How you can minimize your business risk in this Corona Virus outbreak 2020 ?

So Finally Coronavirus or COVID 19 is considered an epidemic by the World Health Organization (WHO). A high percentage of businesses are highly affected by the virus spread. Most of the people are inside their homes, protecting themselves from this severe Contagious disease. Whole Europe from the United Kingdom to Italy from India to Iran is under this virus attack. So if you are in one of the highly affected countries and your business is suffering highly in this situation you can consider some tips from here.

Go Online from Offline:

f you have any cake shop, food store, Mobile store or any other store where you sell products physically; It is the best time to turn your physical store online. As more and more people are getting panicked and staying in their homes, people will use more and more social media platforms like Facebook, Instagram and so on. With Facebook ads you can showcase your products with prices and can sell them directly. Other than that a 24x7 E-commerce store for your business will do magic for you in this situation. You can read more on how you can start a website easily.

Convert your documents to digital and upload to cloud :

If you have physical documents which is somehow important to you, make a digital copy of those documents. If your business faces these kinds of situations again, you can retrieve those digital documents from the cloud (Google Drive, Onedrive etc.) anytime.

Discounts :

If you are almost sure that this situation is going to be worse and you have a huge number of unsold product, you can offer discounts on your products with a minimal price tag. You won’t earn a huge amount of profit but won’t be affected by huge losses either.

Communications:

Stay connected with all your supply chain key people, exchange views. You could look to seek extensions from other stakeholders if you are unable to pay all charges on time.

Business Insurance :

Check you if you can get a claim for the losses from your insurance company.

Reduce overhead :

Reduce the spending of an extra amount of money. Fixed costs like electricity bill, rent, utilities, financing costs and taxes are not affected by low sales, therefore needs to be properly managed.

Notify Customers on Google Business page:

If you are not sure about whether you are going to open your store tomorrow or not, please update your working hours and date on google my business page. Your customers will get to see when your store is available for service and when it is closed.

Work from from :

If your employees can work from their home without any problem, you must allow them to do so.

Stock Management :

If you have a shortage of goods in your store or business, be sure to full your stock. No one knows how many days this situation will stay. You must stock up your inventories for the future.

Taking loans :

SBA’s (Small Business Association) of the United States of America provide Disaster Assistance Loans for Small Businesses Impacted by Coronavirus (COVID-19). If you are outside the US, you can check with your own country rules to get the loan. If you can apply these steps, you can hopefully eliminate some of the risks you are having with your business due to coronavirus (COVID 19) outbreak.