The COVID-19 pandemic has been a major disruptor to businesses worldwide, and small businesses in New Zealand have been no exception. While the government has provided some relief packages, small businesses may still struggle to navigate the effects of the pandemic. In this article, we provide a guide for small businesses in New Zealand to navigate the effects of COVID-19.
Understand the Economic Landscape
Small businesses in New Zealand must understand the economic landscape caused by COVID-19. The pandemic has caused a massive global recession, resulting in reduced sales and revenue for many businesses. With borders closed and international travel at a minimum, businesses that rely on tourism have been particularly hit hard.
Small businesses in New Zealand should keep an eye on government policies and bank lending rates to make informed decisions about their finances. They may also want to consider looking at alternate revenue streams to boost their income.
Assess Staffing Needs and Remote Working Solutions
COVID-19 has led to a significant increase in remote working, which has become a necessity for many businesses. Small businesses in New Zealand may want to consider remote work as an option for their employees.
To assess staffing needs, businesses should analyze their workload and prioritize tasks that can be done remotely. They should also consider re-purposing employees who have been negatively affected by COVID-19 to fill new roles.
Assess Financial Support Options
The New Zealand government has provided a range of support schemes for small businesses affected by COVID-19, including the Wage Subsidy Scheme, Leave Support Scheme, and Small Business Cashflow Loan Scheme.
Small businesses should keep an eye on new support schemes and ensure they are taking full advantage of any support available. They should also seek financial advice and develop a contingency plan to ensure they have enough capital to weather the pandemic.
Communicate with Customers and Stakeholders
Small businesses in New Zealand should communicate regularly with their customers and stakeholders. Customers are more likely to be loyal to businesses that they feel are transparent and responsive.
Small businesses should provide updates on how they are adapting to the pandemic, any changes in operating hours, and any special offers or initiatives. They should also provide reassurance to their stakeholders that they are taking necessary precautions to keep their employees and customers safe.
Conclusion
Small businesses in New Zealand must navigate the effects of COVID-19 to stay afloat, and this guide provides some essential steps in doing so. By understanding the economic landscape, assessing staffing needs, taking advantage of financial support schemes, and communicating with customers and stakeholders, small businesses can mitigate the effects of the pandemic and emerge stronger on the other side.
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