The businesses are resuming after a long period of lockdown and the on-going pandemic situation. Gradually, all the industries have started back their operations, in the same way, the small businesses have are also recovering their business after the release of lockdown. Following the guidelines provided by the Government of India, the companies have to work with several limitations. In order to keep their business on, retain workforce, pay debts and due to many more other reasons the smaller companies have to adhere to the new rules and work accordingly.
Here are some of the approaches that are being used by the small organizations to recover their business post lockdown –
1. Develop Strategies:
While many businesses have established a series of strategies to recover their business, because of the unsteadiness effect caused by the pandemic, the smaller businesses are still struggling to stand back in the market. To market their goods and services to wider groups of customers, smaller companies have to think and build-out of the box strategies. It should also assist the organization in restoring its finances for further activities.
2. Paycheck Protection Program:
The PPP (Paycheck Protection Program) are the funds offered to the small businesses in the form of a loan, which can be paid back after 8 weeks. Primarily, if at least 75 percent of the money went to payroll for 8 weeks after the loan was signed, the loan was forgivable. In order to allow business owners more time and flexibility, the software has since been modified. If at least 60 percent is spent on payroll expenses and the covered loan forgiveness period has been extended to 24 weeks from the date of disbursement, the loans are now forgivable.
3. Effective Use of Digital Platforms:
Today, every other organization has a strong digital market, just in the same way the small businesses have to make productive use of all the digital platforms available to reach their customers to the maximum extent possible. They can build innovative profiles on social media sites and use different tactics for digital marketing that can draw more customers.
4. Be Confident for the Future:
After this pandemic, all small businesses should have their preparations ready to face any kind of situation that will arise in the days to come. In order to keep their company active in any critical situations, they have to develop different strategies and which will also allow them to remain strong in the market but also gain good revenues regardless of market conditions.
5. Remain Calm and Optimistic:
The pandemic situation has been very difficult for all sectors. Small businesses have to keep calm and remain confident, regardless of the market situation. It will allow them to adapt quickly and work appropriately to evolving market conditions. In a recent Entrepreneurship survey, it is estimated that more than 60 percent of India's small businesses are optimistic that their business will resume amid the recession and negative effects due to the pandemic.
As the operations of small businesses have recommenced, they will have to craft various strategies and visions that will help the companies continue their business in the long term. Also, they will have to plan their day-to-day activities according to the new normal in the industry. Another big change that organizations need to adapt to help survive in the new standard is to accept digital and mobile communications. The way organizations interact would change, from using social media platforms to communicate with clients to using chatbots for internal communication.