5 Business Tips and Strategies in the Middle of the COVID-19 Pandemic

The COVID-19 pandemic, which has hit the world since early 2020, has had a significant impact on the world economy, especially for Medium-Scale Micro Enterprises (MSMEs).

To minimize losses incurred, here are some strategies to keep your business running well during the COVID-19 outbreak.

1. Check financial condition

No one can be sure when the COVID-19 outbreak will end. Perform an in-depth examination of the financial condition of your business. The first thing you need to make sure of is the liquidity position of your business.

Liquidity is a number of funds or liquid assets that you can quickly use to pay short-term liabilities, including those for emergencies.

You have to make sure how much liquidity you have and how long it can support your business. If you are having trouble with your savings, you can try to collect money by playing slot pragmatic play Indonesia and win the grand prizes from the most exciting online slot machine you’ll ever see. All you need to do is just go to the main website and click one of the games e.g. PlayNgo to play now, then wait for the money comes to your wallet.

2. Check the status of assets and debts

Under these conditions, you will surely measure the ability of your business to be able to survive in difficult conditions.

Make details that include the amount of assets and the amount of your debt. Then, reduce the amount of assets by the amount of your debt. That way, you can project the sustainability of your business.

Keep in mind that one of the current government supports for MSMEs is a loan restructuring program to help mitigate the impact of the COVID-19 outbreak on your business. This can be a solution if the financial condition of the business suffers from significant disruption.

3. Make a new business plan

As a business person, you must always be able to anticipate and adapt to changes or risks that may occur in your business. After you can project the sustainability of your business.

business-in-a-middle-of-pandemic

Make a new business plan that contains marketing strategies, distribution strategies, capital systems and expenditure patterns. That way, you can improve your business’s ability to survive when financial conditions are difficult.

You can try implementing digital marketing strategies to save on promotional budgets and distribution strategies to expand the reach of your business.

4. Record the spending pattern

Expenditures themselves are divided into 4 posts, namely primary relating to operational costs, obligations related to wages or salaries of workers, secondary, and investment.

Mark several secondary expenditures and divert the allocation of these expenses to additional capital or investment.

5. Perform Risk Management

In order to formulate a strategy to deal with potential losses that might occur due to business risk, you must first analyze what risks might occur to your business.

As for some risk management strategies, among others: bear your own losses that might be caused by a risk, avoid risk, reduce the potential risk and the last is to transfer the management of risks and losses that may arise to the second party.

In unusual conditions like now, do a review of the conditions of your business activities and if necessary make changes to adapt to environmental conditions, including by minimizing expenditure.

In addition, to be more secure and calm, double check the insurance protection of valuable assets including your place of business. By insuring your valuable assets, you can mitigate potential losses that might arise if something unexpected happens.