How to Prepare Business for Future Pandemic Wave

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How to Prepare Business for Future Pandemic Wave?
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Impact of Pandemic on Business

• Many businesses are gradually reopening and
  trying to stay afloat amidst the pandemic.
  However, the world continues to fight the COVID
  crisis. If your business has experienced a slump
  in the last few months, its time that you
  prepare ahead of time. It can help you prevent
  unexpected risks as and when another pandemic
  wave hits. 

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Tips to Prepare Business for Next Pandemic Wave

• Build a cash reserve
• Avoid unwanted expenses
• Communicate with your employees and customers
• Grow new income streams

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Build A Cash Reserve

• In case your cash flow cycle is fluctuating due
  to the pandemic, you should rely on your cash
  reserve to survive further. Its necessary to
  know about the cash coming in and what amount is
  going out regularly. It helps you forecast the
  need for borrowing funds if necessary.

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Avoid Unwanted Expenses

• The first wave of the pandemic was unexpected.
  You didnt know that it would affect your
  business the way it did. However, you are careful
  now and continue to build safety measures to
  protect your business from going down. Well, the
  first thing you can do is to cut down on unwanted
  business purchases and check your credit
  information report on a daily basis to keep track
  of expanses and credits.

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Communicate With Your Employees and Customer

• Your employees and customers are equally affected
  by the COVID crisis. You never know they may be
  struggling to find financial stability. During
  these uncertain times, the best you can do is
  promote harmony and keep the environment positive
  and transparent. Share necessary business updates
  with your employees and let them know whats in
  the pipeline. Its also important to keep in
  touch with your loyal customers. They may not be
  buying as of now, but its always good to make
  them feel valued. 

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Grow New Income Streams

• If your business has taken a jolt due to the
  pandemic and youre finding it hard to bounce
  back, its time to wear your creative
  hat. Analyze if you can barge into new territory
  and start producing COVID essentials. If not,
  think about what best you can do to retain
  customers and attract new ones. Do not wait for
  the pandemic to get over. Nows the time to start
  building new revenue streams

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