Survival tips for entrepreneurs in pandemic crisis

Wow! What a week? Do not worry! I do not go into the virus or possible scenarios any further. That is not what I am concerned with and I am not a suitable expert for this. Corona is one thing that concerns me most: the entrepreneurial challenge for all small business owners.

A lot of people talked about the big crash last year. Bank crash, crashing financial markets, possibly even a currency crisis. A realistic scenario for the financial markets built on debt. But that a virus that initially appears to be harmless leads the entire world to shut down?

I would have preferred a financial crash. This would have mainly affected the corporations and banks and would have cost a few jobs. Not too bad, because there was a shortage of skilled workers on every corner anyway. Demand and supply would have been balanced again and zombie companies would have been swept off the market. As usual, the costs would have been turned upside down on all taxpayers. Not nice either, but somehow manageable.

But the current crisis is different. In my opinion, even the big players benefit. With huge cash reserves, they can sit back and relax and possibly even go on a shopping spree. If necessary, they will take on a few million debts. The small business owner does not have these reserves. And as a private individual or a small company, nobody wants to go into debt with such an amount. Probably the one who took care of a financial reach early on.

It’s also about that

•           accept what is rather than start whining

•           Spraying optimism instead of being afraid

•           Seeking opportunities instead of watching the risk

Since last Friday (of course, the thirteenth day of the month), we have been constantly working on finding new business models for our customers, looking for opportunities, and/or working with customers to develop a plan for how to get straight to Corona Winners count.

And that works extremely well! There is not always an adequate solution. It would also be ridiculous if you could replace a business model that has grown over several years within a few days.

But you can find transitional solutions and focus on certain business areas. You may even be able to secure liquidity and you can definitely broaden your horizons of entrepreneurial solutions and push your own digitalization.

So how should you proceed exactly?

Scenario 1: You have a financial reach of several months and, with a reduction to short-time work, even a financial cushion until next year: In that case, I would keep calm and take the opportunity to intensively promote my own marketing over the next few months as well as projects that have failed in recent years. I look forward to it because when was the last time you had so much time to take care of your company or your marketing?

Scenario 2: You have a limited financial reach: You should immediately start reducing costs and accept government aid. 

As soon as a short-term survival is ensured, you can take care of your marketing/company as in scenario 1. However, put a stronger focus on developing alternative business models.

You can’t change the situation out there anyway. But you can do your best to adapt to the situation: Survival of the fittest!

About MyitSolutions

Myitsolutions a valued contributor on Vents Magazine a Google news approved site. I love to provide the latest news to my viewers and sharing knowledge about interesting facts on different topics.

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