Business

Vaccinate your finances in this quarantine! Here are three tips to survive

If you live up to date or your finances were already in trouble before the coronavirus crisis, the usual advice may not work for you, but I have some alternatives

2 min read

The opinions expressed by collaborators are personal.

Vaccinate your finances in this quarantine! Here are three tips to survive
Vaccinate your finances in this quarantine! Here are three tips to survive

If you live up to date or your finances were already in trouble before the coronavirus crisis, the usual advice may not work for you, but I have some alternatives, which I share with you here.

If you have an SME, here are some points that you should take into account and put into practice NOW.

– Contact your clients or find ways to collect their data legally and in compliance with data protection regulations. Many businesses are concerned that their clients will not come, but have not taken the step of contacting them to offer them a solution for these times.

– Look for loyalty and flow strategies such as presales or add value with some temporary additional service.

– If possible, digitize your services (remote consulting, methodologies, formats), use ecommerce or delivery strategies, it may be through apps or in your own neighborhood, join to share delivery drivers. You can also explore “subscriptions”, for example offering a menu for the whole week at home or periodic delivery of certain cleaning supplies, coffees, etc.

– Talk with your suppliers and creditors to renegotiate partial payments or with extensions.

But we also have some suggestions for those who keep their finances up to date.

1. Build collaboration networks to buy: Get together with several people – friends or family – to be able to buy a larger volume, not go up to date and get them a better price.

2. Propose collaboration networks to sell: Perhaps in your neighborhood there are several businesses going through them and they can offer each other products or recommendations with other clients.

3. Finally, the most vulnerable people will require support from either the government or civil society. Initiatives like #YoAyudo , in which 5 people with stable income contribute 200 pesos a week to support people who are not making money or lost their source of income, can be of great help.

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