That one thing is to give up and throw in the towel. Are these tough times for small and medium-sized enterprises? Absolutely.
SMEs are the backbone of the economy, and right now during this COVID-19 crisis, it couldn’t be any tougher.
In Canada, the government has already announced packages designed to help those businesses in need of extra cash flow.
The Canada Emergency Response Benefit is providing some relief to workers who’ve been laid off due to the Coronavirus.
If you are affected, you can get up to $2,000 per month to help offset your bills.
For business owners, the government is offering loans and tax payment deferrals to help offset expenses.
It’s only temporary relief for the time being, but at least it’s something for now.
What Should You Do?
There’s a lot going on right now during these uncertain times. I’m sure a lot of you are concerned about your businesses.
I’m not here to tickle your ears or to pretend like things will go back to normal in a few months because they won’t. Schools are being negatively affected, and return dates aren’t certain for students at the moment.
IMO, things won’t go back to the way they were, but I think we are entering into a new era.
Some of you won’t make it, while some of you will. Those of you that refuse to adapt to change are going to find it difficult to weather the storm and you might call it quits after a few more months.
It’s tough times for sure, I get it. But the one thing you shouldn’t do right now is to throw in the towel.
Use this time to regroup, and create a new roadmap for your business.
I don’t have any hard facts, but just by simple observation, it seems as if brick-and-motor stores are being impacted the most.
Social distancing is the new normal, and with the mandatory lock-down of retail stores, people aren’t buying like they once did.
I went into Walmart the other day, and they were only letting in a handful of people at a time.
I’m glad it wasn’t raining because the rest of us had to wait outside until it was our turn to enter the store.
There’s not much I could have done about it, other than to just stand there.
I’ve said it before, and I’ll say it again. e-Commerce is the future, and that couldn’t be more true than it is today.
Not all online businesses are enjoying success right now, and I’m not saying e-Commerce is the right model for you. Only you can asses your current needs and decide if that’s the way forward.
Companies like Lyft and Uber are seeing a decline in ridership. For these companies, autonomation is the way forward. It’s a hard reality for drivers to accept, but unfortunately, this is the way things are going. There might not be a need for drivers if these ridesharing companies have their way in the not so distance future.
Giants like Amazon are seeing huge surges in demand. Since more of us are staying at home, online shopping is booming at an accelerated rate.
Amazon is looking to hire some 100,000 extra staff to deal with the increased demand.
The video game industry is booming at the same time also. Online gaming and tournaments are on the rise as more people are confined to their homes.
Home delivery services are in demand and the same with cleaning products.
You’ve heard the stories of hand sanitizer price jumps, and toilet paper panic buying.
Find ways of how you can adapt to the current situation.
Figure out how businesses will operate in the next 5-10 years, and start doing that now.
If you’re not online or have some sort of digital footprint, you need to.
I’ve been creating a platform to help you to do just that.
TechMalak is helping SMEs to stay in business with our web design and high-speed cloud web hosting platform.
As more people are taking to the Internet, you’ll also need to make sure your business is there to meet their needs.
We want to help you achieve your long-term goals, in order to weather this storm.
Whatever the route you take, just don’t throw in the towel.
Take the time to step back for a moment, and meditate. Clear your mind, and connect with your family.
Look for inspiration in new places, and think outside the box.
Stop watching the news obsessively, because it’s mostly just negative.
Everywhere you look is Coronavirus this and Coronavirus that.
Things will pass, and the world will look different from what we used to know.
Just stay in the game, and remember, you can’t win if you quit.