TENEBRIS LLC » Business vs COVID-19

Lets face the truth/ the pandemic is not exactly slowing (as on 27th of March 2020). Many hope that this will all end in mid April or May (mostly politicians). Experts are not that sure on when exactly the pandemic will slow down, or when we will be able to stop it or prevent it.

Most of the countries in the world are in lock-down mode, it scope depends on each individual country. Nonetheless everything is disrupted, our social life, work and most important business. The reality is, if there will be no business then there will be no work and no social life (as we know it). The ‘national quarantines’ made many businesses to close or to loose clients. This threatens many workplaces.

What can businesses to do minimize the losses and to start fighting with the risk of bankruptcy? In my personal opinion and my advice would be, adapt to the situation.

1. If you are a restaurant, pub cafe or local groceries, butcher’s or bakery, try to switch to take-away/delivery model. Utilize social media, online marketing platforms also friends and family to spread the news on the new possibilities of ordering from your place. You could try to make contact with Uber, Lyft, Bolt or other ride-sharing drivers or even local taxi corporation for them to deliver orders from your place. Remember that they also are affected by the situation and probably they would be interested in such cooperation.

2. Talk with your employees, would they be willing to take cut in their wages. This would help your business to survive longer instead or closing it down. Just remember that you also have to take a cut in your salary. This is most important in bigger companies where there in a managing team. Put yourselves as an example and cut your managerial salaries. This is better then just taking the salaries form your workers. You are all in it together.

3. Work together with your fellow local businesses. If you work as a team, supporting each other it would be always easier. Also support your local businesses by using their services and products.

4. If you are a service provider who does not need to utilize any material items to provide your service, consider temporary price reduction/discounts. We are all in difficult situation and cash flows are not the same. Price reduction will help you to maintain some cash rather than have nothing. For example

5. Do financial analysis of your business to identify all of you spending. This would help you to track expenses that are not necessary and should be avoided. Nonetheless, this approach should be always used by business owners to mitigate company loses and unnecessary expenses. This also will help to improve your cash reserves so your business could last longer.

6. Look for more remote ways of selling your products/services. Change the way that your sells team work. Do not waste time and money on endless visits to potential clients. Use online methods of presentations and contact. Use phones and emails to communicate with the customers. Sales people should go visit the client only to sign the contract. This saved time can be used to

7. Do not save to much on the advertising and marketing campaigns of your product/service. I know that this usually sound and feels normal to cut the expenses in this area. However trust me, this is not the good option for your business. Because stay at home doctrines in many countries, people are spending more time online. Furthermore you cannot allow for your product/service to be forgotten by perspective customers. You should research what tools are available in order to manage your digital marketing campaign. You could also ask marketing consultants for help in finding such tool and helping you use it in its full potential.

I think that those 7 (seven) points are a good start for you and your business to start a fight with the Covid-19 economic consequences. Of curse those points are a general ideas if solution and all of them should be tailored to individual business needs. However they give a skeleton for a plan to prepare more detailed solutions.

On behalf of TENEBRIS LLC I would like to wish you all, Strength in overcoming this crisis, Optimism as this is the important mindset in present time and Please Stay Safe and Stay Healthy.