How Small Businesses Can Survive During Pandemic Period

In recent weeks, many governments have announced that all non-essential businesses must close. This is heartbreaking for many local business owners, despite the obvious necessity of this measure from a public health perspective. Many businesses had already closed earlier in March to prevent the spread of the virus and to protect their employees and customers.



One of the best qualities that will serve you as an entrepreneur right now is adaptability. By adapting to the way things are currently, you're more likely to survive and then thrive when it's over. There may even be an opportunity for business growth.


Small business can follow these steps below to stay afloat this period.



Tap into resources provided by government and financial institutions

Governments around the world are already putting together initiatives to support small business owners, and this is something that is evolving on a daily basis. Be up to date with how your governments can help cut costs, as well as other important institutions, such as banks who also have a social responsibility.



Move Your Business Online

E-Commerce: If you sold physical items out of your store, the first step to all of this is ensuring you have e-commerce set up. This can be in the form of a Shopify store, or WooCommerce if you have a WordPress site, or get set up on a marketplace like, Jumia, Konga,  Facebook Marketplace, etc. Having a little bit more time on your hands can be helpful with writing product descriptions or doing product photography. As everybody is home, online shopping will only increase.


If you were providing a service in person, such as exercise/gym/yoga classes at a studio, run online classes through Zoom or even Instagram Live. Promote on social media to gain visibility. For artists, this can include online masterclasses or webinars. For other small businesses, you can provide consultations and share your expertise virtually (for example, interior design). Remember that some people might be struggling with funds so if you are providing online classes, consider doing a donation-based practice.




Budget a 40% revenue reduction and the costs necessary to be able to stay profitable or break-even


For many businesses, a 40-percent reduction is probably wishful thinking. But I think that’s the point of this exercise. He wants you to figure out ways to make it so your revenues are *only* down by 40 percent. I’m sharing some of his tips on generating revenues below.



Reduce any advertising that’s not 30 days ROI

For most offline businesses, that probably means to stop advertising entirely for now. For online advertising, you have to use those that generates at least ROI in less than 30 days.



Ramp Up Your Email Marketing

Hopefully, you already have a customer mailing list. If you don’t, start building an email list immediately! Use your list to communicate with your customers. Tell them what’s happening with your business. Give them tips on how to use what you sell. Tell them what products you have available. Include coupons, links to buy, and your phone number.

Related post: How to start email marketing and be making good daily profit




Make a three-month financial plan

Every small business usually has the same key expenses, which include employee salaries, office rent, and utility bills. Further expenses range from industry to industry. Speak to who you need to pay in the next three months (landlord and suppliers), and find out what options you have to spread out the costs. Chances are they may already have options in place, or will be understanding, as it’s in their interest to keep your business.

 Always be careful when you come up with payment plans with other small businesses, as they also need to keep afloat too, so this should be fair for both of you.


Look at your personal finances, and speak to people you may support to have a realistic discussion on how to control your personal spending for the next three months. What costs are necessary, what can be put on hold? If you have a partner supporting you as you grow your business as the breadwinner, have an open and honest discussion with them about your immediate and long-term plans for the business.
Also, look at ways you can cut costs.




Looks at your subscriptions to see if you can downgrade to more basic plans


Most businesses have more subscriptions than they realize. Look at your accounting to see where your money goes when it comes to subscriptions and see if you can downgrade some of them