Life After Coronavirus: What Small Business Owners Should Know
Let’s start with this: we are not fortune-tellers. We don’t know what’s going to happen in the next few months, but based on other expert opinions and our own experience, we can help you prepare for your business life after coronavirus. This time tests your business management skills, but we have strategies that can help your small business financially recover after the novel coronavirus. We’ve taken a look through some of the most prominent sources predicting what small business life will look like after the world re-opens. Joe Galvin, the Chief Research Officer for Vistage, regards the virus as a Black Swan event - meaning it was completely unforeseeable. However, it’s not too late to make a plan of action to help mitigate the corona carnage (as Galvin puts it). We started 2020 with high hopes, and we can keep our hopes high as we prepare for the future!
Maintaining Cash Flow
Coronavirus is a financial lesson in business management for all of us. Never before has it been so important to find new ways to maintain cash flow and liquidate assets. Similarly to personal finances, it is recommended to have 3-6 months of expenses saved up. However, this may not be possible nor reasonable for many business owners! Every small business is different and needs different types of business management in order to thrive in the ever-changing environment. Adam Kae & Associates recognizes this, and our consultation allows you to implement the best strategies for growth and maintain healthy cash flow even in desperate times.
Joe Galvin mentions that the Small Business Administrations is a very small part of the government that could not have prepared an emergency of this scale. Now is the time to take out a line of credit, refinance, or focus on cash flow. This is one of our specialties, and we can help you make an emergency liquid plan for your assets.
Joe McDonnel of WGSN Insight talks about digitalization in many business management processes. As many of us are working from home, we are making the switch to digital processes that he predicts won’t end once quarantine is over. Consumers will shift their expectations to a digital focus, and want more digitalization in their services overall. Our solutions are 100% digital, and this allows for flexibility in myriad situations.
We’ll also likely see virtual events sticking around. Events are powerful experiential marketing tools, and their virtual presence is like wearing a new outfit! With virtual events, small business owners can reach larger audiences at their personal convenience. Furthermore, video conferencing will also continue to be more popular. Adam Kae & Associates uses Zoom to conference our clients from the convenience of anywhere! This allows for 100% accessibility, and it can make it easier to outsource business management processes like finances or marketing.
We’ve talked about digitalization, but there’s so much more to it than remote working or online options. Perks Fawkes, the founder of PSFK, believes that innovation will increase to allow more contactless interaction for consumers. This will likely lead to a flourishing environment for e-commerce. However, even with E-commerce, Fawkes predicts that there will also be an upward trend in supporting local small business. E-commerce allows for the demand of convenience, and what’s more convenient than ordering from your couch? Even current services will likely enhance their product delivery solutions to meet new customer demands.
In addition, sanitation standards will likely increase. Companies will start to prioritize creating more stringent disinfecting practices and creating products that bacteria cannot easily live on. With these standards in place, public places will increase in safety and hopefully create a safer world post-coronavirus.
Work, Work, Working from Home
This is the new normal for many, and we can predict that companies may start expanding their horizons to offer more solutions for employees. While for some it may be impossible for some employees to work remotely, we may at least see more flexibility when calling in sick or working remotely when feeling ill. Coronavirus has enlightened us on just how easy it is to touch a surface and contract an illness.
Your brand is now more important than ever! Consumers are paying attention, and they care about your response to the coronavirus. Your customers want to support your small business, so your business management strategies must reflect your brand well. This is the time to continue creating a positive company culture, even if you’ve been obliged to furlough or lay off employees. Keep open lines of communication with your employees and your customers! The positive customer relationships you continue to nurture and grow now will only help your business’s success.
What You Can Do
Even if you’re temporarily closed right now, there are still so many ways you can prepare for re-opening! Check out these Adam Kae blog posts regarding how to continue conducting business and making plans for the future.
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Disclaimer: This article contains information and opinions from Adam Kae & Associates, and the information and opinions should not necessarily be seen as the best possible solutions for your business. Please contact us at firstname.lastname@example.org to help you find the best solutions for your business.