How to save business in the time of Covid-19?

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Many entrepreneurs are desperate, for some their income has dropped literally to zero because they are banned from doing business. Others were left without raw materials. Third without market. Business circumstances are terrible especially for those small, who usually do not have reserves for a few months of cold operation, as usually have medium and large business systems (which are easier to get loans, and have their own legal and financial experts).

What about the others? What about the little ones? Many have embarked on urgent layoffs and closures or significant job cuts. Probably some of these dismissals were given in agreement with the workers – so that the worker would be entitled to compensation from the Bureau, and later return to work.

Don’t fire good workers

Despite the still large number of unemployed, there are not many good workers and you should try to keep a good worker, because they will appreciate it. Otherwise, if you think only of yourself, the worker has no obligation to come back to you when this crisis passes, and don’t forget that Western countries that have been saving all these years will invest billions in new investments as soon as the crisis passes to start the economy. They will need workers.

What is the future of your business?

The first and fundamental question is – will you be able to continue your business at all after this crisis? If you are a hairdresser, obviously loyal and quite overgrown customers will be waiting for you. In the first few weeks after you return to work you will be working harder than ever. Moreover, it would already be good to look with local authorities to extend working hours and prepare assistants.

Extremely increased hygiene measures and fear of viruses mean that you will probably do well in all occupations related to hygiene, so if you clean air conditioners, for example, it is unlikely that someone will tell you this year: “No need, it’s not dirty…” you will and more than ever.

But if you’re in retail and have already made a living by now, bad news. Just a few years ago Warren Buffett said we were at the end of the retail phase we had. This stay at home will change the customs and we will progress in the development of online shopping in a month. Consider another job.

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Loans and other liabilities for your business

Despite the common opinion that banks can’t wait to get to your real estate and movables, things are completely different: in times of crisis, and we are in crisis, banks are afraid of uncollectible receivables and auctions where they will get only a part of the value of a given loan. opportunities for leasing customers to come and return the keys, even if they get the money from the guarantee.

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Personal responsibility

Times are hard, and in them it is very important how you will personally position yourself. If you come in front of the workers in a black Audi A6 and say that everyone is going to the minimum, expect them to leave you at the first opportunity. If you help them as much as you can, most people won’t leave if someone offers them a little better tomorrow. They will appreciate you as an employer and work in your firm. Remember – a director in an expensive suit talking from an expensive car about a crisis is a picture no one wants to see.

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