Unfortunately, Covid-19 pandemic has already hit many small businesses and even big companies find it hard to survive under the current circumstances. Furthermore, what has made the situation more complicated is the fact that we cannot predict when everything will get back to the way it used to be. Therefore, we must find creative ways to deal with the consequences of the pandemic. In this essay we will explore about the best strategies that managers should use in order keep their business afloat during Covid-19.
First of all, look at where your business is currently spending money, and consider which expenses are avoidable. Moreover, think about excess marketing, rent, the size of your company and other expenses that may be reducible without affecting the quality of your business. Besides, efficiency is crucial to being successful and outcompeting rivals. Many businesses run with lots of excesses, and this is the perfect opportunity to get a leg up on them by running more efficiently. In addition, make sure that any optimizations you make are well thought through. As a CEO you only have so much time and bandwidth.
Some businesses have encountered more difficulties during Covid-19 pandemic. Furthermore, learn about the strategies that they have used in order to make it through this crisis and what they have been doing differently since pandemic. Moreover, look at your direct and indirect competition in order to find the most effective strategies and solutions. While some strategies may not apply cross industry use what you can and shift these strategies to fit your own needs. There are countless opportunities to adjust the macro strategy and positioning of your business in order to better match the competition. In addition, if you understand how your competitors position themselves during and after this crisis then you can get ready to have an advantage as businesses begin to return to normal operations
In conclusion, it may not make sense to continue putting the bulk of your time and resources into your business under the current circumstances. Furthermore, if you can temporarily reduce your burn rate to zero it may make the most sense for you to look at other areas to make money (freelancing, for example) and then focus on your business when the timing is right.