The whole world is currently going through a recession because of the corona virus. And small businesses are also facing problems. Small businesses are almost shutting down. And the business that is left is also facing difficulty.
The small businessmen who are here are facing more difficulties. Because they do not have capital. And the accumulated capital is now almost gone. In this way, how will small businesses move forward? Today we will talk about this
Bank is not ready to give loan to small business
Difficult for small businesses is also increasing because the bank is not ready to give loans to these businesses. Or small business people have already taken loans from banks. And now small businesses have no money left to pay back loans to banks. And now the bank is not ready to give them new loan. Because the condition of banks is also bad at the moment. And their NPA is constantly increasing.
In such a situation, the question is, how will small businessmen move forward? But still you need not be disappointed. Because many such small businesses are emerging after the corona virus. Which will move faster. And will increase your profits.
Small business man what to do to advance business
If you are a small businessman. And you have just started business. Even then you do not need to panic. You have to follow some strategy. So that your business keeps going.
At this time, you have to pay attention to profit. Not on selling new things. Also remember that you do not stock new goods. And remove any stock you have left. Even if you have to bring any discount scheme for this.
If someone has just lent your money, then ask for that money back. I know it is difficult to get money back at this time. But still you have to try that you should get your money back as quickly as possible. Because he is seen with a small business that he suffers from lack of capital. And that is why they stop. In such a situation, you will have to withdraw your money. So that if there is any difficulty in the coming time, then your business will continue.
If you have to buy new goods, then you have to buy this much. Sell as much as you can. Do not buy too much. It is usually seen that at such a time, you sell large businessmen goods in large quantities by luring you with huge discounts. You should not make such a mistake. Even if you get less discount. But buy as much goods as you can sell.
Try to get maximum discounts
If you have to buy goods at this time, then try to get maximum discount. Because it is seen at this time that most people want to sell their goods. Even if they have to bring any discount offer for this.
In such a situation, while buying goods, try to get maximum discount. And if your goods are on sale, you may also get double the profit this time.
You can put pressure on your retailer to increase the discount. And they can say that they are looking for another retailer. Which is giving them more discount. In such a situation, the cost cutting of your business will also happen. And you will also earn more profit.
Keep confidence in employees
You also know that you have just started a small business and there are very few people in your team. But you continued to engage with these teammates. And kept them motive.
You convinced them that their job was absolutely safe. And they will not be removed from work. In this case, he will be able to do a better job. If possible, set a target for them. And also set small initiatives on these targets. This will help you in increasing the cell. Because if the team remains motive then it will be able to work better.
If you are also having to lay off employees then you should first see if there can be any reduction in the salary of the employees or not. If still not possible then lay off the least amount of employees. Also, if you need new recruits, then make new recruitment as per the need. This time you will reduce your expenses. It will be beneficial for your business.
Maintain cash flow
It is generally seen that whenever there is a recession in the world, first of all micro businesses are closed. And its biggest problem is the lack of cash flow.
In such a situation, keep a plan for the next 1 year for yourself. In this case, your business will be safe. You can also cut down on expenses without work. This can cause you to struggle for some extra time. You should always keep in mind that during the recession, the question is not asked how much you have grown your business? Rather, it is asked whether you have been able to save your business during the recession or not? If this is not necessary, then do not hurry to grow your business. Because this will increase your expenses. And there is no immediate benefit from new business.