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Many businesses are gradually reopening and trying to stay afloat amidst the pandemic. However, the world continues to fight the COVID crisis. If your business has experienced a slump in the last few months, it’s time that you prepare ahead of time. It can help you prevent unexpected risks as and when another pandemic wave hits.

As a running enterprise, you need to bounce back and keep moving forward. But how do you do so? Do you have strategies in place? Are there any sales orders in the pipeline? Do you have the inventory stock ready? Try to answer these questions. Still, if you find yourself in chaos, fret not!

Here’re a few smart tips to help prepare your business for the next pandemic wave.

Build a cash reserve

In case your cash flow cycle is fluctuating due to the pandemic, you should rely on your cash reserve to survive further. It’s necessary to know about the cash coming in and what amount is going out regularly. It helps you forecast the need for borrowing funds if necessary. Besides, you can use this cash reserve to keep your business operations running, and you don’t have to ask for a loan.

Avoid unwanted expenses

The first wave of the pandemic was unexpected. You didn’t know that it would affect your business the way it did. However, you are careful now and continue to build safety measures to protect your business from going down. Well, the first thing you can do is to cut down on unwanted business purchases.

If you can manage with the exiting equipment, you should not fancy new ones just because you feel the need. All these expenses can lead to debts, and your commercial credit information report can be impacted negatively.

Communicate with your employees and customers

Your employees and customers are equally affected by the COVID crisis. You never know they may be struggling to find financial stability. During these uncertain times, the best you can do is promote harmony and keep the environment positive and transparent. Share necessary business updates with your employees and let them know what’s in the pipeline.

It’s also important to keep in touch with your loyal customers. They may not be buying as of now, but it’s always good to make them feel valued. It can help you in the long run, and you may enjoy decent sales even during the second wave of the pandemic.

Grow new income streams

If your business has taken a jolt due to the pandemic and you’re finding it hard to bounce back, it’s time to wear your creative hat. Think on the lines of customer needs and requirements.

Analyze if you can barge into new territory and start producing COVID essentials. If not, think about what best you can do to retain customers and attract new ones. Do not wait for the pandemic to get over. Now’s the time to start building new revenue streams and emerge victorious when another pandemic wave hits your business.

Besides these tips, you can always make courtesy calls to your debtors and ask for payments. It’s good to have enough cash in hand. It’s your hard-earned money and should come back to your business. You can also seek the help of credit information bureaus like CreditQ to smoothen the payment settlement process with your payment defaulters.

You should plan ahead of time so that you’re ready to face challenges imposed by the pandemic.