Many industries plunged in output as a result of the pandemic. MSMEs are not an exception. Micro, small, and medium enterprises, otherwise called MSMEs are businesses whose assets range from P1 to P100 million in size. Micro enterprises are those that have up to P3 million; Small businesses have between P3,000,001 to P15 million while medium businesses have between P15,000,001 to P100 million.
Many businesses fall within micro-enterprises. Unfortunately, they were also greatly affected by Covid 19. While there are lots of other challenges to grapple in the wake of the pandemic, keeping your business moving is certainly a huge aspect.
Here are some tips that can help you navigate these trying periods:
Checking your financials is your first job in making any business decision. Evaluate how much you have, check your sales, profits, and cash flow. Also have a look at your business expenses including existing short-term easy loans, rents, and other recurring expenses.
This reveals your current business status and guides you in decision-making. Be honest in your evaluation since this determines how much you are able to sustain your business.
Cut Expenses
Remember it is not a time like every other. Along with other adjustments, you may also consider maximizing your available funds.
How much you spend is a vital adjustment in these times. Your recurring expenses are vital and perhaps, the first to check such as monthly subscriptions. It may also be the time to check your workforce or to consider implementing work-from-home if your work accommodates such. You may consider using new suppliers (of goods) if you find those who bill lower prices.
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