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FEATURE STORY: What Entrepreneurial Lessons Can We Learn from the Coronavirus?
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What Entrepreneurial Lessons Can We Learn from the Coronavirus?
By Rose Salas

BT 202004 FEATURE 10If you are an entrepreneur, you can surely attest that losing profit and shutting down your business during this virus outbreak is not a joke but rather a nightmare you wish to end.

The effects of the coronavirus pandemic have hit businesses globally. With so many companies closing and being put on hold, a bankruptcy filing is urgent and critical for many. If this is not possible, laying off employees and putting them on leave without pay becomes a painful option.

At this moment, people in different parts of the world are in home isolation, and lockdown mandates are being issued by many governments. In this period of uncertainty, wise decisions are needed to save your business, allow you to survive until the outbreak passes, and keep you from liquidating assets to cover your payables and obligations.


News and write-ups about businesses being on the brink of a financial crisis are frightening for employees who will soon have to face a negative impact on their lives. If there is any consolation in this trying time, here are some lessons you can learn from the COVID-19 outbreak:

BT 202004 FEATURE 03It is advisable to establish an emergency fund and always be prepared for the unknown.

Who would ever have thought that a killer virus could paralyze the global business ecosystem! A great lesson to remember for small business owners and start-ups would be to start planning and strategizing on how you can build an emergency fund. This can help substantially when a situation like this occurs suddenly.



BT 202004 FEATURE 05All businesses, especially start-ups, must get their cashflow system organized and under control.

When you fail to control the spending of money in your business, it will fail to thrive even before a calamity or a crisis happens. Money and time are important, and building a planned and systematic cashflow can keep your business running in a time of adversity.



BT 202004 FEATURE 06You should acquire an efficient and innovative system for your product inventory.

Inventory management is often overlooked because spending money on it can be impractical. However, since customer demand can be predicted, inventory control should be prioritized to protect your assets, so you should invest in a system that can make the tracking quick and easy. If you have products that are expiring soon, make sure to turn them into sales, because this is an effective way to maintain cash flow in your business. Not being able to track your inventory will result in a loss over time.



BT 202004 FEATURE 07Protect your network.

It is never too late to fix your network when everything is back to normal. Your network includes the people you work with and those who keep your business going––your suppliers, customers, employees, building owner, landlord or lessor, and anyone who is included in your work environment. Widen your scope and invest in what's essential. Love the people who work for you, and if you need to let go of them, make sure they benefit from your emergency fund. If you are an established business, work with small business owners, and support them. In return, you will see how your network can protect you in times of difficulty.



BT 202004 FEATURE 09Always prepare a backup plan, and act quickly.

Make it a habit to make a regular assessment of your business and establish a backup plan. A ready plan can help you navigate and survive when a stressful time comes. Get your business insured if you are able to. If possible, get coverage for everyone who's running and operating the company, including your employees. Educate them on why preparing for unforeseen storms like the current crisis is crucial, so they can participate and support your plans.

They say experience is the best teacher. When this is all over, we can rise again! However, since we do not know when this pandemic storm will calm down, we can do only so much, and think about how we can seize more opportunities to get back up again after the storm.

The whole world is feeling the hurt and pain of this virus outbreak, and we're not sure how long the consequences will last. Listening to the news creates anxiety, and while people in business take this time to reflect and think about how they can strategize, the prospect of thriving and surviving may still be unclear at this point.

For now, we should all focus on how to flatten the curve of this killer virus. This is not a one-person battle but a global battle that we must win! If you are one of the entrepreneurs who is facing loss and not sure on how you can recover, take a break from your worries and continue to keep a positive attitude as we move forward. While it is true that some good things don’t last, the same is said of every storm. It will not last and will soon pass.




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