When the world changed we found new ways to communicate now we have to find new ways of doing business!
No money? No hope? Don’t give up! Your business can survive!
Even if you have totally run out of money and are completely without hope, your business can almost certainly survive the COVID-19 crisis. Furthermore, you can emerge with a business that is stronger than the business you had before the crisis.
No matter how bleak things seem now, your business can survive. And you can create an even stronger business model at the same time. Here’s how to do it.
Listen. This COVID-19 crisis really is different than any other. Everyone on the entire planet knows about it! And everyone is being impacted by it!
And that’s a huge benefit to you! Usually, your business problem is YOUR business problem. But this business problem is the WORLD’S business problem.
This crisis in your business did not happen because you made a business mistake. This crisis did not happen because you were not prepared for a recession. This crisis happened because of a global pandemic that led governments forcing businesses all over to shut down and consumers to stay at home. It’s not your fault.
You can’t be expected to pay your bills normally when the government is shutting down both businesses and consumers. During this crisis, there is nothing dishonorable or unethical about not paying your bills if you can’t. It is possible that creditors could take legal action against you. But in most cases, the legal action is not going to begin quickly, especially at this time.
But you do need a survival plan:
Forget how you ran the business yesterday. Today is a whole new ball game.
Whether you create a survival plan by yourself or with your team, there is a basic mindset that I recommend: “zero-based planning.” In other words, the past is past. Forget it. It’s not going to work now. Start with no assumptions. Start with a blank sheet of paper.
In other words, you are not going to think about maybe trimming the hours you are open or reducing your marketing costs or trimming your overhead.
Instead, you are going to redesign your business totally. And you are going to design it to survive during this tough time.
Your Small Business Survival Plan During COVID-19
A short one-page description of the temporary design of the business for the crisis period, with an emphasis on ensuring survival of the business.
#2. Bill Prioritization
A ranked list of which bills will be paid as money is available.
#3. New Budget
A new monthly budget for the crisis period.
#4. Projected Income Statements
Projected profit and loss statements for each month of the crisis period.
#5. Projected Balance Sheets
Projected balance sheets for each month of the crisis period.
#6. Projected Cash Flow
Projected cash flow for each month of the crisis period.