{"id":518,"date":"2020-04-29T11:17:48","date_gmt":"2020-04-29T05:47:48","guid":{"rendered":"https:\/\/open.money\/blog\/?p=518"},"modified":"2023-07-07T12:42:34","modified_gmt":"2023-07-07T07:12:34","slug":"how-to-grow-your-business-during-covid-19","status":"publish","type":"post","link":"https:\/\/open.money\/blog\/how-to-grow-your-business-during-covid-19\/","title":{"rendered":"How to boost your business runway beyond COVID-19?"},"content":{"rendered":"<span style=\"font-weight: 400;\">No one could have prepared for the\u00a0COVID-19 outbreak. Period.\u00a0<\/span>\r\n\r\n<span style=\"font-weight: 400;\">Most business continuity plans fell flat in the first week of lockdown. Not even the Great recession could have prepped us for this global pandemic<\/span><span style=\"font-weight: 400;\">, that was completely out of the books.\u00a0<\/span>\r\n\r\n<iframe loading=\"lazy\" title=\"How to boost your business runway beyond Covid-19\" width=\"1200\" height=\"675\" src=\"https:\/\/www.youtube.com\/embed\/MFTxy7ZNrSQ?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" allowfullscreen><\/iframe>\r\n\r\n<span style=\"font-weight: 400;\">Now, it is absolutely important to come up with a lifeboat strategy for your business. <\/span><span style=\"font-weight: 400;\">Ready to know <\/span><span style=\"font-weight: 400;\">how you can go from surviving to thriving in these times? Let\u2019s dive in.<\/span>\r\n<h2><span style=\"font-size: 24pt;\"><b>How<\/b><b> does this pandemic affect businesses at different <\/b><b>levels<\/b><b>?\u00a0<\/b><\/span><\/h2>\r\n<span style=\"font-weight: 400;\">Well, there\u2019s only one straight answer to this &#8211; re-prioritisation of needs.\u00a0<\/span>\r\n\r\n<span style=\"font-weight: 400;\">And nothing explains this better than Maslow&#8217;s hierarchy of needs. The businesses that will show resilience in these trying times are the ones that fulfill the most basic human needs &amp; that of safety &amp; security.<\/span>\r\n\r\n<i><span style=\"font-weight: 400;\">Surely you would be happy with a stocked up pantry and a safe stay at your home rather than an international trip or a fancy spa treatment for this year\u2019s anniversary.<\/span><\/i>\r\n\r\n<span style=\"font-weight: 400;\">The shift to normalcy &amp; the immediate revenue impact that every business is bound to see will depend on the basic needs that they serve.<\/span> <span style=\"font-weight: 400;\">Adding on, the pace at which these businesses bounce back will also differ a great deal from the Great Recession. And one of the key factors driving this will be the change in consumer spend, sparked by the fear of the pandemic.<\/span>\r\n\r\n<img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-519 size-full\" src=\"https:\/\/open.money\/blog\/wp-content\/uploads\/2020\/04\/deena_qoutes_01.jpg\" alt=\"Impact of COVID on businesses | Open\" width=\"1400\" height=\"800\" srcset=\"https:\/\/open.money\/blog\/wp-content\/uploads\/2020\/04\/deena_qoutes_01.jpg 1400w, https:\/\/open.money\/blog\/wp-content\/uploads\/2020\/04\/deena_qoutes_01-300x171.jpg 300w, https:\/\/open.money\/blog\/wp-content\/uploads\/2020\/04\/deena_qoutes_01-1024x585.jpg 1024w, https:\/\/open.money\/blog\/wp-content\/uploads\/2020\/04\/deena_qoutes_01-768x439.jpg 768w\" sizes=\"auto, (max-width: 1400px) 100vw, 1400px\" \/>\r\n\r\n<span style=\"font-weight: 400;\">There are businesses that will see a surge <\/span><span style=\"font-weight: 400;\">during these times <\/span><span style=\"font-weight: 400;\">&#8211; like your local grocery shop, digital\u00a0 payments &amp; essential commodities. And then, there are other industries like travel, hospitality, event management, aviation &amp; real estate &#8211; that are bound to be highly impacted. Some have already come to a grinding halt.