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Staying Afloat: Survival Plan for Small Businesses in the Pandemic Era

The most important aspect of surviving in the new normal is by staying operational even as the virus is still at large.
Small Businesses

Photo by Blake Wisz on Unsplash

The pandemic has brought tough times for businesses, particularly small ones that already had their share of challenges before it arrived. The struggle created survival issues for most organizations, with operations going haywire and money getting tight. While the remote move kept them going, financial management remains the biggest concern even as businesses reopen and the world steps into the new normal. As the struggle continues, it makes sense to come up with a viable survival plan to keep your business afloat in the pandemic era. Here are some measures you can implement.

Stay operational

The most important aspect of surviving in the new normal is by staying operational even as the virus is still at large.

The most important aspect of surviving in the new normal is by staying operational even as the virus is still at large. If you are opening up, as usual, make sure that you have all the health and safety guidelines in place on the premises. The objective is to make sure that the employees and customers stay safe from the virus. It will prevent disruptions and even lawsuits for your small business.

At the same time, you need to prepare your business for a rapid remote switch as you may have to send people back home at any point. Continuing operations regardless of the situation is an assurance of survival, even during these uncertain times. If you are able to manage now, your business will emerge stronger once this passes.

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Keep an eye on finances and taxes

Small business survival hinges on financial management because money is the only thing that can keep you going. Pay attention to cash flow as you wouldn’t want a bottleneck to take you by surprise. Having an arrangement for emergency cash at hand is vital, though you must also manage your debts effectively.

When it comes to money management, you also need to be proactive about your taxes because an issue with the IRS can spell big trouble right now. If you are already struggling, a fresh start initiative can be the best rescue strategy. The IRS program lets you clear up taxes and avoid tax liens as well. It features the options of tax liens, installments and Offers in Compromise.

Focus on client retention

Another key aspect of small business survival in the pandemic is client retention. It may not be the best time to invest in huge marketing campaigns, which means that you cannot do much about acquiring new clients. So retention would be the best approach to keep your business thriving through the crisis. It costs less and does not require as much effort as onboarding new customers would.

Moreover, loyal customers often serve as brand advocates as they promote your business through word of mouth recommendations. They may even end up getting you new clients by saying good things about your brand, product and services. Going the extra mile with offers and incentives for loyal customers can go a long way in boosting retention.

Nathalie Nicole Smith states that working hard and staying true to yourself are sure ways to win in life.

This three-step plan covers your small business to a reasonable extent, no matter how hard things get in the pandemic phase. It is equally vital to keep your calm and stay focused even during the bleakest moments.