Aside from causing thousands of deaths and millions of cases worldwide, the coronavirus has also caused the economy of almost every country in the world to turn upside down. A lot of people have lost their jobs. Most people were broke nowadays. Moreover, a huge number of businesses are shutting down. One of these businesses that were left with no choice but to shut down is the Specialty's Bakery and Cafe.
It was on May 18 when the Specialty's Bakery and Cafe announced their plans of shutting down all their 33 physical stores for good, as reported by Mercury News. The company said in their statement posted on their website that their decision was mainly because of the risks and effects of pandemic and the isolation, social distancing, and quarantine policies implemented by the government, which have decreased the company's sales and revenue big time.
With how COVID can shut down businesses all around the globe, how can an entrepreneur protect his business from its possible downfall? What are the things they should do? Here are some of those.
TAKE CARE OF THE WORKFORCE
The company's workforce, which includes all its employees, is the company's greatest asset. Without the people working behind the company's production, management, human resource, operation, and finances, the company will surely thrive no matter what.
Given this reason, it is a must to take care of your workforce, including yourself this pandemic, as advised by Score. A lot of people are already suffering nowadays, make a way to extend a helping hand to your team. Be sure to make them feel that the company still cares for them. Once this pandemic is over, you will surely reap what you sow and your people will love being in your company even more.
MAKE SURE TO MANAGE YOUR FINANCES WELL
Does your company spend a lot of money in exchange for those that are not worth it? Does your company still pay things or purchase stuff that is not usable this pandemic anymore? You might as well eliminate those unnecessary expenses from your books the soonest.
In this time, knowing the things that are worth the bucks is crucial. Any amount of money you spend could either make or break your company. So, assess your cash flows intelligently, especially those that are going out of your company. Be smart in managing your finances and invest it in something that could help you more this pandemic.
