Corona crisis: this is what you can do as an entrepreneur right now

Customers are holding back, new orders are temporarily unavailable and orders are being postponed. Your trade is largely at a standstill. And so entrepreneurs are asking themselves en masse: how do I get through this time of crisis?

These are tough times for many companies. Especially catering entrepreneurs, flower growers, travel organizations and suppliers for the event industry are wondering how they can keep their heads above water in the coming months. Wage costs in particular weigh heavily on the budget. Fortunately, the government came up with an impressive package of measures this week, which means that many companies can apply for reduced working hours.

In addition, there are entrepreneurs who wonder how they can still spend the remaining time that is now there meaningfully. We have collected a number of suggestions for you. These are 8 things that you can do as an entrepreneur in this time of corona crisis.

Take a good look at your most important customers and suppliers now. Who do you do business with? Your company may be too dependent on one or two parties, who may be in dire need as a result of this crisis. If they can no longer supply or purchase, this could have major consequences for the continuity of your own business operations. 

The must be submitted before May 1st income tax return are arranged again. Seize this quiet period to get your administration in order. A matter of collecting receipts and uploading the purchase invoices. It is mainly self-employed people who wait until the last moment to update their mileage overview. A typical job to tackle now.

Please note! Are you experiencing payment problems with the Tax Authorities due to the coronavirus? You can then request special deferment of payment. For this you will need a statement from an expert (usually an accountant). This temporary measure is part of the extensive support package for entrepreneurs and self-employed persons.

Your income is declining, but perhaps there is a way to limit the damage somewhat. There is no shortage of examples. Think of all those restaurants that were forced to close their doors and have now hastily set up a delivery branch. Flower growers no longer get a penny for their products at the auction and are now opening their doors to people who come to pick tulips themselves. Not that it makes everything right, but still. Do you already have a plan B? 

For many companies this is something for the summer or something they plan towards the end of the year. Sometimes the doors even have to close for a while. The 'balancing' is a typical job that you can often easily move forward in this exceptionally quiet period. This way you check whether the actual stock of the assortment really matches the stock that is stated on paper. It can already be done. 

Develop your business English. Hit the books for a course in 'Effective Leadership'. Or what about that one SEO course that you've never had time for? This is the time to do some personal development. To invest in yourself. An added benefit: almost all studies and courses are online and can be followed from home. 

A crisis often brings out the best in people. This is also clearly visible these weeks. Dentists donate face masks and via Helpdehoreca.nl people can purchase vouchers for when the operators open their doors again. There are also entrepreneurs who organize free webinars and share their knowledge. Just think of the goodwill that generates. Maybe there is something you can do yourself to encourage fellow entrepreneurs. 

It is a logical reaction perhaps. You see orders disappearing and for that reason you also hit the brakes yourself. For example, by waiting longer to pay an invoice. But in that case, think about what it would mean if all entrepreneurs in the Netherlands were to do this. Including your own customers. So, can you still pay outstanding invoices? Then take your responsibility - especially in these times. The sooner, the better. 

There are things that have been in the pipeline for a long time, but that you never got around to. A renovation of your building, for example, or painting the office. Now that things have suddenly become much quieter, this could be a good time to finally get started on this.

How long will it take for everything to return to normal and for entrepreneurs to pick up the thread again? No one knows exactly. However, more and more people are seriously considering that this situation will continue for a while. So you better spend your time meaningfully. 

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By: Andreas Van Kooten, Business Consultant Graydon