Fact: COVID-19 will cost the Philippine economy P2.2 trillion in losses this year alone, as businesses shed profits even as millions of workers lose their jobs and income, according to estimates from the Department of Finance (DOF) and National Economic and Development Authority (Neda).
Acting Socioeconomic Planning Secretary Karl Kendrick T. Chua said that an additional P846-billion stimulus was needed. But even with this, not all businesses will survive… much more thrive.
There are, nonetheless, practical tips that could help keep your biz afloat.
American business dispute resolution specialist Scott Yahraus is offering vital tips to companies to help them stay profitable during the coronavirus pandemic and subsequent slowdown in the economy.
1. Analyze your burn-rate
Look at where your business is spending money, and consider if expenses are avoidable or necessary. Efficiency is critical to being successful and outperforming competitors. This is a golden opportunity to streamline operations and run more efficiently.
2. Consider the value of your time
An economic downturn provides opportunity for introspection. Assess your business, look at where you’re spending time, and calculate if the time is being used profitably. Remember the rule of MIT- what is the “Most Important Thing” to do at every moment.
3. Expand your knowledge
A slowdown in business can be used to gain knowledge that will help your company grow. Spend your time reading, researching, and digging through data to gain a better understanding of your market and your competition. This increased knowledge will pay dividends today and well into the future.
Find similar tips at Scott4Business.com.
