COVID-19 Small Business Guide

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COVID-19 Small Business Guide

• https//www.imprezz.in/ Imprezz

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The impact of the COVID-19 pandemic has
transformed the way businesses operate around the
world. The current pandemic is no different from
the past resembling the historical uncertainty
index and its economic impact. While few small
businesses are striving hard, many are creatively
rediscovering themselves as explained in this
COVID-19 small business guide. Although switching
to an online mode is not feasible for everyone,
most businesses find innovative ways to advance
their operations to fight the pandemic
technically. On the contrary, several businesses
failed during the tough times of coronavirus
lockdown. They were unable to replicate their
previous working models or move in a new
direction, despite the availability of remote
working mediums, they shutdown. Small and medium
businesses in India must align their operations
with the primary mission. What works best for an
organization can be drawn depending on its value,
customer demand, and work culture.
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The Indian government implemented social
distancing, regular usage of masks in public
places, limited storage capacity, and several
other changes to ensure peoples safety across
the nation. These changes are daunting and
confusing, especially for struggling businesses.
Since the government has lifted the lockdown,
companies need to ensure their employees and
customers safety and protection from the virus.
Sustaining an existing business or starting a
business can seem a bit overwhelming during the
COVID-19 global pandemic outbreak. Goods news?
Imprezz GST billing software is here to help.
Heres the Business Survival Guide for the
COVID-19" to help you learn everything you ought
to know to successfully navigate your business
while facing the complexities and impacts of
coronavirus COVID-19.
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Impact of Lockdown on SMEs in India Small
Business Problems and Solutions

• Small businesses in India employ about 110
  million people across the nation. According to
  McKinseys report, 25 of the 63million SMEs are
  likely to fall behind due to the prolonged
  lockdown. The consumer and retail industry
  experienced about a 25-30 decrease in production
  during the second half of 2020. It was mainly
  caused due to the disruption in Chinas supplies,
  production shutdowns in affected countries, cash
  flow restrictions, and decreased economic
  activities.
• Likewise, the manufacturing sectors production
  rate, including electronics, textiles,
  pharmaceuticals, and automobiles reduced by up to
  50. The higher number is mainly due to extreme
  reliance on raw materials, production, and auto
  industry demand from china. It has placed several
  lives at stake. If SMEs in India fail to build
  resilience or adapt, it might result in millions
  of people losing their livelihoods.

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Challenges for Small Businesses

• SMEs are facing a various host of threats for
  survival. Some sectors like travel,
  accommodation, food have suffered more than
  others. The wise strategy would be to go through
  the four-stage process shut down, supply chain
  disruption, declining demand, and recovery.
• Although businesses have been witnessing the
  severe effects, none know how long the crisis is
  going to last. Below mentioned are some of the
  crucial business challenges small business owners
  face while transiting from closure to recovery.

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The decrease in Demand Liquidity

• Demand has collapsed for SMEs and Entrepreneurs
  regardless of the industry type. Moreover,
  payments from customers have slowed down on
  orders already received. It is important to note
  that SMEs have small cash reserves. In this
  case, they shut down first in the vent of
  liquidating stocks. Businesses involved in
  international trade, relying on US dollars are
  more vulnerable than others.
• Input Access Inventory Management
• SMEs import most of their inputs from abroad. It
  is why the supply chain is long and complicated.
  The collapse in orders, inputs, and raw materials
  in other affected countries can complicate the
  supply chain for SMEs India.

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Work Environment

• SMEs in the manufacturing industry cant remain
  open while operating in a confinement situation.
  Factory floors are not designed for social
  distancing. Factories shut down led to a mass
  migration of workers. Many factories lost their
  employees, and it can be challenging to re-group
  them all..
• Political Uncertainties
• The pandemic crisis has led to rapid changes in
  government policies. It is not a feasible option
  for SME owners to create a crisis team that can
  track each policy change they usually work
  alone. Frequently changing, uncertain policies
  have resulted in supply chain disruption that
  leads to enormous responsibilities.

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Emergency Support System

• Most SMEs operate either informally or on the
  edge of the formal economy. They barely seek
  government support or participate in supportive
  government networking. However, during any
  crisis, it is the government that renders
  support. In such a scenario, it is difficult for
  the government to reach out to these businesses
  and find ways to help.

