One word that’s a part of every conversation today is the Coronavirus or COVID-19. From lockdowns to the measures taken by different governments of various countries to the economy that is suffering and will continue to suffer in the long run, it has become an unwelcome part of our lives and has brought everyone’s life to a standstill. At a time when the entire world is experiencing uncertainty with heightened speculation due to COVID-19, businesses around the world may be on the brink of another economic downturn. While a decline in a consumer’s confidence and a decrease in sales threaten a business from time to time, it is usually a smaller business that is particularly vulnerable as it often does not have adequate reserves to help pull through difficult times. And with over 30.7 million small businesses in the U.S. which account for approximately 99.9% of all U.S. businesses, it is a matter of concern. So how can you safeguard your small business and make it recession-proof during the Coronavirus pandemic and even after that to stay afloat at all times? To begin with, adversities like such also opens opportunities for resourceful firms to outsmart larger competitors who are unable to carry on business as usual or are unable to adapt quickly during such a downturn. A small business owner can:
- Gain a large market share by leveraging the competitors who are unable to adjust to shifting market conditions.
- Maintain liquidity through a strong cash stream throughout the downturn.
- Lead the team and entire business to be more cost-effective and have a more efficient operation, thus better positioned when the market improves.
- Monetize expertise with a revised and clear strategy developed for a profitable business model.