The COVID-19 pandemic has created havoc on all businesses – big and small. Some startups have already closed down, while others are struggling hard to survive amid the pandemic. Then, fret not because Eric Dalius, a marketing professional with years of experience is aware of the current business scenario and keen to offer practical tips to help companies revive amid the pandemic. Yes, you can thrive even when the economy is down and business is slow. How? Here is how:
1. Eric J Dalius recommends adjusting to the economy
The pandemic has changed things for businesses in several ways, but to thrive, you need to adapt to the current situation. The best way is to shift your business online so that customers can buy groceries and essentials on the digital platform without the need to visit your store in-person. Many small firms are doing this and you must make the most out of this situation.
If you are already doing it, there is nothing like it. Moreover, you should leverage digital marketing to take your business online and expand it.
2. Cut back on your costs
You can renegotiate your business contracts amid the corona crisis, but there are other ways to minimize expenses. For instance, if your business is on payroll like many other firms, find ways to minimize it. You can get rid of job functions without sacking people. Train them to attain additional skills instead so that these people can take more responsibilities and you do not need to hire new employees or ask people to leave.
EJ Dalius points out that you can even outsource jobs to a third party at a reduced cost. When you have hourly staff, you can minimize their hours to save money amid the pandemic.
3. Opt for a business loan
The lockdowns and quarantines led to the failure of many businesses. Instead of shutting down operations completely, you can take a small business loan to survive amid the crisis. It is indeed true there are issues like the dearth of enough cash, customers not purchasing as they used to do previously, and things like that. The solution to the problem is a business loan.
There are many types of loans like federal loans, bank loans, credit card loans, etc. Government loans come with beneficial terms and conditions. Your company may also become eligible for numerous commercial loans provided by banks and private institutions.
When opting for a business loan amid the pandemic, it is an effective solution for cash-flow issues. It’s also essential to keep in mind that if your firm is unable to realize its short-term responsibilities sans accumulating arrears, a commercial loan would only hold up the unavoidable. When opting for a loan, it is essential to figure out whether you can make the monthly payments on time, how long you will need to pay, and the rate of interest. If all of these aspects suit you, opt for the loan.
Though your business is affected by the pandemic, it does not mean you close operations. Opt for loans, shift your business online, and adjust to the new normal to survive.