7 Ways to Maintain Business in the Middle of Corona Crisis

The corona virus (COVID-19) outbreak that has plagued the world since the beginning of the year has shaken people's daily lives. As of March 30, there were 724,565 cases of COVID-19, with the death toll reaching 34,107 people in 199 countries around the world. Not only is it life-threatening, the coronavirus outbreak has also hit many business continuity. Then, how to maintain a business in the middle of the corona crisis.

Encourage you to stay at home to start work, school to worship, has slightly affected the wheels of business. Not a few businesses are facing this crisis. If you have a business, making sure your business continues to run smoothly in the middle of a pandemic is a big homework. Stay optimistic and check out these important tips.

How to Maintain Business in the Middle of Corona Crisis

1. Check the financial condition of the business

No one can be sure when this coronavirus outbreak will end. As long as the outbreak has not ended, undoubtedly economic conditions will not return to normal. It will obviously affect the viability of your business. Conduct an in-depth check of the financial condition of the business. One of the important things that you need to check is the liquidity condition aka cash on hand.

Liquidity is like blood in a body. In household finances, it is also referred to as an emergency fund aka emergency fund. When liquidity conditions are not secure, the future of the business is also threatened. Try to calculate how much the level of business liquidity, until how long can you afford to live the business in a situation without income? Ideally, you still have cash on hand for the next 12 months of operation. If less than that, you need to think about securing liquidity in order to maintain the business in the midst of this corona crisis.

2. Prepare for the worst-case scenario

The outbreak of the COVID-19 pandemic clearly has a big impact on anyone's business. Not only the market is suddenly lethargic drastically in line with physical distancing policies, supply chain disruptions also disrupt business activities. Not to mention the cancellation of requests or projects that had previously been agreed upon in the wake of this outbreak. It clearly affects the fate of the business.

Therefore, as a measure of anticipation, create a business plan that also contains projections or forecasts for the sustainability of your business at least until the next year. For example, projections in terms of business income, level of expenditure, continuation of capital and so on.

3. Save money!

The COVID-19 outbreak is feared to have triggered a worse financial crisis than the previous financial crisis. It is important that you take extraordinary steps so that your business breath can run longer. The mandatory step you need to take is to reduce spending in various ways so that liquidity can be stronger. For example, reducing the operational costs of routine posts such as electricity, water, and internet bills.

An easy example, your business in the field of food and beverages. Work from home policies make on-site purchases drop dramatically. You can reduce operational costs by optimizing delivery order services that do not require too many employees. Because it doesn't serve sit-in buyers, you also don't have to turn on all the lights and air conditioning machines in the shop during the operating hours. Also save marketing costs by optimizing social media only organically. Delay spending on capital expenditures that drain large funds.

Where possible, negotiate with suppliers regarding payments that may be extended. Also consider negotiating with banks if debt repayment feels burdensome.

4. Give understanding to employees

The COVID-19 pandemic crisis is a time of concern. If not careful, businesses can roll out in an instant due to the inability to be hit by the devastating COVID-19 tsunami. The way to maintain your business in the midst of the next corona crisis is to talk to your employees to join shoulder to shoulder, strengthen each other in this difficult time.

Tell employees about your current focus is to maintain business continuity so as not to go bankrupt that can trigger termination of employment. In order for that to be achieved, employees must be willing to forget about salary increases or bonuses as usual. At least until conditions return to normal.

5. Boost sales in the cheapest way

The COVID-19 outbreak requires many people to avoid crowds to put the brakes on the spread of the virus. Implement the most appropriate strategy to keep sales at the lowest cost target. For example, your business is an F&B sector that used to rely on direct customer visits. In the current situation, it's obviously hard to happen. Slide strategies to optimize delivery order services, drive thru or intensify subscription promos.

For example, offer more economical prices for customers who choose a week-long subscription purchase. Alternatively, provide the voucher if there is a purchase up to a certain value where the voucher is only valid if there is another purchase in front of a certain value.

6. Campaign for more value of services

Campaign on your target market the more value you can provide during this crisis situation. For example, let's say you're engaged in internet service. People's need for the internet increased sharply during the #DiRumahAja. In order to stay ahead in the middle of competition, encourage attractive promo offers such as special quotas for students studying at home, and so on.

When your business is in the food or beverage segment, make sure you campaign your business commitment to support sanitation. For example, waiters always wear masks and gloves to ensure drinks are made sterile, provide hand sanitizer for delivery services that take goods orders, and so on.

7. Optimize supporting technology

There are many technologies that you can use so that business activities can run as normally as possible. For example, for everyday team meetings, take advantage of the Zoom app. Similarly, if you need to communicate with clients, you can invite the use of video conference calls. Optimize working deck applications like Slack or Trello to keep teamwork tracked at any time. With the support of the right technology, your work and business activities can be as normal as possible.