Although the corona virus effect seems immense, and prospects are small, remember this: lots of successful companies were founded in downturns.
Often suffering brings out the best of us as we push to be as imaginative and inventive as possible, not winning but surviving. Here are some recommendations to make yourself ready for Corona Virus’s potential threats.
1) Save your Money:
Examine the cash that you have on hand and imagine how you will make it last six to nine months or more. If you don’t have enough cash on hand, see if you can slash costs or increase profits by doing something else.
2) More Innovation Needed:
Back in days, when you started your company and did not have any working capital; however, you were super innovative in marketing your product or service using word of mouth, organic social media and main networks? lets be honest, you may have to do this again. So be more innovative with the marketing costs and try ways of utilizing marketing strategies that don’t have a huge cost.
3) Cut Down Operational Costs:
Look to track employee-related and other operational expenses when reviewing your company’s financial situation. The cost of travel and activities is likely to be controllable. If you were looking to increase the footprint of your company, you may want to hold off any additional monthly rent expenses. Instead, see if you can reduce your expenditures temporarily by not recruiting any new workers, maybe using freelancers or contractors. Let your current workers work remotely too.
To sum up, please take the required measures so you can emerge stronger than ever from this disturbance.
