So how does a business survive during Covid-19? Well we don’t know for sure, what we do know is how we are coping. Corona virus is resetting how businesses and whole industries work. In a month, a lot of things have changed globally and businesses must adapt to this new environment. Unfortunately, a lot of businesses big and small are already closing shop, think about the hospitality sector or travel. As long as these businesses remain shut, billions in revenue is being lost but more importantly are the people behind these businesses losing their livelihoods.
While things are tough, we have not lost all hope, we are doing what we can to stay afloat and keeping the faith. We are also glad and grateful that all our needs are being met and we have what we need.
We wanted to share our own experience and what we are thinking of doing in the face of this pandemic:
Enhancing our digital experience
This has been something we have been thinking about for a while. Creating a seamless digital experience for our customers is something we are working on. This should enable clients to be able request for our services from our site. Minimising the need for physical contact in the onset at least for the enquiry phase.
We have worked on an offer that will support businesses selling products to get content for their digital pages. This is so they can be able to market more efficiently on digital platforms. Cash flows have dropped significantly and we know most businesses are affected. Contact us to get to know more about this promotion.
Partnerships & Webinars
In the era of Covid 19, webinars, Skype and zoom calls have become commonplace. We realized how important it is to educate businesses on the importance of harnessing the power of digital. At this time, a lot of companies are now only able to operate in the digital space. That’s why we have partnered with Qallan Marketing Agency and Pursuit by Design to share our expertise on photography through webinars. We just held our first Q&A webinar and hoping we can be able to host more. Qallan shared their expertise on digital marketing while Pursuit by Design specializes in business coaching & answered questions on how to run a business.
We have also been able to collaborate with Qallan Marketing and have sometimes benefited from a similar flow of clients.
Learning more and sharing our new skills
Sometimes life can be crazy, pre-corona virus, we would find ourselves in a flurry of activity chasing too many things. This period has forced us to slow down a bit and to appreciate some things that normally get overlooked or forgotten. Other times, it’s client work that takes precedence. We have been able to shoot a lot more in three weeks than we have been able to shoot in 3 months! We are loving it, especially the fact that we are also learning new skills. Visit our Instagram pages to see what we have been up to:
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So some things we have had to rethink:
Shifting to a home studio
We had to shift our studio home following the directive by the government that people should minimize their movements. This made us rethink a couple of things, the benefit though is that we have been able to shoot a lot more. Our studio in Ngara is part of a shared space with Kapu Digital and others. So regarding rent and other overheads, the larger team has been able to negotiate more relaxed terms with the building’s agents. We are hoping to continue retaining the space but we’ll see how things go.
Solutions that may help you now and in future:
Access to credit
Generally, we are not big fans of credit but sometimes it may just be what is needed when done in the right way. Especially if you have overheads like studio rent, utilities and salaries.
Here are institutions that can provide your business with credit.
Cash Flow Management
We are also learning about the best way to keep money in the business. You quickly notice that the government takes a big chunk of whatever you make then bills etc. If you are a small business or SME you should learn to increase your business expenses to reduce your tax burden.
For instance, some businesses have healthy cash flows but they decide to take loans to increase their expenses and pay a lower interest rate as compared to a higher corporate tax of 30%. The loan is treated as a capital expense in the books. We are still learning about tax evasion and please note, it’s not tax avoidance. Also, we are not experts, please consult with an expert to get the best advice for your business. We don’t subscribe to everything that’s written in these articles but you can get some more pointers here:
Having a runway for your business.
A run way generally refers to cash that can keep your business afloat whether money is coming in to the business or not.
It is not only important when you are starting a business but even during the low months or in emergency situations like we are currently experiencing. It may not always be tenable but having a 3-6months runway is ideal.
How you can support other businesses
This is especially true for small businesses. Purchase their products, share them with friends and family and send them some positive energy to keep them going.
Here are some more articles that can help:
Are you in business? What measures are you putting in place to get through this tough period?