The Covid-19 crisis has bought about financial ruin to economies around the world. It has broken the backbone of the self-reliant financial structures of most small businesses. With payments stuck in the supply chain and supplies delayed due to an impending manpower crisis, most small businesses have suffered the brunt of the crisis quite severely. Although most economies are slowly crawling back to normal, in the absence of a vaccine to treat the disease, the growth that businesses have recorded since the onset of the disease is dismal.
Though most economists and experts argue that the economy shall return to normalcy only once the vaccine is mass administered to people. There are certain ways that can help you stay afloat in this time of crisis;
Plan policies for the next 6 months: In this time of contagion, it is important that you create a clear strategy for at least the next 6 months, by taking into account various variable factors such as lease, salaries, revenue goals etc.
Reconsider the plausibility of your current business model: The market and the economy have changed many times over since the onset of the disease. It may be a crucial requirement for an entrepreneur to reassess the viability and feasibility of existing business model with regards to the highly volatile economy.
Track your running costs against the turnover: This is not the time to be evaluating your revenue status. In fact, you should be concentrating on cutting down the variable expenditures as much as possible.The Yeetlist Team