness that reflects brand presence. It is a great avenue to get it touch with your potential clients right in the comfort of their, homes, and businesses.

10. Ensure Hygienic Practices within the Workplace.

You may check out WHO/CDC recommendations regarding workplace hygiene during COVID-19 outbreak.

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