7 Questions Business Owner Must Answer

Business Owner- It has been three months since the first case of COVID-19 appeared in Indonesia. This means that all businesses have been facing the impact of their activities for months. For this reason, quick tactics and actions from business owners are needed to save their respective businesses.

No business owner is prepared for a pandemic. So that many business people still don’t know, what kind of action should they take? Thinking before acting is the best way to be a winner. As a business owner, you need to know first, what things must be considered so that your business can survive while the pandemic is still happening.

1. What is the condition of your business profit and loss?

The answer to this question does not stop at inferring profit or loss. You need to know in detail the amount your business has lost during the pandemic, or what can still be profitable.

In the face of uncertain conditions due to the coronavirus, try not to be too fixated and continue to pursue profit figures if your business is actually stuck. For a while, you need to change your business mindset from growth to defense.

2. What is the condition of your business emergency fund?

When checking your business emergency fund, you also need to take into account how long the funds can sustain the business. One month? Three months? Or can it be up to six months? This length of survival time is what becomes your reference for making decisions to maintain, end, and even change your business product.

3. Does your business have current assets?

Take the time to make an inventory of all the assets belonging to your business. That way you can ensure the value of the current assets that your business has. Current assets can be cash, accounts receivable, notes receivable, inventories, supplies, short-term investments, prepaid expenses, and income.

This is important because current assets can provide a circulation of funds for your business to survive. If current assets can’t cover production costs or can’t pay off debt, try checking fixed assets, intangible assets, or long-term investments. Think about which asset to sacrifice first.

4. Are your employees’ financial situation okay?

Responsibilities as a business owner are highly expected of your employees in this situation. As much as possible, express all things related to your employees and business conditions in a transparent manner. If your business finances cannot meet their salary payments, convey and provide your employees with a definite solution.

If decision-making is difficult, involve employees in selecting some of your best options. Even though the choice is tough, this decision can be the best step for your business and your employees in a pandemic situation like now.

5. How can your product meet the demands of today’s market?

First of all, check whether the products and services that your business currently offers are still important to consumers. If not, start thinking about the things that most people need right now.

Try to explore and make product innovations so that your business can answer the wants and needs of the market. When your business can enter this stage, it can restore your mindset from defense to growth.

For those of you with business products that are difficult to sell right now, don’t force sales. Trying other luck in your business might be the right step. Like the F&B business that presents frozen food or the fashion business with a collection of comfortable home clothes.

6. How can customers buy your products?

PSBB limits activities, making online shopping the main solution to fulfill needs. If previously your business was offline, start trying to change and develop your online business from now on.

In addition, direct selling at this time can also encourage an increase in your sales. One easy example of direct selling is through broadcast messages and sending them via chat applications to your customers and relatives.

Tell them they can still reach your business through any channel and your business still exists This method can make the distribution of your business product information quickly expand.

7. What steps should you take when your business has to close?

As a business owner, you must always be prepared for the various risks that will occur while doing business. One of the worst risks is going bankrupt and your business having to close. Today, understand that failing in business does not mean failing to achieve success in life.

Before making the decision to close the business, make sure you complete your business affairs. Starting from problems with internal parties or from external to your business. Keep your good relationship with them.

After calming down, start thinking about the positive things you can take from your business failure. Prepare your new plan by continuing to try to deepen your knowledge about business through online learning sites. While developing a new strategy, you can also save capital for your next business.

After answering the 7 questions above, you can now start taking the right actions and steps for your business.

The pandemic period has indeed succeeded in hampering your various business activities. But your thoughts and actions as a business owner must continue to be active, yes. So that your business can find the best way to deal with this situation.

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