{"id":39652,"date":"2020-08-04T09:48:59","date_gmt":"2020-08-04T13:48:59","guid":{"rendered":"https:\/\/sciencebusiness.technewslit.com\/?p=39652"},"modified":"2020-08-04T09:48:59","modified_gmt":"2020-08-04T13:48:59","slug":"four-ways-businesses-are-surviving-covid-19","status":"publish","type":"post","link":"https:\/\/technewslit.com\/sciencebusiness\/?p=39652","title":{"rendered":"Four Ways Businesses Are Surviving Covid-19"},"content":{"rendered":"

– Contributed content –<\/em><\/p>\n

\"Shopper<\/a>
(Anna Shvets, Pexels)<\/figcaption><\/figure>\n

4 Aug. 2020. It\u2019s undeniable – Covid-19 is hurting businesses. Unfortunately, the companies that are hit the hardest are the small and local<\/a> organizations. With less money and fewer resources, it\u2019s a struggle to limit the damage and stem the bleeding.<\/p>\n

However, this doesn\u2019t mean that you don\u2019t have a backup plan. Like every business, you can use the competition, big or small, as the blueprint for your success. As long as you tweak the foundations to match your company\u2019s requirements, you should survive and thrive.<\/p>\n

Here are the examples that you can copy that are helping enterprises through this difficult period.<\/p>\n

Prioritize health<\/strong><\/p>\n

Putting the health and safety of your staff and customers first is the key. As a boss, it\u2019s essential that your brand never puts profits over people\u2019s safety. If it does, it\u2019ll gain a reputation (and rightly so) as a business that only cares about making money. L\u2019Oreal proves how even massive brands that own a huge chunk of the market can enhance their image in crises. The beauty company has launched a social and environmental fund<\/a> to support the impact of the coronavirus pandemic worth \u20ac150m.<\/p>\n

You won\u2019t have the same money to donate, but every little helps when people are struggling to make ends meet.<\/p>\n

Negotiate leases<\/strong><\/p>\n

McDonald\u2019s, the biggest brand in the fast-food industry, and one of the largest businesses in the entire world stopped paying rent<\/a> in some countries around the world. Whether you agree or disagree, it\u2019s a sign that you can decide to renegotiate the terms of your lease. It doesn\u2019t matter whether you run a cell tower or a brick-and-mortar store – you have leverage. Not only can you ask for help from a cell tower attorney<\/a> or a traditional business lawyer, but you can highlight that you can\u2019t pay the usual rates.<\/p>\n

Considering landlords prefer to receive some cash, especially when money is tight on their end, you\u2019ll get some leeway.<\/p>\n

Manage your cash flow<\/strong><\/p>\n

Your company is your life. Without it, you don\u2019t have the vehicle for success that pays the rent and keeps the roof over your head. Although your current resources don\u2019t go far, you\u2019ve got to showcase that you\u2019re doing all you can manage your cash flow responsibly. Banks, for example, tried to pay dividends in the UK until public uproar made them reverse the decision. Speaking of the UK, just compare the image of their Chancellor, Rishi Sunak, and the Trump administration.<\/p>\n

It\u2019s a no-contest because Mr Sunak has spent savvily where necessary and saved the rest.<\/p>\n

Switch up<\/strong><\/p>\n

If in doubt, you shouldn\u2019t be afraid to swap your business plan for something new that will guide you through the tough times. Boober Eats is now a takeout<\/a> service that delivers food to its customers. Previously, it was a strip club, and food probably didn\u2019t account for 10% of the business\u2019s profits. Still, the organization did something different and received national and international coverage as a result.<\/p>\n

Would you tweak your strategy? Would you do whatever it takes to keep the doors open?<\/p>\n

*\u00a0\u00a0\u00a0\u00a0 *\u00a0\u00a0\u00a0\u00a0 *<\/p>\n","protected":false},"excerpt":{"rendered":"

Here are the examples that you can copy that are helping enterprises through this difficult period.<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[10],"tags":[132,140,74],"class_list":["post-39652","post","type-post","status-publish","format-standard","hentry","category-business","tag-contributed","tag-covid19","tag-entrepreneurs"],"_links":{"self":[{"href":"https:\/\/technewslit.com\/sciencebusiness\/index.php?rest_route=\/wp\/v2\/posts\/39652","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/technewslit.com\/sciencebusiness\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/technewslit.com\/sciencebusiness\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/technewslit.com\/sciencebusiness\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/technewslit.com\/sciencebusiness\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=39652"}],"version-history":[{"count":1,"href":"https:\/\/technewslit.com\/sciencebusiness\/index.php?rest_route=\/wp\/v2\/posts\/39652\/revisions"}],"predecessor-version":[{"id":39654,"href":"https:\/\/technewslit.com\/sciencebusiness\/index.php?rest_route=\/wp\/v2\/posts\/39652\/revisions\/39654"}],"wp:attachment":[{"href":"https:\/\/technewslit.com\/sciencebusiness\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=39652"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/technewslit.com\/sciencebusiness\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=39652"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/technewslit.com\/sciencebusiness\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=39652"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}