Surviving the Economic Downturn

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Covid-19 caused great devastation. The WHO report only shows the human casualty. It also gives us hope that we are rounding the corner because we also see the number of shots given. But it cannot quantify the economic destruction.

The government has spent trillions of dollars to help businesses. This financial aid will get your business far enough if you know what to do. It will not only help you weather the current economic slump. It can also help you expand your business.

Let us brainstorm on how to get the most out of the financial aid. Grab a pencil and paper. You need to note the tips that you think will work well with your business.

Equipment

You can redefine your company by offering new products. It will be easier if you have the right equipment. Your productivity will suffer tremendously if you are still using fully depreciated machinery or if it is almost near the end of its useful life.

You may choose to use the money from the government’s financial aid. Or you can opt for equipment financing. Choosing the latter will free whatever cash is in hand. Thus, you would be able to spend it on other essential items.

If you wish to go through with the equipment financing, the lender may likely put a lien on the equipment. The machine will be your collateral against your loan. This type of debt is like a car loan.

You can also opt for equipment leasing. Most of the time, the filtering process for leasing applicants is less stringent compared to equipment financing. But this option may become more costly in the long run because the machinery is not yours.

The owner of the equipment is likely to receive tax benefits. These benefits will include tax credit and depreciation. The lessee will treat the transaction as a rental expense.

Cleaning Supplies

You may not be in the restaurant industry. But keeping your business premise clean will surely entice walk-in customers to come back. Knowing this factoid should entice you to keep your shop clean.

It is tempting to outsource the cleaning of your shop. Although this is a prudent business move, you can just let the professional janitorial services take over once a week. You can ask your employees to pick up after themselves.

Instead of buying paper towels, why don’t you purchase cleaning rags in bulk? It is more environmentally friendly than paper towels. You can use this to clean up spills and other messes. Once done, you can have them cleaned in the laundry.

You must buy hand wash in bulk. WHO has reported that handwashing can effectively stop the spread of Covid-19. You can help stop the pandemic by encouraging your team to wash their hands frequently.

Renovation

restaurant

This tip will work well for restaurants. You can renovate your premises to allow outdoor dining. According to the CDC, outdoor dining will reduce the risk of spreading Covid-19. But before you undertake this project, you have to do some research.

You might think that constructing a gazebo would meet the CDC’s requirements. The viral contaminants are not as concentrated in this arrangement. Air can freely circulate in this type of structure.

Your supposition might be valid. But to make things clear, you have to consult with experts before you push through with the construction project. You have to ask them if your hypothesis is correct. If it is, building a gazebo will lessen the risk of Covid-19. It will also provide a cool attraction for your restaurant.

For those who have non-food-related businesses, you should consult with experts on what physical arrangement can make your premise less risky. You may not need to undertake a renovation project. But you may ask them if opening a window will decrease the contamination of viral contaminants.

Marketing

You should think about boosting your online presence. You can do this by adopting both traditional marketing strategies and a word-of-mouth marketing scheme.

You may purchase well-placed online ads to attract customers who like to shop online. You must take advantage of the current e-commerce trend. Doing this will not only help your company survive during this economic downturn. But it will also help your business to expand.

You should ask your loved ones, friends and neighbors to visit your shop. When they do, you can offer them free goodies. If they like your sample, you can ask them to spread the love. You can also share your business’s social media accounts and online ads.

With a little ingenuity, your company can weather this crisis. It might even grow. You just need to push yourself a little. You will eventually get there.

 

 

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