3 Ways to maintain business during a corona virus pandemic

The Covid-19 pandemic, which has been attacking the world since early 2020, has had a terrible impact on the world economy.

In Indonesia, the impact given by Covid-19 for the Indonesian economy was marked by losses of up to 20% in each sector since the Corona case first entered Indonesia.

For business people, this condition is indeed a challenge.

Government regulations such as PSBB (Large-Scale Social Restrictions) and the number of employees who were laid off even until the termination of employment (Termination of Employment) makes the purchasing power decreased dramatically.

So, to minimize losses for business people in the face of market changes caused by the Covid-19 outbreak.

There are several strategies or ways for businesses to survive as follows.

1. Manage cash flow.

Efforts that can be made are to reduce costs for branding activities. Internally, salary deductions can be made for some employees.

This step is useful to maintain long-term cash flow so that the company can survive because there is no certainty when the Covid-19 outbreak will end.

2. Set a marketing strategy.

Businesses or businesses can set new marketing strategies such as switching to digital advertising. Digital advertising is considered quite effective.

Advertising through digital media does not require such a large or low budget but high impact because it can maximize the budget limitations of the company by using the right marketing strategy.

3. Perform risk management.

The steps that can be taken in risk management are planning, handling, and monitoring.

Planning can begin by listing the risks that might occur to the company, then do an analysis of which risks might occur and how successful in overcoming these risks, then determine what solutions will be done to overcome these risks.

Furthermore, treatment can be done by avoiding.

This method is quite effective if the profit received is not equivalent to the risk to be received.

The next way is to reduce the risk that will be accepted.

Then the third way is to move.

For example if a house is burnt or damaged it can be moved through insurance.

The last way is to accept. Next montoring.

Monitoring is done by controlling the entire process so that it continues to run well.

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Source: Brilio