5 Business Risks You Need To Learn Right Now
Facing an unstable economic situation and threats to health carrying capacity are business risks in the new normal era. Every businessman must think carefully and move appropriately to keep the business running.
One of these threats is the shadow of the second wave of Covid-19 that will be present. Poor attention from health protocols from either the government or the public worries business people.
Will the death rate due to Covid-19 increase? Or is the economic crisis continuing for an unpredictable time?
No one knows for sure. However, as a businessman, you must be prepared to face the obstacles and challenges that will be faced. Today, the new normal life needs more adaptation for anyone.
You are required to come up with creative ideas so that business development remains smooth. Even though it seems sloping, several businesses such as sales of bicycles and frozen food have increased.
Thus, the business potential that developed in the new normal era will continue to emerge. However, now you need to understand business risks. The second wave of Covid-19, which is still uncertain when it will be present, can destabilize your business.
These are the anticipatory steps you need to know to face the business risks of the second wave of Covid-19.
1. Build Strong Relationships with Customers
When you start a business, all you need to do is hook customers. The trick is to provide quality service. Such as being responsive in responding to various questions from customers.
Likewise, when facing business challenges such as this pandemic era. Binding strong and tight communication between customers needs to be done. Greet them with your business media channel. Often, when business goes down, customers will turn to other competitors.
Therefore, give special offers such as discounts or product promos. So that customers do not move to competitors’ products.
2. Make Risk Management
The unpredictable development of Covid-19 when it will end makes business people rack their brains. They carry out risk management by tightening the use of human resources, revising products, and recycling business strategies.
However, what you did in the face of the first wave, it’s good to continue. Because usually made until the end of the year. Also, as your business runs, you need to calculate the cost of risk until the beginning of next year.
3. Manage Cash Flow
What is quite worrying about the running of business during a pandemic or new normal is the flow of money in and out. Which production costs must be reduced, which distribution channels are reduced, and employee salary budgets are tightened.
You need to record financial reports carefully so that cash flow is maintained. Cash flow is needed because it can predict what might happen in the future. Is your business running stable, decreasing, or even increasing.
This is an anticipatory step if the second wave of Covid-19 will appear in business life in the future.
4. Manage Product Stock
Stock recording needs to be done carefully. You should start thinking about whether to keep releasing new products or using up old products. A pandemic that makes business conditions unstable, it is better to reconsider product stocks.
Careful and thorough management prevents you from running out or abundance of products.
5. Prepare an Emergency Fund
Economic uncertainty makes you immediately prepare an emergency fund. Funds that can save your business. Usually, an emergency fund is earmarked for the next 6 months.
An emergency fund can include office rent (if renting), production costs, and employee salaries. Prepare an emergency fund properly, precisely, and effectively.
The second wave of Covid-19 is a threat to business life. For that, anticipating needs to be done early. Because you don’t know what business risks will occur in the future.
Preparing for business risk is a must for those of you who want to do business. For your business to grow, don’t forget to advertise through the Froggy Ads service, you can start by advertising your products so that later you can increase visitors on your online business portal. Froggy Ads is an online advertising service that can help you control all your product campaigns. helps you target your desired marketing target and gives you many options to market your product.