Rethinking your business post lockdown and covid-19
Rethinking your business post lockdown and covid-19 – There are many things that businesses owners will need to be prepared for after this covid-19 lockdown that has been going on around the world. Businesses around the world especially small businesses are suffering tough periods of no sales to very minimal sales figures, especially those that are in the frontline. Retail businesses, Tourism and also Events are burning up as we speak and we will not see the same again after this whole lockdown is done.
Many businesses that are already suffering will fall off the cliff and for those that are barely holding on might still have some lifeline but might end up the same way as the rest. Most businesses that had preparation to go online will still see their businesses slightly hit. Not as much but it is a definitely that they will also be suffering as the economy starts to reboot.
Some of the few things that most businesses should rethink about is their post pandemic response. Will they be able to move certain parts of their businesses to the cloud?
Either to save cost, or to be prepared for another pandemic.
One business should also wonder if they should fully deploy all their cash into investments or to have reserves for situations like right now, where businesses are going under because they do not have enough reserves in place for closing of public places due to this pandemic.
Some businesses did not prepare for online access for businesses and end up having to scrambling for it.
Some businesses that relied heavily on retail had no means of even surviving a little without E-Commerce. If they had E-Commerce, they could have went through the online route to keep businesses going and to make income even though lesser but not completely hit.
Businesses that have never taken a bank loan, could also consider having some on standby when such things hit, when such businesses suffer a sudden cut in revenue and need some cash flow to pull through, they will expect to take up a small SME Loan to cover for the rental and also salary, allowing time for the business to get back online.
If your business has been highly reliant on a single location for employment, maybe you can consider working to split part of your business overseas. Outsource the parts where you know you don’t’ need a Singaporean to cover, for example a call centre or a production line that can be shifted to a neighbouring country that cost lesser to operate from.
Change is the only constant. Those who do not change will suffer long term consequences.