The coronavirus pandemic has impacted many lives in different ways. The crisis has been financially tough as many lost their jobs or incurred losses in their business. However, it has also brought several opportunities for new entrants. Financial institutes are providing loans on promising rates and with many options like guarantor loans, etc. With these aids at your hand, you can begin your new venture with careful financial planning and a futuristic approach.
Here are some practical tips to start your business during these hard times and ensure growth.
Set aside the business budget
A clear distinction between your personal and business finances is crucial while starting a business. You may wish to put in your personal savings to begin the venture, it often leads to complications in the future.
Be frugal and time your expenses
Starting a business involves several expenses such as license acquisition, material, staff training, etc. Try not to go for everything at once. Plan the expenses in stages so that you can also earn some while spending. It is also ok to be frugal in some cases.
Capture and invest in growth opportunities
You can find several growth opportunities during the coronavirus pandemic. The situation is changing everything including the market, customers’ expectations, and business models. Since all this is new to every business player, you can be the leader through innovative thinking and quick actions.
Actively monitor books
Monitor your books regularly so that you can keep a track of your finances and spot discrepancies timely. This prevents overspending and keeps the venture on budget.
Think out of the box to maintain cash inflow
You need to think out of the box to reach out to your customers when their doors are closed. Setting up an online channel for services and using telemarketing can bring a lot of revenue if done efficiently and effectively.
Seek support from relief programs
There are plenty of relief programs that can lend you a helping hand in the time of crisis. You can look for low-interest loans to serve your current needs. While borrowing is usually not advisable, it can stay you afloat in these testing times.
Try not to turn to contingency accounts
While you will be extremely enticed to withdraw from your contingency accounts to begin the new venture, it is never a good idea. The present is the time to have patience and do not react impulsively. You should take your time to arrange capital and wait for your business to take off instead of breaking emergency funds.
Track dues
When starting a business, it is customary to take loans and payment extensions, especially in present times. Keep a note of your dues and deadlines for payment to ensure that you are not buried under debts.
Get extensions on payments
While you should try to clear your payments as soon as possible, it can be helpful to take some extensions. During the pandemic situations, vendors and suppliers are readily allowing extensions and encouraging collaborative effort to stay afloat.
Make futuristic plans
There is so much to deal with in the present times. It is easy to get lost in the daily struggle to get your new business rolling. However, you should also pay attention to the future. Establish a clear vision for your organizational objectives and make constant efforts to move towards them while paying regular bills.
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