Business Survival Strategies In Lockdown
Mandatory shutdowns and social distancing to prevent the spread of
pandemic coronavirus, people are wondering how to go about normal
activities like washing clothes. Washing clothes during the
coronavirus pandemic could be more complicated than it used to be. Here we will be discussing, what are the business survival strategies for small businesses.
When you leave your home to buy groceries, for example, there is a
possibility that your clothes will become contaminated with the virus. The
virus that causes COVID-19, can live up to too many hours outside the physical
body, counting on the surface it lands on.
COVID-19 spreads in small droplets expelled from the nose or mouth of an
infected person after coughing or sneezing. A cough can produce droplets up to
about 30 times smaller than the width of a person's hair.
A recent study by Neeltje van Doremalen, a virologist at the US National
Institutes of Health. USA (NIH) and colleagues at Rocky Mountain Laboratories
in Hamilton, Montana, on the lifespan of the virus on different surfaces,
suggested that the virus could survive. up to 24 hours on cardboard and 2-3
days on plastic and chrome-plated steel surfaces.
The study also found that the virus can survive and remain infectious
while floating in the air for 3 hours after being coughed.
So even if you don't touch anything while you're out there, there's a
chance that you might just test the polluted air, the virus could also get
trapped inside the fibers of your clothes.
Survival Strategies For Small Businesses
However, Vincent Munster, head of the virus ecology section at Rocky
Mountain Laboratories, suggested that the virus could be dried more quickly
with natural absorbent fibers. The virus is believed to weaken faster in
clothing than on hard surfaces.
"We speculate that thanks to the porous material, it dries quickly
and can stick to the fibers," he told BBC.com. No study has yet determined
exactly how long the virus will survive on clothing.
The U.S.-based Centers for Disease Control and Prevention (CDC). The USA
recommends that clothing worn outdoors be washed immediately with the warmest
and most appropriate water together with a good quality detergent.
It has been proven that the hot water with the soap effectively
deactivates the deadly virus, the hotter the water the best. Almost all the
virus above 75 degrees Celsius kill the flu viruses found. Washing
clothes manually by hand or washing it using the washing machine, care has to
be taken to wash the hands properly with the soap and disinfectant. If you do not have time to wash clothes immediately, please collect the
clothes in laundry bag till the time you take out for a wash and properly clean
the laundry bags after removing the clothes for washing.
Business Survival Strategies for Laundry Business:
It would not be wrong to say that these current crises are none other
than those faced by small entrepreneurs in the recent past. Below are the
issues addressed and the actions that might make a difference in keeping the
employees and customers.
Every crisis brings an unseen opportunity, with it testing the limits of
our patients and the power of human optimism.
Contact nearby hospitals to get their linen washed during a pandemic.
There can be a temporary agreement made with COVID hospitals to get their
linen washed for a short period of time.
Aware of the customers nearby saying that the clothes are washed and
disinfected at this particular laundry.
Immediate Financial Adjustments:
The greatest concern
for most entrepreneurs initially was how to pay their bills now,
this week, next week, and for how long. However, this is the most difficult
question to answer right now. Here are some of the important steps to be taken
immediately on the financial front.
- Cutting down on unnecessary costs that are not
securing key business functions.
- List down the fixed and variable costs,
the fixed cost has to be tackled first. create a priority list and keep
the provision for the most important and set the timing of when they are
is going to be due.
- Employees are the greatest assets to the
company, layoffs (unpaid time off), termination or deep cuts may not get
them back.
- Create additional financial revenue sources.
- Think of additional resources like overdraft
or short term loans.
Organization policies for COVID-19:
Use of conference
calls and cam calls is preferred when communicating. It is wise to follow the
CDC guidelines as and when they are published like social distancing, clean
work hygiene, Follow the guidelines of the federal, local or state government
timely directives regarding guidance to employers and safety measures
to employees.
Government tax Payments:
Tax payment
extension up to 15th July for individuals and small business owners.
Check the slabs as declared. Payment of payroll taxes is not extended,
penalties and interest are significant for non-payment of payroll taxes.
Disaster Assistance Loan:
The Small Business Administration has authorized loans to small business owners of up
to 20 lakhs. This is a term loan for 30 years’ tenure with the lowest interest
rate to cover business debts, cover payrolls, and business operating costs.
The owner needs to provide a personal guarantee and provide
financials to qualify.
One may feel this to
be a safe and secure logical choice, but it is again a loan that needs to be
paid back. This business is getting by without this assistance, one should not
get into this alternative as it is a debt and needs to be paid back.
Remote working Pattern:
Many small
entrepreneurs do not practice working remotely, and will probably
be doing it for the first time, as done by other MNC day and night shifts.
These MNC companies can adopt a remote work environment very fast compared
to the traditional business operators as some of them may have a practice of
operating the weekend operations remotely.
If you are operating on a server, you
need to set up a VPN access for the employees to operate their home computers
connected to work computers. Set-forth implementation and expectation
procedure for the weekly and productive reports to be completed on a daily
basis.
Marketing and Sales Strategies:
Make sure that you
have communicated to your customers that you are open there for business and
that they know how to interact with your organization. Make it easy for them to
access your organization for the purchase of services or commodities. Social
media presence is very important to keep your customers updated. Prepare a
newsletter and shoot an email to your customers for further updates and
presence online. Communicate any further changes to your plan with regular updates.
Find new
opportunities by being creative to market and sell the product. This is
the right time to be in touch with existing customers and develop relations
with them. Offer discounts if ordered from a service or product during this crisis.
R & D, Service, Operations, and Product Development:
This is the best time
to develop a reputation with the clients and tackle those relations. This is
the time to rethink the changes you were planning to make to improve the productivity of the organization. If you know
that you have enough time on hand, train the subordinate with the available
skills you have to deliver.
Strategic Business Survival Plan for 2021:
This is the right
time to make a strategic plan for your business in 2020. Make
modifications required, projects which are on the wish list but did not have
time to work on, then this is the time to work on all these projects.
Evaluate the
inventory at the factory, make the tally of the stock available, otherwise, it
is not possible in the flow of production. Coordinating with dealers and
subordinates and giving them hope of business after lock-down.
Employer and Employee Relations:
This is a time when
the patients and endurance are shown by the business owners. Set a strategy and
be calm in the storm and show leadership. As things are changing do make plans
for a week or two instead of planning for months. Here are some steps to be
considered with your team.
1. Focus on your key people in the
organizations. Ultimately it is the people who make the organization run. Give
assurance to the employees that they are protected.
2. Adapt to the new plans as you will be leaving
with these changes once the crisis is over.
3. Stop hiring new candidates, unless it is very
necessary.
Unfortunately, hard
decisions had to be made to make the talent assessment in the company. How will your
business be different if this person is not working next week?
Many of us will learn to sustain our businesses in the crisis, and
develop relations and help each other in a difficult time.