What The Coronavirus Crisis Means For Your Business
There hasn’t been a global situation such as Covid-1 since World War 2. Think about for a moment and the significance will finally hit home. Similar to life in the war, it’s essential for businesses to keep calm and carry on, but it’s tough. The worldwide economy is expected to drop by a massive $2.7 billion. Companies are furloughing employees and even the biggest organizations are asking governments for bailouts.
A small or medium enterprise such as yours may assume the game is over. It isn’t. Times will be tough for the foreseeable future, yet you can survive if you’re smart.
Don’t Make Hay
‘Make hay while the sun shines’ is a saying that entrepreneurs around the world understand. It encourages you to take advantage of the good times and stockpile money as you never know when a recession is around the corner. The Coronavirus pandemic doesn’t fall into this category. Some ‘business people’ are buying products and reselling them at a significant markup, but this is pretty despicable. Not only does it show a lack of respect and empathy for your fellow humans, but it’s sure to backfire when the market returns to normal. People have long memories, so anybody trying to exploit the situation will do terminal damage to the brand.
Remember Security Measures
Realizing that people are going to try and milk the situation for every penny is vital from a security viewpoint. Hackers aren’t the most trustworthy of people on a good day, so the chances of them stopping their extracurricular activities for the human race are low. Umbrella Managed Systems has a range of fantastic tips if you don’t know where to start. However, the basics will be enough. All thieves are counting on is that companies forget about security measures in these dark times. For them, a global crisis is like taking candy from a baby.
Double Down
Doubling down seems like a reckless move as global industries are in turmoil. However, Neil Patel, a successful entrepreneur who has survived two crashes, says now is the best time to take risks. Why? It’s down to debt spiralling out of control for the majority of them, as CNN reports it may hit $75 trillion. Anyone sitting on cash can use this to get bargains and deals that otherwise wouldn’t exist, including purchasing a company. There are no guarantees, and cuts will be critical, but it is doable if you have enough liquidity to see out the next few months.
Seek Help
You did nothing wrong, yet your company is about to go bust. Normally, mismanagement would be a factor and you’d have to accept that you were partly at fault for going bankrupt. In this case, an unforeseen event has triggered a worldwide meltdown, and you can class yourself as incredibly unlucky. As a result, the government is expected to trigger bailouts and grants that prevent the economy from crashing. The UK has already sanctioned a $300bn pot of money. If you are eligible, you should ask for your cut.
Please don’t be too proud to ask for help.