\u00a0<\/span>\r\n\r\n<span style=\"font-weight: 400;\">Few businesses will even see a complete shift in consumption patterns. For example, we are already seeing a wider adoption of online stores for essential commodities retail &amp; online learning.<\/span>\r\n<h2><span style=\"font-size: 24pt;\"><b>Is your business ready for the shift?<\/b><\/span><\/h2>\r\n<span style=\"font-weight: 400;\">This question is all that matters right now. Every business needs to alter its Business Continuity Plan &amp; rein in the \u2018new normal\u2019.\u00a0<\/span>\r\n\r\n<span style=\"font-weight: 400;\">A temporary or permanent pivot from your core business &amp; <a href=\"https:\/\/open.money\/blog\/pivoting-business-models-in-the-new-normal-of-covid-19\/\">reinventing a new business model<\/a> is the need for the challenging times that lie ahead. <\/span><span style=\"font-weight: 400;\">With everyone buying essentials online, if you own a retail store, this is the time to take your business online &amp; set up a delivery facility.<\/span>\r\n\r\n<span style=\"font-weight: 400;\">Now, this might sound like an unrealistic goal to set out for, on your own. The only way is to collaborate with other businesses, leverage their talents &amp; expertise to not only uplift your own business but to also help other struggling businesses out there.\u00a0<\/span>\r\n\r\n<img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-520 size-full\" src=\"https:\/\/open.money\/blog\/wp-content\/uploads\/2020\/04\/deena_qoutes_02.jpg\" alt=\"Survival strategies for businesses | Open\" width=\"1401\" height=\"801\" srcset=\"https:\/\/open.money\/blog\/wp-content\/uploads\/2020\/04\/deena_qoutes_02.jpg 1401w, https:\/\/open.money\/blog\/wp-content\/uploads\/2020\/04\/deena_qoutes_02-300x172.jpg 300w, https:\/\/open.money\/blog\/wp-content\/uploads\/2020\/04\/deena_qoutes_02-1024x585.jpg 1024w, https:\/\/open.money\/blog\/wp-content\/uploads\/2020\/04\/deena_qoutes_02-768x439.jpg 768w\" sizes=\"auto, (max-width: 1401px) 100vw, 1401px\" \/>\r\n<h2><span style=\"font-size: 24pt;\"><b>The only thing on everyone&#8217;s mind &#8211; Runway<\/b><\/span><\/h2>\r\n<span style=\"font-weight: 400;\">Runway is the period upto which your business can stay afloat with your cash reserves. Now, with the economic crisis around, it is vital to plan for a minimum of 12 month survival period for your business. This would revolve around evaluating your available cash resources on the grounds of the most conservative cash inflow that you could expect in the next 12 months.<\/span>\r\n<h2><span style=\"font-size: 24pt;\"><b>Business decisions that are <\/b><b>the need of the hour<\/b><\/span><\/h2>\r\n<span style=\"font-weight: 400;\">Let\u2019s have a look at some other decisions that you should be taking to <\/span><span style=\"font-weight: 400;\">boost your <\/span><span style=\"font-weight: 400;\">business runway:\u00a0<\/span>\r\n<h3><span style=\"font-size: 18pt;\"><b>(1) Prioritise collections<\/b><\/span><\/h3>\r\n<span style=\"font-weight: 400;\">Do whatever it takes to keep that steady cash flow coming in. If discounts do the trick for the business, go for it. Profits can take a back seat for now. It is highly critical that you maintain your receivables.<\/span>\r\n<h3><span style=\"font-size: 18pt;\"><b>(2) Build new revenue streams<\/b><\/span><\/h3>\r\n<span style=\"font-weight: 400;\">It&#8217;s time to take a seat back &amp; reassess your core assets &amp; revenue streams to a T. For example, you can fuel up your amazing engineering team to execute some kick-ass independent projects on their own. Already own a delivery fleet? Share them with businesses that are struggling with last-mile delivery of essential items.