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For every business and entrepreneur that has weathered the COVID-19 pandemic, numerous others have not been as lucky. Indeed, economic experts foresee up to 40 percent of companies closing shop, underlining the hard reality that the crisis has brought upon economies.

Entire sectors have been affected by it, and others such as the property market may take a few years to recover fully. For property developers such as Michael Akkawi, both businesses and individuals need the knowledge to survive this difficult time.

Whether it’s a small start-up or a mid-sized enterprise, the following useful advice can help keep things going.

Stabilise the Business

In any crisis, staying in business should be the main goal. For those impacted by COVID-19, one of the early signs of distress is a liquidity shortfall, which can lead businesses to sell their assets. To avoid such a move, companies have to be flexible to changing market conditions while relying on innovation and technology.

Depending on financial lenders for support during hard times is common but shouldn’t be the way to go in a recession. More debt in a recession can stretch a business to its limits. Additionally, a business has to consider its customers, many of whom are also likely to be experiencing the impact.

For customers, a company can consider extending better terms, extending payment periods, and even waiving debt if necessary.

A Time to Learn

Before the pandemic, the individuals who put time and effort into learning and growing new skills were among the minority. However, with layoffs and businesses closing shop, many have found it necessary to learn new skills or add to what they know. The pandemic has forced many to develop additional income-generating skills, take up short-term consulting, or even work on a freelance basis to make ends meet. Together, these activities underline the value of investing in new skills.

Be Ready for Opportunities

For many, tough times present opportunities that would otherwise be hard to come by. Indeed, some assets will become cheap to acquire, whether these are companies or property. Those who keep a keen eye on the market and are prepared will undoubtedly be ready when an opportunity presents itself. Having cash is crucial, as taking up these assets requires investors with enough liquidity to complete transactions quickly.

The Value of Transferable Skills

Securing a job in a different industry is not easy during normal times, let alone during a pandemic. However, for those who must apply for completely different jobs than those they performed before the crisis, highlighting their transferrable skills is vital to get recognised and considered by hiring managers.