The way you spend the money that comes in
determines if more is going to come or not do
marketing also to bring in more customers
these days it’s becoming more cheaper to
market your products on social media so no
need to spend more money on marketing. The
main issue here is on managing the cash you
receive from your sales. How to manage the
cash, first separate business money from your
own money, pay the important bills first avoid
overspending and unnecessary expenses, save
the remaining it’s a must for every business to
have savings for rainy days.
WHAT CAN SMEs /ENTREPRENEURS DO
DURING THIS LOCKDOWNS PERIOD TO STAY
AFLOAT
The out break of Corona virus has slowed the
global economy and most businesses are in a
state of flux. Many Small Medium Enterprises
are already struggling to maintain their
financial stability. Fortunately for other
countries like Germany, Singapore and U.K.
the government and other private sectors are
Every business need a plan before you
providing financial aid to SMEs. However not
every country is doing that but there are
even start the business do your research measures that can be implemented like cutting
about the market, customers and demand, costs and being resilience in the face of crisis.
you should be able to manage your This is where strategic planning is needed.
finances properly, record every dollar you While businesses await more clarity on how
receive and spend. The main problem with
small entrepreneurs when they sell
something they put the money in the
pocket which is wrong have a safe and a
separate business account don’t mix your
pocket money with business money.
long the mass lockdowns will last
entrepreneurs can keep on communicating
with their customers figure out if their
customer are still theirs, be more creative
learn new skills and review operational risks
and do heavy marketing online build your
brand name right now, signup for free courses
online to sharpen your business management
skills.