COVID-19 – What can small business owners do?
In our small country, hundred of people are already adversely affected by the Covid-19 pandemic that is taking a terrible toll on the world’s economy. According to the International Labour Organization (ILO), full or partial lockdown measures now affecting the livelihood of more than 4 out of 5 workers in the global workforce of 3.3 billion.
Furthermore, due to the stress and unprecedented shocks to the economies and labour markets, ILO has declared in its report on Covid-19, “It is the worst global crisis since the Second World War.”
Today we focus on small businesses and what owners could be doing during this time. In a Kathleen Elk article titled “Mark Cuban: How to avoid layoffs and other advice for small business owners during the COVID-19 pandemic”, billionaire entrepreneur Mark Cuban took to LinkedIn to answer questions from small business owners about what to do during the escalating coronavirus outbreak. Here are a few tips that you may find beneficial:
• Experiment with new ideas: “If you can find another service to offer, do it,” Cuban wrote. “Since you have holes in your schedule, it’s a great time to experiment with new lines of business and see what sticks.”
He also recommended brainstorming, not only with your peers, but also with your competitors. “They are all in the same boat. Try to figure out the best way to reignite the industry.”
• Really get to know your employees: Cuban recommends CEOs and managers take the time to understand the individual circumstances of their employees, especially if they will be cutting hours or initiating layoffs.
That way, “if you do have to change circumstances you can make decisions based on the circumstances of each employee,” he wrote.
• Clean up parts of the business you have been neglecting or have not had time for: Control what you can control. “Rather than focusing on how bad it is, focus on how you can use this time to connect with your future customers,” Cuban wrote. “This is also a good time to clean up all the little messes every small business has.
Everyone has things they wish they could re-do. Now is the time to make those changes.”
We continue to pray for the safety and well-being of our friends, customers and stakeholders.
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