As the coronavirus continues its global march, its effect on business is no longer imminent; it is present. Small businesses got the hardest hit from the pandemic and companies have seen the effects of high-consequence, low-likelihood risks first-hand. The bigger businesses have a better chance of surviving; however, small businesses tend to live only with a few months of cash flow (at most), so when something as significant as this hits, it can be devastating not only for the small business owner, but also for the employees they support. Small-business owners trying to weather the coronavirus pandemic will face a financial blow that’s likely to be worse than what they experienced during the Great Recession more than a decade ago and COVID will put many small businesses on life support.
PhD Studies, has an amazing opportunity that provide BA, MBA and PhD programs that brings together special online learning and distance education that will help you achieve your goals. Small businesses have been scaling down and temporarily closing as consumers stay home to stem the spread of the highly infectious virus. What would happen to your organization if illness led to a sudden reduction of more than 40% of your workforce? Business owners need to find ways how to start implementing and planning at least for the next months, online learning and distance education is one way to help turn panic into productive and proactive steps to prepare.
Few Points to Consider to Start Implementing and Planning:
- Don’t panic, take care of yourself, and keep calm. This can be tough especially when cash is running out, but remember to take care of yourself in a way that works for you- for instance, eat well, and try to get some exercise in. Taking care of yourself will help you to keep calm, which in turn will also mean keeping your staff calm, and ultimately, a healthier mindsetfor everyone to come up with innovative ideas to move forward. If faced with some difficult decisions, take time to balance yourself and your mind before taking any drastic decisions. In a very dynamic and rapidly changing situation, sometimes taking a step back to reassess, asking for trusted opinions, and also keeping perspective will help. Things will get better, and you aren’t in this alone. Ask for emotional support where you can, and when you need it.
- Tap into resources provided by government and financial institutions. Governments around the world are already putting together initiatives to support small business owners, and this is something that is evolving on a daily basis. Be up to date with how your governments can help cut costs, as well as other important institutions, such as banks who also have a social responsibility.
- Make a three-month financial plan. Every small business usually has the same key expenses, which include employee salaries, office rent, and utility bills. Further expenses range from industry to industry. Always be careful when you come up with payment plans with other small businesses, as they also need to keep afloat too. You could also consider downsizing your office, and using a co-working space to have more affordable and flexible payment terms.
- Find the opportunities. To capitalize on events such as this, it’s never nice. But they can also be a wake-up call to reconsider how you have been doing business. Can you digitize any of your products or services, and start offering them online? Accredited Degree Experts, PhD Studies provide programs from partnered Universities where they have amazing opportunities to offer.
- Upskill your staff. You could train your existing staff on additional skills, which could make them more productive and efficient, rather than hiring more staff. There’s plenty of online learning and distance education that are very affordable, and these will allow them to focus on other areas of the business when their department is down- for instance, your sales team could perhaps also help out the marketing team. Look for courses and resources similar to this that most match your needs and also your budget during this time where PhD Studies can provide.
Even if we cannot prevent dangerous viruses from emerging, we should prepare to reduce their effects on society. The current outbreak has had severe economic consequences across the globe, and it does not look like any country will be unaffected. This not only has consequences for the economy; all of society is affected, which has led to dramatic changes in how businesses act and consumers behave. Crisis continues to evolve; businesses are doing the best they can to navigate the unknown. But the situation is already proving devastating for many.
Thinking about the situation and looking at what they can do to minimize the negative impact; for those that are able to stay open, try to think ahead, make plans and be prepared as much as you can by means of useful resources geared to small business-like by involving oneself through online learning and distance education. Even when facing a dreadful situation themselves, some entrepreneurs are looking to help others. Always finding new and better ways to get things done, find a business mentor near you, and with PhD Studies you can excel in your career to new heights through online learning and distance education which are perfect for working people.
Are you a business owner or professional interested in expanding your business knowledge or earning an academic degree in PhD Studies? Speak to an Education Management Expert for more information.