Boris Johnson announced his plans to rule out a drastic battle plan for tackling the coronavirus.
But it’s not just Boris Johnson who should be drawing up a battle plan for the coronavirus. According to Business Matters, 70% of SMEs believe that the UK will fail to grow as a result of the outbreak. What’s more, both big and small businesses are beginning to feel the effects of the virus. Some are failing to meet the surge in demand for basic hygiene products, whereas others are struggling without the stock from their Chinese suppliers.
It’s vital for small and medium-sized business to develop a resilient strategy that will ensure their business remains steady among the health crisis. With this in mind, here’s three ways small businesses can fight back against the coronavirus.
Make a plan for your staff
The coronavirus will likely reach every area of the country sooner or later, which means decisions will need to be made regarding your staff. If there is a disruption with public transport or schools are closed, would your business be able to cope?
Last year, it was found that employee homeworking had increased by 27% in the last 10 years, with 50% of the UK workforce predicted to be working remotely by the end of this year. As a result, it pays to invest in portable technology to test home-working so your businesses can adapt to the potential changes that the virus may bring.
By making the switch from desktops to laptops, you will minimize disruption to your business and ensure you can continue the steady flow of work.
Seek out new suppliers
Chinese suppliers are a popular choice for SMEs looking to keep their costs low and profits high. However, the coronavirus has now been reported to have impacted both large and small companies within the UK, since many Chinese factories and port cities now under lockdown.
While it might be tempting to look elsewhere in Asia for suppliers, this could prove risky due to the increasing number of cases and restricted travel from individual countries. One way to combat this, is to look for suppliers in the UK who can help with the increasing demand for your products.
While this may be slightly pricer than looking abroad, it can help in assuring ongoing trade with your business. What’s more, using a local supplier can also help improve consumer confidence in your brand.
Take out a small business loan
At the end of the day, money talks. In order to invest in new technology or supplies, it’s vital to have the right financial backing in order to see success. But while there is a small business loan out there to suit almost every business venture, 1 in 4 UK SME owners are still using their own money to help their business during times of hardship.
With the coronavirus becoming increasingly prominent in the UK, it’s vital to have the correct commercial funding in place to ensure you’re ready to take on the changes the coronavirus may bring. Without it, you might risk losing battle all together.
If you would like to know which small business loans you are eligible to apply for, get in touch with our team today.
Jessica Court graduated from the University of Portsmouth in 2017 with a bachelor’s degree in Media Studies. She has previously worked within the In... Explore Author