\u00a0<\/span>\r\n\r\n<img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-521 size-full\" src=\"https:\/\/open.money\/blog\/wp-content\/uploads\/2020\/04\/deena_qoutes_03.jpg\" alt=\"New business models during COVID | Open\" width=\"1401\" height=\"801\" srcset=\"https:\/\/open.money\/blog\/wp-content\/uploads\/2020\/04\/deena_qoutes_03.jpg 1401w, https:\/\/open.money\/blog\/wp-content\/uploads\/2020\/04\/deena_qoutes_03-300x172.jpg 300w, https:\/\/open.money\/blog\/wp-content\/uploads\/2020\/04\/deena_qoutes_03-1024x585.jpg 1024w, https:\/\/open.money\/blog\/wp-content\/uploads\/2020\/04\/deena_qoutes_03-768x439.jpg 768w\" sizes=\"auto, (max-width: 1401px) 100vw, 1401px\" \/>\r\n<h3><span style=\"font-size: 18pt;\"><b>(3) Mindful spends<\/b><\/span><\/h3>\r\n<span style=\"font-weight: 400;\">All discretionary spends need to be put to a stop right away. Surely the new store in your dream city can wait for now. Instead, you should focus on renegotiating rentals for the existing 3 stores. <\/span><span style=\"font-weight: 400;\">Another factor that needs careful planning &#8211; inventory. <\/span><span style=\"font-weight: 400;\">Avoid spending on any non-moving stocks in the current Covid-19 situation.<\/span>\r\n<h3><span style=\"font-size: 18pt;\"><b>(4) Be <\/b><b>on the lookout for additional capital sources<\/b><\/span><\/h3>\r\n<span style=\"font-weight: 400;\">It\u2019s necessary to be on top of any financial aids that are announced by the government to uplift SMEs, MSMEs &amp; startups to battle COVID-19. You know you can get your hands on new credit lines from banks &amp; other financial institutions, right? Not just that, to survive the &#8216;new normal&#8217; equity infusion is a great option if you tap into the right channels.<\/span>\r\n<h3><span style=\"font-size: 18pt;\"><b>(5) Don\u2019t lose out on your employees<\/b><\/span><\/h3>\r\n<span style=\"font-weight: 400;\">There&#8217;d be tons of people who&#8217;d advocate firing your employees as one of the go-to cost-cutting measures. <\/span><span style=\"font-weight: 400;\">I strongly believe in just the opposite of this. You cannot bounce back in the \u2018new normal\u2019 conditions without the strength &amp; support of your team.<\/span>\r\n\r\n<span style=\"font-weight: 400;\">If needed, go ahead &amp; have a joint discussion on minimum pay &amp; promise ESOPs post the COVID-19 times. Rather than letting go of your employees, find projects where their skill-sets can be put to use with sufficient earnings.<\/span>\r\n\r\n<img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-522 size-full\" src=\"https:\/\/open.money\/blog\/wp-content\/uploads\/2020\/04\/deena_qoutes_04.jpg\" alt=\"Firing employees during COVID | Open\" width=\"1401\" height=\"801\" srcset=\"https:\/\/open.money\/blog\/wp-content\/uploads\/2020\/04\/deena_qoutes_04.jpg 1401w, https:\/\/open.money\/blog\/wp-content\/uploads\/2020\/04\/deena_qoutes_04-300x172.jpg 300w, https:\/\/open.money\/blog\/wp-content\/uploads\/2020\/04\/deena_qoutes_04-1024x585.jpg 1024w, https:\/\/open.money\/blog\/wp-content\/uploads\/2020\/04\/deena_qoutes_04-768x439.jpg 768w\" sizes=\"auto, (max-width: 1401px) 100vw, 1401px\" \/>\r\n<h2><span style=\"font-size: 24pt;\"><b>We are in this together\u00a0<\/b><\/span><\/h2>\r\n<span style=\"font-weight: 400;\">The only way out to win the war against COVID-19 is for businesses to have each other&#8217;s back. It\u2019s vital that businesses of all shapes &amp; sizes, be it Startups, SMEs &amp; local businesses come together.