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Opinions are described Entrepreneur their contributors.
The policy adopted to combat the pandemic has hit many businesses very hard. From closure and cover to what is considered “insignificant” businessPolicy measures to slow the spread of the virus have pulled the rug out from under many entrepreneursLegs.
While loans have been offered as a relaxation, government soon ran out of money. But even to those lucky entrepreneurs who can get a loan in the first or next round, these payouts come with a lot of uncertainty in terms, timing, compliance and loan loyalty opportunities. It has turned many entrepreneurs from business heroes into temporary fighters for bureaucracy and warrior documents.
Even for those startups and small businesses that have managed to survive this situation, there are very big times ahead. As a result, the pandemic disappears and obstacles begin to recede, businesses face new challenges. We already see this in some states that have not suffered the most. For example, Oklahoma has adopted a three-step plan called Open and restore safely, designed to mitigate the risk of an uprising. Texas similarly to the institute a The strike force will open Texas.
Such phased recovery strategies in health care generally relate to health, they create new challenges for businesses. For example, from May 1, restaurants in Oklahoma began offering dinner, but parties had to be at least 6-8 feet. In Texas, malls, malls and restaurants also opened last month, but can’t capacity more than 25 percent. States also require strict disinfection and sanitation protocols, one-time menus and so on.
These requirements for entrepreneurs mean only one thing – costs. Every business owner should think very carefully about how best to manage their business and when to serve customers again. For example, how many restaurants can make ends meet that serve only 25 percent capacity? How much can be done with additional costs and time-consuming cleaning protocols?
Here are four ways to make sure your business can survive both economy recovers.
1. Return to the drawing board.
Yes, I mean. Good entrepreneurship begins with figuring out how you can produce maximum value for customers. The world has changed, so you need to find out what this means for your business and make the necessary adjustments your business models, temporarily during deployment or forever. If you have a restaurant, think about a change menu items. If you are a hairdresser, try to abandon services that require more attention, or make other customers wait. Be innovative and resourceful and constantly avoid rethinking your business completely.
2. Revise prices.
Working with 25 percent capacity will limit your profits, but there’s no reason to take one for the team. Your customers will not expect things to be as they used to be. They may be willing to pay a premium for faster service or for heavier goods. Restaurants may charge a dinner fee to cover additional costs and encourage customers, who are price-dependent, to hold and deliver. For goods with limited supply or with damaged supply chains, you can consider progressive pricing or ask customers to pre-pay for future delivery.
3. Think about the shots.
The Wall Street Journal estimates that about half of all those who lost their jobs in this pandemic are receiving more unemployment benefits than before. In other words, it can be very difficult to hire the right workers the wages you can afford to pay. And even if you can try, remember that cleaning and disinfection protocols will take some of their time. In other words, each of the employees is struggling to get less relevant work than you were before the pandemic.
4. Don’t be ashamed to wait.
Entrepreneurs are dying to re-create their business. But if you last so long, starting too fast can become something that disrupts your business. Run the numbers and estimate the cash flow. The money that comes in is very important, but what if your income can’t be more than a trickle? As a seller in Texas, can you stay afloat with 25 percent capacity? Is it possible as a diner in Oklahoma to serve customers at a distance of 6-8 feet? If the answer is definitely not, the first step may be too quick. and you might have been better off waiting a little longer.
Promising that there are plans to rebuild the economy. But that doesn’t mean things have returned to normal. In fact the plans were made precisely so that we would not go back to the way we went.
This step– Step-by-step recovery may be a wise epidemiological path, but it creates an additional burden on entrepreneurs who want to get themselves and their business back on its feet. Entrepreneurship is difficult in ordinary times, but much more difficult when it is limited to a share of what can be done – and at the same time you need to cover additional costs.
For many entrepreneurs it may be wise to wait and see. For all entrepreneurs, it is necessary to rethink their business before reopening the door.