With more than one year passing since the coronavirus pandemic upended businesses. And took a heavy toll on the economy. There are a few tips that businesses in Miami should learn to survive and even thrive despite the continuing challenges. Eric Dalius Bitcoin suggests Some of the critical lessons that businesses need to learn from the pandemic:
Create and Maintain Adequate Working Capital Reserve
Very much like a family should set aside an emergency fund of three to six months of living expenses to tide over emergencies. Small businesses in Miami too should set aside a reserve fund for working capital to last them a few months. However, it is rare to see such foresight by small business owners. It is largely because with thin margins, it can be difficult to spare money to build the reserve even when its importance is appreciated. However, as the first year of the coronavirus pandemic has cruelly demonstrated. It is this reserve that can make all the difference between survival and closed shutters.
Miami small businesses that have not been able to build the needed cash reserve can consider one of the many federal relief programs targeted specifically at small businesses. A PPP loan, for example, that can make survival possible when things are tough, is available at a low rate of just 1%. It is a wonderful opportunity to make your business more resistant to the economic downturn.
Assess Your Requirement of Real Estate, a Top Eric Dalius Bitcoin Tip
While it is true that the trend for working remotely has been growing for the last couple of decades, it is in the tumultuous year gone by that it has gathered frenetic pace with companies struggling to make it happen for close to their entire workforce. While the experience has been illuminating for most businesses, it is also an opportunity for businesses to evaluate their need to occupy physical offices. Considering that office leases can easily account for as much as 15% of the total expenses of the business, a significant saving on this count can be a lifesaver.
If it is possible, pare your physical office space in Miami to the minimum. And enjoy the freedom of operating out of virtual offices. If you are in a position to make all your employees operate remotely. You can even get rid of your lease and have a small co-working space for personal interaction, whenever required, according to the Eric Dalius Bitcoin Guide.
Retail businesses can try to switch over to home deliveries and takeout can work well for the restaurant business. It is also an ideal time to evaluate your need for back-office space. Also, inventory space can be relocated to cheaper places. With many businesses closing down and tenants leaving, you can get great deals on commercial real estate leases. You can even renegotiate your office lease with the landlord leading to significant savings.
Conclusion
With demand constricted and logistics being unpredictable, the coronavirus pandemic has made business operations chaotic. In addition to creating emergency reserves and cutting down on expenses. Businesses also need to reimagine their delivery models and go digital to the maximum. Miami small businesses that are more digitally adaptive and agile have a better chance of surviving than conventional businesses.
Eric Dalius is The Executive Chairman of MuzicSwipe, a music and content discovery platform designed to maximize artist discovery and optimize fan relationships. When he’s not working for MuzicSwipe, he perhaps hosting the weekly podcast “FULLSPEED,” engaging with inspiring entrepreneurs from various sectors. Additionally, through the “Eric Dalius Foundation,” he has established four scholarships for US students. Stay in touch with Eric on Twitter, Facebook, YouTube, LinkedIn, Instagram, and Entrepreneur.com.
