The novel coronavirus has become a great deal in the last couple of months and threats to take the world towards an undue apocalypse if not curtailed soon enough. Every sector has taken a huge hit globally and Australia is no different.
To put things in perspective, over 60% of businesses here in Australia. The COVID 19 has hit the manufacturing industry the hardest with over 78% business affected followed by Wholesale trade (74%), Recreation & Personal (83%), Information Media & Telecommunications (75%), Property & Business Services (74%) and Transport, Postal & Warehousing (72%). Lockdowns, quarantine, self-isolation, etc., has all effect the man-power that is involved in production purposes.
Source of information: Ray Morgan
And that is not even the end, the outbreak of pandemic coronavirus has affected small businesses by a great deal. These small businesses (having an annual turnover of $5 million of lower), generally run through a capital crunch and the slightest dent in the market can rule a big impact.
As much as 81% of small businesses and 58% of macro businesses have been affected by the same.
What should, you as a business owner do in this situation?
If you are heading a small business, you are most likely hit by the impact of COVID 19. A labour or employee strike for a couple of days can incur huge losses, let alone an infinite time-frame. However, there are many ways how you can prepare yourself and the business to minimise the impact and losses.
Here are some points you should follow:
Every company should have a risk management plan in place. This is a plan of action that is adopted when there is an unexpected or possible disruption. A risk management plan take reduces a lot of the workflow process to a bare minimum and only focuses on what’s utmost important at the given point of time.
Get ready for operational disruption
When such a pandemic outbreak comes into force, it is quite natural that the workforce will encounter a disruption. You might lose staff, labourers and employees, which is true in case of coronavirus (due to the lockdown) and so will your vendors.
So, the supply of raw materials or working on the manufacturing process might take a big hit. What you need to do here is limit your relations with countries that are most affected and try to focus on the least affected countries. Also, don’t overburden your reduced workforce with more assignments, limit your work tenders.
Encourage healthy behaviour
Not everyone might practice a healthy lifestyle at all times, but the real advantage of leading such a lifestyle comes to the fore when a challenge (like this one) arises. Inculcate healthy habits in yourself and your team.
Take all the precautionary measures that many keep the COVID 19 away from your work life and encourage your employees, suppliers and clients to do the same.
Take a business loan
Applying small business loans can help in this situation. Due to the disruption in the supply chain, the financial aspect has taken a hit too, payments are delayed, sales going down.
The night is darkest just before dawn. The situation will change surely and your business will get back on track as soon as the pandemic stabilises. Getting hands on unsecured business loans can help you mitigate the delayed bills’ cash inflow and streamline your business in such a crunch situation.