How can Business operate during lockdown

How Can Businesses Operate During Lockdown In India

Published on: April 30, 2020

Social distancing and nationwide lockdown has been a huge hit for many businesses. The lockdown in countries like India and Indonesia are more disastrous for human welfare and economies since there is no help for small businesses. There are many daily wagers who are struggling to earn their daily bread but are currently unable to do that due to the government norms to curb the virus. It has become a nightmare for most businesses to keep their financial wheels turning during the lockdown period due to less revenue churn and the general uncertainty in the global financial environment.

Most Covid19-hit European countries are taking strong fiscal steps to protect small businesses but India’s fiscal efforts to protect small businesses seem small as compared to them.The ripple effect of this Lockdown during the Covid19 pandemic will have a key impact on India’s economy, as all business sectors are unable to operate full fledge and this results in low revenue generation. The rating agency ICRA has predicted that India’s growth rate in FY20-21 will be down to 2% from a range of 4.7%-5.2%.

Small size Business

Survival strategies and tips for businesses

During this contagion, it is of utmost importance for businesses to conduct a proper assessment of their fixed and variable expenses as well as the actual revenues. This assessment will help them understand and analyse their current financial situation and help them to take necessary precautionary measures to survive.

Businesses should also focus on checking the feasibility of the business model and reconsider the business model and reassess where your business stands as per your assumptions concerning the revenue and cost. This is a very crucial time for all MSME to work on their business models and strategies to ensure a decent financial metrics and cash flow.
Operating small and medium sized businesses during the lockdown period can be a hassle because it is difficult to control the scare buying amid the unpredictable extensions of the lockdown in various states. Businesses will have to come up with measures that will help them operate amid the lockdown and also maintain social distance.

Business profit or loss

It is understandable that it might be difficult to make payments to vendors/suppliers during the lockdown. However, it would be helpful to give your vendors, suppliers, landlord and other contracted parties an advance notice in case there is going to be any delay in payments so that they can also be prepared and there is no bitterness or misunderstanding  in this already difficult time.

money

Slot Booking Feature by FyndEasy 

FyndEasy has come to the rescue for many such MSMEs by providing a Time Slot system. This feature helps them to create slots and manage customers by making them shop only during their booked slots. This will help maintain social distance during the COVID19 pandemic and also help business owners to operate with more efficiency during the regulated hours.

Steps on how to book a Slot:

 

Steps on how to book a time slot

The Time Slot feature is easy to use and lets businesses create unique 1 hour time slots by selecting the date and time. The customers are able to book an available time slot based on their convenience and can redeem the time slot by showing the unique code that is generated on their FyndEasy app. We are all in this together, so the ideal way is to stay transparent with your consumers about what your business is going through and use precautionary measures like Face masks and hand sanitizers to stay safe and protected. Customers can empathize with businesses facing a crisis, as long as the communication is transparent and they follow all the government regulations.