7 TIPS ON:
HOW TO ADAPT YOUR BUSINESS TO THE THREAT POSED BY COVID-19
It is no secret that the Coronavirus pandemic has made some serious strides in rewriting the future of business.
Due to the challenges posed by the threat of the virus as well as by government-imposed mitigating factors, businesses will be forced to rethink many of the practices that have become part of their operational and relational norms.
It is therefore very important that small business owners make plans for the uncertain future, without rushing into any decisions.
Here are some ways that you can adapt your business to accommodate the threats posed by the COVID-19 pandemic:
Follow threat mitigation guidelines recommended by the Government
The South African government has made various documents available to outline the recommended guidelines that businesses and organisations should follow during the onset of the Coronavirus pandemic in order to manage the risk posed by the virus as effectively as possible. These documents can be found here.
Work remotely
- research and make use of tools that your business can use to make the transition to remote working more seamless
- encourage your employees to work remotely and make sure they are well set up to do so
- create a plan for managing teams working remotely
Consider how customer needs have changed
- keep your customers informed about the changes you have made to the daily operation of your business
- keep in touch with clients and enquire about how their needs have changed
- schedule online meetings to minimize risk for all parties involved
Apply for small business administration loans
- since banks are sympathetic to the global economic situation, many are offering financial aid to businesses at decreased interest rates and/or with deferred interest, thus making it cheaper and more viable for businesses to afford taking out loans
- a loan could help your business take care of its employees which is of utmost importance during these uncertain times because rebuilding business operations will be very difficult without a strong and well-established support structure
Ensure tax compliance
- in order to effectively navigate the challenges posed by the COVID-19 pandemic and to manage risk involved, tax compliance is essential
- this article outlines the specific steps to follow to ensure continuous compliance
Renegotiate terms of contract and debt
Business survival is of utmost importance when making business decisions in the near future, for this reason, should you experience financial trouble as a result of the global impact that the COVID-19 pandemic has had, you should consider renegotiating terms of contracts you might be involved in (e.g. asking your landlord to give you some more time to pay rent) and asking your bank to temporarily defer interest payments for your outstanding debt.
