Without doubt, How A Small Business Can Survive the Covid-19 Pandemic in Nigeria is a big question that every business owner in Nigeria must answer.
Small businesses will be the hardest hit from the current COVID-19 pandemic, especially in Nigeria where the economy was at a bear ground before the pandemic.
Bigger businesses have a better chance of surviving. On the contrary, it can be devastating not only for the small business owner, but also for the employees they support.
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Hence, there is a need for small businesses to know how to survive the turbulent times coming ahead in 2020. Here are a few points to start implementing and planning at least for the next few months.
In the covid-19 pandemic, every business owner should stay positive. These are the times that warriors will be made out of entrepreneurs. If any entrepreneur survives hardship, such person will build the confidence to know he or she will get through anything.
There’s no end to entrepreneurship in Nigeria. Right now, the next giant companies are being invented. New companies and businesses are springing up in different industries.
Every entrepreneur in Nigeria should keep hope up. It’s going to be well!
Reflect on your Purpose, Why Did You Start the Business At First
As the going gets tough for everyone, this is a true time to reflect on your “why‘”.
You need to reflect on the questions such as:
Why did you start the business?
Why are you trying to make people’s lives better?
Now is the time that your ‘why’ is put to the test.”
So as not to fall short of your goals, it’s very expedient to take the time to think them through. Answering and pondering the reason for starting the business in the first place will be a huge source of motivation.
Use the time to invest in yourself and your goals
Always look at these times as opportunities and not as a setback.
Start to build your online presence. Build a website if you don’t have any. You can contact us here or send us a WhatsApp message here for a guide and quote.
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Start to improve your social media presence and do the things that you’ve never had time to do before.
Increase engagement on various social media platforms. You have this opportunity to stay connected to your existing customers and prospects online. Get active online.
Educate yourself on platforms, such as Zoom, TikTok, google products, zoho for email marketing, social media marketing etc
Be transparent with your team at work
It’s no secret that a wave of layoffs, furloughs and pay cuts went into effect as a result of the coronavirus lockdown. In such a condition, it is extremely important to be opened with your employees. You’ve got to be brutally transparent and honest with your team.
There might be some lay-offs, you might have to cut certain costs. Your team needs to know what’s going on.
Try to Negotiate Rent if Needed
To Survive the Covid-19 Pandemic, you must be sure of how to pay expenses, including rent.
The moment you know you won’t be able to pay, let the landlord immediately know immediately so you can discuss a better time to pay. Be reasonable about it.
No panic, Remain calm and Care for Yourself
It can be difficult to remain calm, especially when cash is running out. However, it is important to take care of yourself; do exercise, and eat well.
This will help you to keep calm, which in turn will also mean keeping your staff calm. Every member of your team needs a healthy mindset to come up with innovative ideas.
If you have to make some difficult decisions, take time to balance yourself and your mind before taking any drastic decisions.
Always console yourself that things will get better as you are not in this alone. You may also ask for emotional support where and whenever necessary.
Tap into resources provided by the government and financial institutions
Governments and financiers around the world are already putting together initiatives to support small businesses.
Ensure you are up to date with how your governments or other agencies can help cut costs or how you can get a grant to support your business.
Put a three-month financial plan in Place
Almost every small business usually has the same basic expenses, which include employee salaries, office rent, and utility bills.
Talk to your suppliers to discuss how you can spread some payment. They may already have options in place.
There is also a chance that they will understand. It’s in their interest to keep your business.
Train and Retrain your Staff
To Survive the Covid-19 Pandemic, Train your existing staff on additional skills, which could make them more productive and efficient, rather than hiring more staff.
You don’t have to pay for these trainings, if you can’t afford it. There also are online courses that are very affordable. These will allow you team to be able to take multiple tasks.