Money Wisdom Series: How to sustain your business within the COVID-19 period
This is very uncertain times for the world especially governments, businesses and individuals, but what is important is that, it’s not time to panic, rather it is time to prepare to weather the impact of Covid-19.
There are support systems and things businesses and individuals can do to mitigate the impact of covid-19 on their business and lives. Unfortunately, Covid-19 is not only taking lives, but destroying business and disrupting economic gains of countries.
Majority of businesses across the globe are worried about the viability of their business over the next couple of months. Start-ups and most business in Ghana have not been spared as recovery is very uncertain because the Ghanaian economy is in distress.
However, most business owners and individuals are confident and optimistic of longer term rebound after the covid-19 crisis. This can only happen when businesses are getting the advice and guidance from professionals to help them restructure their finances/operations to weather the current circumstance at hand.ADVERTISEMENT
For most businesses, cash flow is a major concern as demand for service/product has seen very significant reduction and most of them are struggling to retain and pay their staff. This reduction in sales and shut down of demand/supply chain operations is creating very high job losses leading to high unemployment.
Ways to Weather the impact of Covid-19 on Business
- Get accurate information on your business cash flow and use it to plan for more
- Forecast the business opportunity your business has and extend your service to specific clients
- Assess the demand and supply chain operations of your business and modify areas that need restructuring to avoid waste.
- Scale down your expenditure on operation and maximize your available resources.
- Get help from professionals on training, product specification and marketing strategy to meet customer needs.
- Take advantage of government stimulus packages in place.
- Restructure your business by having joint venture with local providers within your sector to reduce your expenditure.
- Check for local resources,ie cancellations of schools, gatherings, occasions that could possibly affect your business operations and put in a plan to mitigate the impact.
- Provide first hand preventive measures for both your customers and employees on the Covid-19 pandemic.
- Diversify your supply chain if you solely depend on a single local/global supplier.
It is important to note that sustaining a business takes experience, time, knowledge, skill especially during the covid-19 pandemic.
©Jerry.J.Afolabi, unlike others is passionate about financial education, independence and financial freedom. He is approachable, provides one on one client engagement and genuinely interested in helping people to take control of their own finances.
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By: Jerry J. Afolabi