How to make your Business survive the pandemic

Germano Vieira – August 1^st, 2021

4 min read

1. Take care of yourself and your team

Leading through this crisis will not be easy, especially for agency owners who are also dealing with child-care, family and health issues. Make sure you and employees are following the guidelines to stay safe during the outbreak. Additionally, set aside time to focus on your mental, emotional and physical health and stress management. Encourage your employees to do the same and don’t expect perfection during this time.

2. Assess your business finances

What are your immediate and most important expenses? What can be deferred or negotiated? How much cash do you have in reserve? Look for ways to reduce costs wherever possible.

3. Apply for financing

If you need more money after completing the above steps, the best place to start is with the Coronavirus Support Package. This program provides business loans, debt forgiveness and emergency grants to help small businesses. If your Agency does not have branches in Australia, most governments around the world have an aid & relief program for small and medium businesses.

Private companies such as Facebook and GoFundMe, are also providing loans, grants and discounts. Other financing options include a business line of credit, invoice financing, short-term loans, merchant cash advances and more.

4. Negotiate with customers and creditors

Do everything you can to get paid faster and defer paying your bills. Contact clients to see if they can accelerate payments. Contact your lenders, suppliers, vendors, landlord, mortgage company and credit card companies to let them know you may have trouble paying and see what arrangements can be made to defer, reduce or excuse payments.

5. Assess your staffing needs

Cutting staff hours or pay, laying off employees, or furloughing employees are all options for reducing your costs. A furlough is a temporary layoff that allows employees to apply for unemployment benefits while still retaining their status as employees and all the accompanying company benefits such as health insurance. Of course, make sure you are following the appropriate labor laws.

6. Transition your workplace for COVID-19

Can your agency work exclusively online? Can your employees work remotely? Now is the time for any employee who can work from home, to do so. Learn how to make a smooth transition, find the right work-from-home tools and ease the way for your employees. Do some or all of your employees have to work on-site? Develop a plan to minimize the risk of coronavirus contagion.

7. Stay in touch with customers

Maybe you can’t connect with customers in person, but there are plenty of ways to do so online. Ramp up your email, website and social media content. If appropriate, create livestreams or chat groups. Focus on sharing information or offers that can help customers with the difficulties the crisis has caused. This can be a valuable time to forge a deeper connection with customers and gain new insights into what they really want.

8. Adjust your business model

How can your business adapt to serve customers even if your location has to close down temporarily? How can you offer your services online? From English schools offering online classes to workshops made by your agency, there are many ways to modify your business to survive in the era of coronavirus. Discover English is coming up with new short courses online. I will keep you posted on what these courses are and when we are launching them. Exciting!!

9. Stay informed and flexible

Keep up to date on coronavirus news, but don’t overdo it. Choose a trusted news source or two and set aside times to check in—perhaps 15 minutes in the morning and again in the evening. Sign up to get email updates on the medical aspects of the virus. What we know about coronavirus is changing day by day, so keep your options open and have plans for a range of scenarios.

10. Plan for the future

The coronavirus pandemic will eventually end, and when it does, the agencies still standing will be those that rose to the challenge. Use this time to connect with your customer base, develop stronger ties with your community, improve your own skills, and you’ll come back stronger than ever when the crisis ends.