<\/span>\r\n\r\n<span style=\"font-weight: 400;\">Think you have an amazing bunch of engineers, marketers etc.? Now\u2019s the time to join hands with the local shops to fulfill the most basic needs of your customers.\u00a0<\/span>\r\n\r\n<span style=\"font-weight: 400;\">The only smart way to boost your business runway is to <a href=\"https:\/\/bit.ly\/3cU6GJZ\" target=\"_blank\" rel=\"noopener\">stand together as a community<\/a>. Let\u2019s embrace <\/span><span style=\"font-weight: 400;\">this <\/span><span style=\"font-weight: 400;\">chaos &amp; come out thriving.\u00a0<\/span>\r\n\r\n&nbsp;\r\n\r\n\r\n\r\n<style type=\"text\/css\">\r\n.simple-subscription-form {<br \/>  background: #f2f5f8;<br \/>  color: #222;<br \/>  padding: 1rem;<br \/>  border-radius: 0;<br \/>}<br \/>.simple-subscription-form .button {<br \/>  border-radius: 25px;<br \/>  padding: 10px 20px;<br \/>  background-color: #663399;<br \/>  color: #fefefe;<br \/>  border: none;<br \/>  font-size   : 100%;<br \/>}<br \/>.input-group-field{<br \/>  padding: 10px;<br \/>  margin: 8px;<br \/>  border: 3px;<br \/>}<br \/>input[type=email], select {<br \/>    padding: 12px 20px;<br \/>    display: inline-block;<br \/>    border-radius: 4px;<br \/>    box-sizing: border-box;<br \/>    font-size   : 100%;<br \/>}<br \/><\/style>\r\n<div class=\"simple-subscription-form\"><form>\r\n<h3>Subscribe via Email<\/h3>\r\nLiked this article? Subscribe to our monthly newsletter. We don&#8217;t spam. Promise! \ud83d\ude0a\r\n<div class=\"input-group\"><input id=\"input-email\" class=\"input-group-field\" required=\"required\" type=\"email\" placeholder=\"Email\" \/><button class=\"button\">Subscribe Now!<\/button><\/div>\r\n<div id=\"thankyoumsg\" hidden=\"\">Thank you for subscribing. \ud83d\ude0a<\/div>\r\n<\/form><script>\r\n  function sendClevertap(e) {\r\n      e.preventDefault();\r\n    var email = document.getElementById('input-email').value;\r\n    console.log(email);\r\n    console.log(clevertap.getCleverTapID())\r\n    document.getElementById('thankyoumsg').hidden = false;\r\n    clevertap.onUserLogin.push({\r\n     \"Site\": {\r\n       \"Email\": email,\r\n       \"blog subscribed\": true\r\n     }\r\n    })\r\n  } \r\n<\/script>\r\n\r\n<\/div><!-- \/wp:post-content -->","protected":false},"excerpt":{"rendered":"No one could have prepared for the\u00a0COVID-19 outbreak. Period.\u00a0 Most business continuity plans fell flat in the first&hellip;","protected":false},"author":8,"featured_media":1905,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"csco_singular_sidebar":"","csco_page_header_type":"","csco_page_load_nextpost":"","footnotes":""},"categories":[447],"tags":[],"class_list":{"0":"post-518","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-archive","8":"cs-entry"},"_links":{"self":[{"href":"https:\/\/open.money\/blog\/wp-json\/wp\/v2\/posts\/518","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/open.money\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/open.money\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/open.money\/blog\/wp-json\/wp\/v2\/users\/8"}],"replies":[{"embeddable":true,"href":"https:\/\/open.money\/blog\/wp-json\/wp\/v2\/comments?post=518"}],"version-history":[{"count":0,"href":"https:\/\/open.money\/blog\/wp-json\/wp\/v2\/posts\/518\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/open.money\/blog\/wp-json\/wp\/v2\/media\/1905"}],"wp:attachment":[{"href":"https:\/\/open.money\/blog\/wp-json\/wp\/v2\/media?parent=518"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/open.money\/blog\/wp-json\/wp\/v2\/categories?post=518"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/open.money\/blog\/wp-json\/wp\/v2\/tags?post=518"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}