International as well as Indian business being hit by the
Covid-19 slump followed by social distancing and a
nationwide lockdown, businesses are experiencing major
impacts no matter how established they are and are having to
re-look, research on strategies at how they manage and
operate their business including re-visitation of their business
It has become challenging for most businesses to keep their
financial revenue rotating during this period due to less
revenue churn and the general uncertainty in the global
Unfortunately, the impact on startups or small businesses can
be way more brutal as they have limited fund reserves and a
smaller margin for managing sudden calamities. The ripple
effect of this shutdown will have a key impact on India’s
economy, as all business sectors get affected resulting in low
revenue generation due to an eventual halt/slump on the sale
of products and/or services. It is expected that India’s growth
rate in FY20-21 will be down to 2% from a range of 4.7%-
5.2% as was predicted ..
So, during such testing times, startup entrepreneurs even the
settled businesses will have to adapt to a new set of rules and
be mindful of the following aspects to alleviate risks and to
survive the slowdown caused by the impact of COVID19.
- Stop worrying Every day
The situation is not good based on the present turmoil. But
don’t let the worries overwhelm you. Share your concerns with
your near and dear ones. Always remember bad and hard
times come, it is recoverable, but if it take toll on your mental
health perhaps, its irreparable Stay updated. Stay informed.
Stay alert. Try to fly with the winds.
- Convert your business to Online.
If you hadn’t thought about this before, well! Now is the time.
As Lockdown prevails, most people try to manage everything
online or some f the other ways by which necessaries are
delivered to doorsteps. Trust us! This phenomenon is not
going to change for a broader spectrum of common people
even after this bad and hard time is over. People are scared
to go out. Its normal and natural. So why don’t you convert
your business online? At least , you don’t loose your part of
revenues! If not to its bream, not to bottom either. Look for a
website development company and seek their expert help.
Even if you are a very small business owner, converting the
business to online don’t take much, rather its cheaper. Trust
us. We can prove.
- Use the social media platforms as much as you can.
Now that you have built your website and taken a step
towards the newer revamped business model, how do people
know about your website. Its not word of mouth that makes
the flag fly high. Its social media platforms, where you
connect with millions of people with interest or necessities in
those products that you deal with. Connect with them, let
them know what you have got. Share your product info,
communicate with potential buyers and clients. It will not only
keep your idle brain engaged, but also you make new leads. If
not just now, your future is bright. Use digital marketing tools.
Seek help from experts.
- Be by the side of your staff.
As a businessman you probably wonder how can you take
responsibilities of the families of the staffs in such hard days,
its your moral responsibility to be with them and their family.
Trust us, they are one who will be so morally and emotionally
recharged post lockdown that they will be with your twice or
three times effective when you really need their effort. So bear
with their liabilities as much as possible. Call them, see them
give them the support they need during this lockdown.
- Review your personal spending.
We all have our own spending curvature. When it is unparallel
with the income, a lot of other aspects start flying in to the
scenario. Feeling of unfulfillment is poisionous. Try least
expenditure model. E.g, Stop ordering expensive food, or
going out unnecessarily. When your personal budget is