6 Ways the Entrepreneur Should Do in Covid-19 Crisis

          As a result of the epidemic of Coronavirus (Covid-19), the Bangkok Metropolitan Region gradually closed the risky places, whether entertainment venues, meeting venues, stadiums, department stores, markets or beauty shops, and etc. Of course, it must affect all the entrepreneurs, whether it is small business - medium-sized business (SME) or large-scale business.

          Therefore, people who are leaders in the times of this crisis must be strong and prepare to plan well as silence is not the thing they should do anymore. From the latest Podcast by The standard, it interestingly talks about the 6 things that CEOs must do immediately in this crisis. Therefore, in this blog, I will summarize more clear guidelines. Delve into specific planning for all entrepreneurs, especially business owners, to continue their business. Let’s see!

1. The way for staff and customers

          The foremost important thing that should have a support plan is protecting the staff and the customers. For the staff in the company, safety and alertness are very important so we have to wake them up to be aware of the situation of the company, and ready to resolve and improve the working plans which may change all the time. This may include experimenting with new technology to facilitate working. Also, at this time many organizations are starting to work from home, which makes communication with the staff by using technology is important.

           For customers, if the company is at risk about a Covid-19, there must be a measure out to deal with it whether spraying disinfectants or strictly checking the health condition. In order to assure customers that it is safe. The most important thing is to not be afraid to invest in this point and must tell the truth, and sincerity to customers.

2. Financial planning

          Assessing the situation closely is what we should do as a next step. Check all income, expenses, profit and loss and all financial statements that are affected. This part requires the help of many parties whether the finance executive or other department that directly deals with customers to help assess the situation and plan to handle the worst situation that may occur. We can do it by assessing the decrease in income that what will happen next after getting the effects of the market. The entrepreneurs have two main choices: 1. Pull the hand brake immediately that means to stop it; do not implement any ways other than cut cost or 2. gradually start to experiment with various plans, try to adjust to various situations that have been planned. 

3. Company income

           The best thing to do is preventing the company's income from decreasing. Of course, the income will decrease at this time of crisis so our planning should try to think from the customers' side, if you are a consumer, in times like this what do you think needs to be bought?. Think that how can customers reach us in this situation? For example, many businesses are starting to turn online to reach more customers or some also have delivery service as well. In addition to planning to prevent the decrease of income, we must try to look for other income to replace the missing part, and try to find the new way to earn other income, for example, now many companies are going online as mentioned.

4. Maintain supply chain 

           The thing that can have a big impact on the organization is the operation, because whether people, technology, or resources of the organization if there are any parts affected , every part will affect as well. Working together or coordination of all parties is another very important thing that business owners have to plan. We have to prepare an emergency plan for each department as many companies have a variety of actions whether it is working across departments to maximize benefits. Moreover, bringing IT to help and plan for work from home in order to maintain the stability of the staff themselves and the work to be effective as well.

5. The way for cost reduction

           If 4 plans above are not enough, the next plan is to cut costs to save cash, because as I have said in many blogs, at this time the most important thing is cash. Therefore, cost cut planning is very necessary. In addition, reducing unnecessary expenses is needed, to save more and maintain the necessary part. The way that the organization should be now is lean, and to turn to use technology to deal with the future after the end of this virus.

6. Proactive is required

            I can be said that the virus is now changing consumer behavior, changing markets and business directions forever. Due to this, people will increasingly turn to digital, some people who have never ordered something online or ordered food delivery, will do it. Therefore, the plan to deal with what will happen is a must. The idea that if ... then ... if this happens, what are you going to do? Thinking of ways to increase sales or expand the business can be considered but don’t forget to look at trends in the market as well also it may be an opportunity for you to find something new for your business.

          All planning must be done immediately and done all the time because everything may be changed all the time so we must always prepare and be ready to deal with every situation. The key is planning to handle from the slightest to the most impact, you have to always think about the worst cases if it can be passed, this is the most valuable case study that an organization has ever experienced. Whatever, I would like to be another encouragement for all entrepreneurs.:)

Thank you to information from The standard and Bain & Company. Listen for further information at https://thestandard.co/podcast/executive-espresso-ep36/

Admin Mek

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