The SARS-CoV-2 virus, or more commonly referred to as the Covid-19 virus that emerged at the end of 2019, has now spread to countries around the world, so it has been designated a pandemic by the World Health Organization (WHO). Until now, the Covid-19 outbreak has not been resolved and has even had an impact, one of which is on the economic sector because it causes a decline in global economic activity.

 

The impact of the Covid-19 pandemic on the economy certainly led the country’s leaders to establish policies to reduce the losses suffered by the people. In addition to the government, of course the community, including business people also need to make wise decisions in order to be able to keep business going in difficult times. So what are the things you should avoid as long as your business conditions are not stable? The following explanation!

 

  1. Expanding when the situation is not conducive

Simultaneously with the emergence of the Covid-19 pandemic, economic conditions weakened, especially in the business sectors which required customers to interact directly. For example, such as restaurants, cafes, and clothing stores and other retail stores. Therefore, you should not expand first. Although you have previously prepared various things to open a new branch, postponing the plan is better than taking an uncertain step. Although it has not been able to expand, you can still really bring innovation to customers, such as providing payment services remotely from Cashlez and service delivery so that customers can enjoy dishes that you sell in their homes each.

 

  1. Only rely on one income

The weakening of economic conditions makes a business’s income reduced, and some even decreases dramatically. Therefore, you should not only rely on one income, which is based on one business that you live. Because if the business experiences challenges and financial difficulties, the impact will be very significant, both for you and the people closest to you. Begin to look for other opportunities so you can get extra income which is very useful if you face an emergency situation. In addition to earning extra income from the sideline, you can also loh reproduce the experience and knowledge that were previously not you get when you manage the main business.

 

  1. Ignoring business financial cash flow

At this time, maybe you feel your business is not having problems because you feel comfortable with the income and expenses of the business. However, if the flow of funds is hampering your business growth, of course this will have an impact on the weakening of the financial condition of the business. Before this happens, monitor cash flow and capital for operational costs. Because as we know, no one can predict when the Corona outbreak will end so we need to plan our finances as best we can. This will help us to use funds appropriately, that is, on matters that are crucial for the time being.

 

If you can avoid the three mistakes of business actors during a pandemic, then you will be easier to run your business in these difficult times. In the midst of various challenges that need to be faced, at least you can at least survive first. Once things are stable, then you can start to develop your business again. Don’t forget to use the right business solution to manage your business effectively through Cashlez Payment Gateway which provides real time sales report feature so that it can be accessed anytime and anywhere.

 

Share : icon icon