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Survival Strategies for Businesses COVID-19
Small Business Guide

• India lifted the lockdown quite early to cope
  with the economic crisis caused due to COVID-19.
  Although everything is now back to normal with
  states re-opening completely, there are various
  precautions to consider. Businesses must adhere
  to guidelines and steps to protect their
  enterprises.
• One way to successfully secure businesses amid
  the pandemic is to plan essentially for survival.
  Here are some of the significant steps small
  businesses must follow to navigate their ways
  towards success and survival.

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Focus on Finance

• Business owners can make financial decisions only
  when they have an accurate picture of the cash
  flow. The decisions must be primarily driven by
  customer and small business accounting data.
  While taking any decisions to fight against
  COVID-19, it is recommended that business owners
  take financial assistance from an expert to
  secure the enterprise financially. Businesses
  facing financial problems must lookout for online
  resources that can assist with their cash flow.
• Real-Time Custom Reporting
• Although it may seem complicated, its worth it!
  Generating financial reports and having all-time
  access to data unique to your business
  requirements is vital while fighting crisis like
  the pandemic. Rid from accessing data through
  multiple excel sheets, manual data review, and a
  bunch of manual reports. Spend time effectively
  by making data-driven decisions. Install Imprezz
  online accounting software that enables you to
  generate reports directly within the system.

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Leverage the Free Marketing Opportunities

• Most small businesses are drastically trimming
  their budget on marketing. Instead, the best
  economical option is to explore free online
  marketing resources. In todays digital world,
  spreading brand awareness and value-added
  messages establishes stable sales. There are
  various marketing mediums such as social media
  platforms, lead generation platforms, blogs,
  content marketing tools, email marketing tools,
  and more that helps build ideal customer
  relationship.
• Build/Re-Build the Eco-System
• COVID-19 pandemic has increased the need of
  guidance for business organizations more than
  ever. SMEs including government enterprises
  require assistance. ITCs institutional
  strengthening teams usually connect trade
  promotion organizations worldwide to share their
  best techniques in practice, along with emerging
  resources for small businesses. Businesses can
  learn from each other and grow stronger together
  in these challenging times.

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Alliances and Value Chains

• Businesses involved in the entire value chains
  are supposed to work together to restore global
  trade. Have more significant alliances among each
  other and consumers.

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How Can Financial Service Providers Help SMEs
Re-Discover Themselves?

• Financial Service Providers (FSPs) offer
  financial services it encompasses a broad range
  of businesses that include credit unions, money
  management, accountancy companies, investment
  funds, and more! They play an integral role in
  the financial life-cycle of the enterprises they
  serve. FSPs have a relatively closer relationship
  with SMEs in India. They are positioned to help
  small businesses adapt to the new reality,
  implement changes, and restart with new business
  strategies. Financial institutions like Imprezz
  accounting software company enables small
  businesses to grow successfully.
• It provides mediums for digital payment,
  business education through blogs, and mentors
  business owners through 247 customer support.
  Since its inception, Imprezz has helped several
  small businesses in India expand their reach and
  adapt the best strategies and practices.
  Implement Imprezz accounting tool to build
  financial health and resilience.

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Conclusion

• Sustaining a small business amid the global
  pandemic is tough. Small business owners will
  have to be flexible, focused, and disciplined. It
  is vital to ensure safety measures among both
  employees and customers. It is going to get more
  complicated in the days to come. With the drastic
  decrease in business profits, it will get more
  challenging for businesses to cope with economic
  uncertainties. Business owners must instead focus
  on the things they can control and ignore the
  rest. With the right systems and resources in
  place, businesses will all be able to
  successfully meet the biggest challenges for
  small businesses. Imprezz provides a
  comprehensive 360-degree view of business
  performance, enterprise education, client
  engagement, and create credit and risk analysis
  tools to support SMEs in India. It helps your
  accounting team make the best possible decision
  to cope with the COVID-19 crisis. Our software is
  customizable as per your business requirement. If
  your business is suffering from any financial
  challenge, feel free to contact our customer
  support team. Work safe and remotely with Imprezz
  online billing platform. Hopefully, our COVID-19
  small business guide was helpful for you. We
  offer a 14 days free trial software program for
  small businesses in India. Log in to get started!

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