There is always a fluctuation in money in business. All types of businesses are often affected by social and economic activities. Apart from this, many types of disasters that come from time to time also have a direct impact on business. Whether it is a natural disaster like storm, flood, earthquake or epidemic or man-made disaster like war, unrest, terrorism, unrest, religious frenzy etc. or any other unusual activities, which have never been imagined, they also have their adverse effect on business activities.
There are four types of institutions
There are four types of business institutions in the whole world. First of all, institutions are those which do their business all over the world through huge companies of the corporate world. They have branches in many countries. These are called MNC companies- list of MNC companies in India. These multinational companies are companies with very heavy currency, which have emergency funds of billions and trillions. Such companies easily face any kind of disaster when it comes.
After this, the second type of business institutions are national level companies or business institutions of a country. These are also quite well funded. They also have funds to face crises in times of disaster.
Apart from this, there are medium scale business institutions, they can face such crises for some time.
After this, there are medium small scale business institutions which are not able to face such crises and they often sink.
1. Covid-19 worsened the condition of small institutions
Experts of the business world have thought of some tricks to save these small scale businesses. However, these small scale businesses with less capital are always in a very delicate situation. Their capital is very less, so they are not able to bear even a slight shock and start faltering. Recently, due to the ill effects of the Covid-19 epidemic, many small scale business institutions have closed down or are on the verge of closure.
In the last few months, business institutions got a chance to recover a bit in the unlocked situation, but then the increasing outbreak of the Covid-19 epidemic has again created a crisis. Despite this deepening crisis, seeing the faltering condition of these small entrepreneurs, this time the government has decided not to impose a complete lockdown in the entire country.
2. Measures to save small institutions by making cuts
Now business experts have considered how measures can be taken to save these faltering business institutions in times of disaster. This discussion has brought forth very good possibilities for small scale business people. According to these experts, small businesses can be given oxygen by cutting some unnecessary expenses. Small businesses can be run even with less money. After finding these solutions, some of the beneficial tips that have come to light are as follows:-
3. Use free social media instead of expensive advertisements
If any small scale business organization is spending huge amounts on expensive advertisements on local newspapers, local TV channels, FM radio and on pamphlets, posters, banners, hoardings etc. to promote its business, it should be stopped immediately. Instead of this, free social media platforms like Facebook, Google My Business, Instagram, Twitter, LinkedIn, YouTube etc. should be used. These business organizations are perhaps forgetting that today is the era of youth.
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Every youth has an Android phone and internet in their hands. These local expensive advertisements cannot be as effective as the promotion of your organization on social media platforms. You can also get a good number of customers through these advertisements. In this way, without any extra expense, your organization will be promoted and your money will also be saved, which will be used for the basic purpose of the business.
4. Convert paper writing to paperless
If you do your business paperwork on paper, then consider that you are spending double on this paperwork. First you write them by hand and then get them computerized and print them, so you have to spend twice on paper for the same work, then after that you have to spend heavily on computer, printer and ink etc. Cut down on all these expenses and download a free app and do all the work digitally. Good and systematic management of paper writing can be done through the app.
In this way, the expenditure on this item can be saved and that amount can be used in business work. These apps can help you a lot when the taxation related work of the organization is done. All the information is revealed in a moment with these apps, whereas one has to go through the ledgers and registers. This inconvenience can be avoided and there will be savings in addition. It may seem like a small amount to be spent on this item, but many such small amounts can add up to a large amount. Because it is said that a pot fills drop by drop.
5. Recognize the value of time
Small businessmen have to recognize the value of time. Most of the time has to be given to the business. First of all, you should assess the business situation of the organization. Wherever you see any deficiency, you should start trying to fulfill it. Since the capital of your business is less, you should always keep thinking about taking your business forward. Marketing and publicity are like oxygen for any business. You should do marketing both offline and online as much as you get the opportunity.
Apart from this, whenever you get time, you should keep doing some new innovative work by doing research and development management. So that with that innovative work of yours, you can attract the attention of your customers towards your organization. This will benefit your business a lot. There may not be any savings but the chances of business moving forward will increase. Therefore, small businessmen should try to convert time into money.
As the editor of the blog, She curate insightful content that sparks curiosity and fosters learning. With a passion for storytelling and a keen eye for detail, she strive to bring diverse perspectives and engaging narratives to readers, ensuring every piece informs, inspires, and enriches.
