While the COVID-19 scare could propel opportunities for some, for most it will prove a hindrance to business. Business leaders across the globe didn’t see the catastrophe coming, and as a result, they had inadequate time to prepare.

If you are finding it hard to proactively manage your business during the coronavirus pandemic, here’s a guide to reflect, strategize, and plan for a better future, post the COVID-19 outbreak:

1. Understand your current financial position.

The first step in this direction is to determine your current financial position. Also, it’s important to make informed decisions about your business to not only survive but also to grow. Get in touch with your accountant, or accounts team, to discuss plans to minimize the impact on your business.

2. Build your network.

This is an essential time to reach out to various networks for support and to share knowledge and advice. Being able to keep control over your situation is good for your positive mental wellbeing. Communication with your support networks and with other small businesses will aid in sharing ideas and innovative practices.

3. Meet those needs and take advantage of the opportunities.

Many entrepreneurs have devised a strategy to deal with the coronavirus situation and stay in business, even as the market shows volatility. They have carefully evaluated the possible impact of the COVID-19 outbreak on their future business operations, including burn-rate, sales forecasts, marketing overheads, team headcount reduction, and have taken steps to optimize capital spending.

Source Credit: Your Story