The Corona pandemic has imposed great pressure on small and medium-sized companies, in light of lockdown measures, lack of resources, low consumption rates, and uncertainty.
It is important to assume that the crisis will continue for a long time, and try to find solutions, and avoid the bankruptcy and closure scenario, and by applying some advice, your company will have the opportunity to continue and grow despite the challenges posed by the outbreak of the epidemic.
In a report published in the American entrepreneur magazine, author Phil Castro suggests 3 tips for business owners to get through the difficult period with minimal damage.
Online lessons and courses
Quarantine measures and physical distancing measures showed that the problems faced by small and medium-sized companies are mainly related to the lack of a clear work plan commensurate with the variables, crises and emergency situations.
In fact, most business owners lack the necessary training to deal with crises due to lack of time, lack of resources, or failure to find the best options for obtaining this support.
But staying at home due to the pandemic has provided access to seminars and specialized lessons online with minimal effort, and many websites and podcasts provide guidance and advice from successful entrepreneurs, and distances are no longer an obstacle for entrepreneurs to develop their skills and gain the necessary expertise to overcome crises.
Stay at home due to the pandemic Provide access to webinars and specialized lessons with minimal effort (pixels)
Technology use
One of the most prominent misconceptions inherited by the new generation of entrepreneurs is that technology is only suitable for large companies, and this is not true at all, and the epidemic has accelerated the process of digital transformation in all industries, and all companies today are required to adopt technological solutions to deal with the variables.
The author suggests adopting digital models to control the budget, manage resources optimally, manage the relationship with customers, and develop marketing strategies. As for the cost, there are options and solutions specifically designed to meet the needs of small and medium enterprises.
Digital banking loan
Even before the pandemic, obtaining a loan from conventional banks became very difficult, and may require complex procedures, with a long waiting period for approval.
But thanks to modern digital banking, there are good and easy alternatives for small and medium businesses, as algorithms analyze requests in less than 10 minutes, and they can approve large grants and loans based on the company's trading capital online.