Having trouble managing cash flow during the coronavirus? Having COVID-19-related revenue issues? In this episode, we talk about different ways that you can respond.
A lot of us are in tremendous amounts of stress because of the economic impact of coronavirus, and even us, online business people, are definitely not immune from it. Whether you have just started your business or have had it for years, we are both currently facing the same problem: losing revenue.
With the current situation, you might have questions in mind such as “should I be cutting costs during this time?” or “is this the time to cut back or time to double down?”
Here are the tips that can help you manage your business expenses during the coronavirus:
- Skill is the new currency – Find out your amazing skills that are particularly relevant for the current situation, skills that really weren't relevant prior to the pandemic ut can now help people.
- Business pivot – Make a fundamental change to your business after determining that your product isn't meeting the needs of the intended market.
- Think out of the box – Consider whether or not there's help uniquely available for you that you might not have considered before. All kinds of loans and grants that you can apply for to help replace employee salaries to help you manage a cost of inventory, take a look at them.
- Cost identification – Create a list of all your expenses for the month and check for overlapping items, or find a cheaper solution. You may contact your providers and ask for suggestions on how you can manage your bill.
Don't let pride get in the way of correctly managing your business. I'm not suggesting that you shrink your financial responsibilities, but if you're trying to decide between folding up your shop or asking for help, seriously consider asking for a little bit of help.
And whatever you can do, find ways to invest, find ways to match what's going on in the market, and take advantage of the situation to try and help people make it through this.
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