{"id":419,"date":"2020-06-05T07:40:40","date_gmt":"2020-06-05T07:40:40","guid":{"rendered":"https:\/\/www.dataentrywork.net\/?p=419"},"modified":"2020-06-05T07:50:07","modified_gmt":"2020-06-05T07:50:07","slug":"how-can-entrepreneurs-survive-the-pandemic","status":"publish","type":"post","link":"https:\/\/dataentrywork.net\/index.php\/how-can-entrepreneurs-survive-the-pandemic\/","title":{"rendered":"How Can Entrepreneurs Survive the Pandemic?"},"content":{"rendered":"

Small businesses are the lifeblood of a community. But because of the pandemic, many of them have forced to shut doors. Now, many entrepreneurs are facing incredible financial pressures and uncertainty<\/a>. And it’s up to them to embrace the challenge of building a more reliable and more innovative business with the resilience to thrive.<\/p>\n

Here are three strategies for entrepreneurs to stay ahead during the pandemic.<\/p>\n

Build a sufficient cash reserve<\/h2>\n

One secret of long-standing businesses is robust cash reserves. Cash reserves can help pay your employees and suppliers during hard times like this.<\/p>\n

Now,\u00a0how big should your cash reserve<\/a>\u00a0be? The short answer is that your cash reserve should be sufficient enough for you to feel comfortable running your operations. Many experts advise setting aside three months’ worth of expenses, while others recommend six months. Now comes the hard part of building up the actual cash reserve. To make the process easier, let’s follow a simple way. First, determine a portion of your profits that goes directly to the cash reserve. You may want to create a separate account for your cash reserve. Build the reserve until you reach the necessary amount.<\/p>\n

Remember to not withdraw money off of it unless you need to. If you do so, make sure to replace it as soon as possible. Doing so ensures you always have enough money in the reserve.<\/p>\n

Increase customer satisfaction<\/h2>\n

Retaining customers, especially at this time, is paramount. Efforts must be made to keep them, like updating your business model, deferring payment, offering payment installments, among others.<\/p>\n

Here’s a\u00a0plan you can follow<\/a>:<\/p>\n