On Friday the 27th of March, we had a webinar with Karen Ubani of Karen Ubani Apparel on ways that small retail businesses can bulletproof their business during this Coronavirus pandemic. From our short but insightful conversations, we bring you 5 practical ways small businesses can stay afloat during this Coronavirus pandemic
1. Keep engagement with your customers on top gear
This is not the time to dwindle on engagements with your customers. Send them a newsletter about how your business will be operating during this pandemic or if you won’t. If you won’t be operating, let them know when you will be back and how they can contact you if the need arises.
2. Revisit your cashflow for the year
Now that business will dwindle or maybe come to a halt, now is the time to revisit your cash flow and restrategize on ways to pull in more cash
3. Renegotiate payment terms
If your owe loans or other forms of financial support, now is the time to reach out to whomever who you might be owing to renegotiate payment terms, especially if cash flow into your business will be put on hold during this pandemic.