07 Jan SURVIVAL OF SMALL BUSINESS DURING COVID-19
Due to widespread of corona virus the entire nation has come to a standstill and with it the wedding industry finds itself in a terrible position. From weddings getting postponed the entire industry is going through a rough phase. It is just not the start-ups that are feeling the pinch; even big firms are taking the hit, mainly wedding industry- caterers, photographers, jewellers.
There’s no doubt that wedding industry has been hit the hardest from the pandemic. Wedding industry is struggling to survive the turbulent times in 2020? However, here are some tips to help recover and grow business during these tough times.
1. Don’t panic, take care of yourself, and stay calm
Staying in control can be difficult during this time but remember to take care of yourself in a way that works for you. Taking care of yourself will help you to keep calm, which in turn will also mean keeping your team members and staff calm, and ultimately, a healthier mindset is the key to come up with innovative ideas. Take time to balance yourself and your mind before taking any drastic decisions through this rough phase. Also remember this is temporary and things will get better. Seek for emotional support if needed.
2. Make a financial plan
Every small business usually has the same key expenses, which include employee salaries, office rent, and utility bills. Further expenses range from industry to industry. Look at your personal finances, and speak to people you may support to have a realistic discussion on. Talk to your partner and have an open and honest discussion with them about your immediate and long-term plans for the business. Also, look at ways you can cut costs. You could also consider downsizing your office, and using a co-working space to have more affordable and flexible payment terms.
3. Find the opportunities
It’s never nice to capitalize on events but they can be a wake-up call to reconsider about your business plans and look for new opportunities to survive the changes that will come from the COVID-19 pandemic? How do you expect your customers to behave moving forward? What will and won’t matter to them, and how can you accommodate who will likely be a new type of customer? Can you digitize any of your products or services, and start offering them online? Can you implement technology to balance any loss of earnings by offering new ways to connect with your customers?
4. Support your team member and Up skill your staff
Always try to encourage your staff because they rely on you, and if you have managed a good team, they will support you. Train your staff on additional skills and motivate your team members to explore and acquire new skills which could make them more productive and efficient. Look for courses and resources similar to this that matches your needs and also your budget during this time of pandemic.
5. Transparent communication with your clients
All of us are together in this, so the most appropriate way is to stay transparent with your clients about what your business is going through. Clients can empathize with companies facing a crisis, as long as the communication is transparent. Communicate with clients to understand their viewpoint on the solutions offered by you.
Hence, the lockdown due to this pandemic will have a key impact on India’s economy, as all business sectors are getting affected resulting in low revenue due to an eventual halt on the sale of products or services.
The virus has unusual impact and the worst is yet to come. Industries must act in a right direction to bounce back in the future. Following the above tips will help the world to recover as whole and we hope, become more resilient in the process.