5 Lessons Small Business Owners Should Learn From the Coronavirus Crisis - ToOLOwl
Friday , August 14 2020

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5 Lessons Small Business Owners Should Learn From the Coronavirus Crisis

The world has entirely changed after the Novel Corona Virus, and no one knows how it is going to look like once the threat of this Pandemic starts fading up. Many businesses will be adversely impacted, especially the Small Scale business enterprises. COVID may put many small scale enterprises on halt. Susan Guillory, the Contributor of Forbes Magazine, has taken the initiative to put forward five main direction points that might act as a silver lining for the small scale sector, thereby teaching the owners on how to get through this tough time. Let’s have a look at them.

  1. You are not alone

The Pandemic has undoubtedly developed a new connection zone among the individuals. The entire world is going through a tough time right now, and no one is alone. Millions of individuals have been either laid off or are given lesser working hours or reduced salary due to this mishap. Everyone is panicking on how they are going to adapt to this changing world.   But again, there is one comfort in this that we all are in this together.

  1. Our present actions will determine future success

Your present actions will help determine the future of your organization.  You have two options either wait for the things to get better or to search for other creative options to promote your business during this crisis time. IT would be literally useless, sitting idle, and doing nothing. Instead, you can proactively plan the future operation and promotion strategies of your business in context with the virus.

  1. Start believing that the future has already transformed

Most of us might be expecting and waiting for things to get back to normal soon. But the hard reality is nothing will remain the same lie it used to be. Every industry will change, and so will their operational system. Hence if you start thinking that way, then it will surely help you to plan your future actions. In fact, you may also set up to work remotely, by encrypting all your essential data and providing access to your employees so that they can work from home and continue to offer their services. Hence this option might act as a silver lining for you, thereby offering you a distributed workforce. You can also use the “Work from Home” as a gleam to transform yourself and your business for good.

  1. Be Proactive and Swift

The organizations must learn that since the Covid-19 got the universe on its knees, the people and societies that are less affected have an excellent perceptive system. For instance, many areas that were less impacted with the virus already took preventive measures assuming that it could hit them badly. They avoided large social gatherings, implemented the lockdown way earlier, and also made full arrangements for a proper healthcare system. Similarly, Small and medium enterprises must also be proactive and fast. They should be forward thinking. Although we cannot forecast disaster, but we can surely arrange for it. Hence instead of entering your incoming and expenses on a yearly basis, you can maintain them either on a monthly or quarterly basis so as to understand your financial position on a regular basis.

  1. Stay Positive with the belief that this too shall pass

Last but not the least, always remember to stay positive, no matter how big the problem is, as it will get over soon. We are the ones who survived the great Economic Depression, World War II, and even the 9/11 attack. All these calamities had one thing in common, which was they were never constant. They passed, and things got better eventually. Hence learn to stay positive and start believing that the good things are on their way and about to happen soon.

Anticipations are, they might face a massive financial crisis that could be way worse than that they suffered during the great recession that occurred more than a decade ago. However, having a positive work belief will help small businesses to sustain in this highly competitive environment. 

Read AlsoDriving business through Covid-19

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