Most businesses are going through a rough time due to the sudden outbreak of COVID19. With the emergence of the coronavirus almost half of the world has gone into lockdown and as a result the global economies are suffering. The small and medium-sized businesses are likely to suffer the most due to the virus.
An online survey conducted showed that around 62% of business owners are now unsure about the future of their business. A number of them stated that their business noticed a massive drop in revenue while most of them complained about being unsure if their business would even survive the pandemic or not. Since most businesses are temporarily closed, we are still in very uncertain times.
Experts at Accord Financial can help you understand some of the different lending options available for business owners in these times. Overall, we suggest that business owners needs to be extremely careful with their business planning. They need to make sure they are being proactive but still budgeting carefully during these uncertain times.
Some of the prominent ways to prevent the falling economy from impacting your business include
• Get an automated lead system
Most of the businesses in today’s world are without a lead generation system. It is necessary that businesses get one as soon as they can. This type of automation has proven to be helpful and it can be a lifeline for certain companies who can no longer rely on trade shows, networking events etc. With the emergence of these automated lead generation systems, you can still bring in new business prospects who are interested in your offerings. Many companies who have automated lead systems are still generating new business during this period.
• Don’t rely on manual labour
Relying on manual labour is the last thing you will want to do during this time. The sudden outbreak of the virus has already put the world in haywire. Relying less on human labour can be of great help for managing your business effectively. You also need to ensure that you use systems that are mobile-friendly so that you can reach your customers. Once you start using these systems, it will become extremely easy for you to manage your business. The more automation systems you have in place the better off your business will be in the long term
• Explore your options related to business loans
Business loans will help many companies survive these turbulent times. Seeking financing now can have an impact on the very survival of your business. Business loans are now available for both large and small organizations and can help for future growth as well.