10 tips for entrepreneurs to survive the Covid-19 crisis

 

A specialist in corporate finance, costs, and budget management from Espírito Santo highlights tips for local entrepreneurs to stay alert and suffer less from the crisis that is already affecting businesses across all sectors.

Many stores are closed, employees are laid off, and there are many bills to pay. The economic crisis is a reality in most sectors, whether micro, small, or large businesses; everyone is at a standstill in the face of the uncertainties caused by the Coronavirus pandemic. Mônica Santos, from the company EBITDAH, a specialist in Corporate Finance, Costs, Budget Management, and Payroll Compliance, provides some tips for local entrepreneurs to stay alert to generate cash during this crisis, reduce costs, identify opportunities, and much more. Tips to move forward with business: 1 - Recovery of Federal Taxes, especially for those under the Real Profit regime, reducing the monthly tax payments, improving accounting criteria, and recovering accumulated credits. 2 - Performance Indicators: use numbers as tools to quantitatively measure the company's performance. It is important that these indices measure the company as a whole and also by sectors, services, and products, to assist the manager in deciding the best strategy for each scenario encountered. 3 - Time to tidy up: We should take advantage of every opportunity to positively implement adjustments or improvements in processes, service execution, internal controls, business restructuring, and the development of new solutions, much of this work can be done remotely. Also, take the time to review the company's costs in depth to avoid waste, correct deviations, and renegotiate debts. 4 – Stay alert to labor law changes, such as MP 927, which creates the possibility for employers and employees to establish new agreements such as: unpaid leave; Anticipation of vacations of 48 hours; Possibility of paying 1/3 of vacation together with the 13th salary; Possibility of paying vacation together with the payment of the following month after the start of vacation; Sale of vacation subject to the employer's agreement within 48 hours. 5- Care for Clients: flexibility and tact in dealing with client defaults. Is it possible to extend a deadline? Is it possible to make a sale with a discount? Whatever can be done to keep that client should be done. 6 - Liquidity: dispose of fixed assets. The time is to be, not to have. It is not operational revenue, but fixed assets can generate the necessary cash for us to survive these days, transforming low liquidity assets into more liquid assets. 7 - We still do not know all the final developments of these moments, their impacts, extent, or duration. Operating with third-party capital can put the future of the business at risk due to instability in the financial system. 8 - Sales Strategies and Actions: Promotion of products that have been in stock for a long time; availability of delivery services to maintain customer purchase levels; diversification and expansion of payment methods. 9 - Seek knowledge, do benchmarking: analyzing the behavior of successful brands in your segment in the current scenario can help you study possibilities and identify which ones are applicable to your business. 10 - Marketing: Out of sight, out of mind! All available resources should be applied to marketing and communication, staying present and active in the minds of customers. [caption id="attachment_28800" align="aligncenter" width="216"] Mônica Santos - corporate finance consultant[/caption] Mônica Santos: A specialist in Corporate Finance, Costs, Budget Management, and Payroll Compliance. Economic-Financial Auditor. She has 10 years of experience in controllership and finance. Graduated in accounting and currently pursuing a master's degree in the field. What is EBITDAH? A company located in Praia do Canto, specialized in controllership, planning, financial management, tax compliance, among other accounting services. The goal is to provide Efficient and Agile Financial and Tax Management, in addition to analyses and information aimed at increasing the Profit of companies. Website: https://www.ebitdah.com.br/ Instagram: https://www.instagram.com/ebitdah_/