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How your business can support other SMEs in crisis

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In the beginning, every business is small in size. In this first phase, the objectives to be achieved in the following years are established, risks are taken, constantly learned (even from the mistakes made), and the foundations are laid for future stability.

Many businesses grow and transform into medium / large companies, such as Jimdo; many freelancers become specialized freelancers, consultants, or offer essential local services. All these activities bring innovation and add value, especially for local communities.

Small/medium-sized enterprises and freelancers are now facing great difficulty. If you’ve ever wanted to say or do something for a local business, now is the right time to take action.  Even small steps can make a difference in helping other entrepreneurs/entrepreneurs to resist and get out of this crisis.

Let’s face it:  some companies like online casinos ca have more significant financial resources than others and can better cope with emergencies such as the current one. If your business is one of those lucky ones, you might consider helping someone else.  A small amount of money is also acceptable, and in any case, there is a lot you can do to meet entrepreneurs/entrepreneurs or freelancers/freelancers like you.

  • Entrust large projects to SMEs
  • Request the advice of small/medium businesses
  • Round up your overpayments
  • Give more time to deliver
  • Extend the payment terms
  • Be less demanding with requests
  • Make donations

1. Entrust large projects to SMEs

A large project is the best gift you can give to someone who runs a small/medium business or to a professional who is upset about the current state of their finances. This is always a helpful fact, but even more so now. An important project requires many hours of work to be completed, so it guarantees an income sufficient to reassure those who are constantly worried at this moment.

Are you looking for someone who translates your site, who can provide you with online training material for your collaborators, or who takes care of planning the interior design of your offices? Our advice is to entrust the project to an SME.

2. Request the advice of small/medium businesses

You probably have the co-workers that everyone would like to have, but your team works only for you. SMEs often work for different clients, putting their skills at their disposal and, at the same time, having the opportunity to get in touch with the most diverse activities. This variety in experience allows many small/medium businesses to have a broader perspective on the business and can be a new source of inspiration for a business like real money pokies australia.

So why not propose to one (or more) SMEs to evaluate and advise on your work? Ask an external accountant for feedback on your accounting; contact a local catering service to prepare a new vegetarian menu for your company canteen, and propose to a web designer to give you an opinion on the design of your website.

3. Round up overpayments

You can always pay something more than agreed.  In the end, isn’t that what you usually do when you tip in the corner coffee shop? Why shouldn’t you apply the same concept to the work of a freelancer you have entrusted with a project?

Talk to your accountant to see how far this is feasible and maybe share the idea with other entrepreneurs who could afford to make it their own.

If there is a local business you would like to support, go ahead… and, even better, recommend it to your network of contacts.

4. Give more time to deliver

Have you realized that your productivity has dropped since the quarantine started? This is especially true if you work from home with children who require your attention. Even those who manage businesses with which you collaborate may have been facing the same problem for some time, and an extension of delivery times (of products or services) would greatly help.

Do you need to have that translation by Friday? Or would next week be OK too? If the coronavirus emergency has upset your priorities, take some time to re-establish them, allowing for greater flexibility for the companies and freelancers who partner with you.

5. Extension of payment terms

Managing a business, especially if it is large, will most likely have set payment times and set up a reminder system for client companies that have to pay your invoices. Many SMEs are trying to cope with their usual costs while having significantly lower revenues. You can help them  (not all of them, but at least some!)  By showing more flexibility in making payments.

It is clear that your business also needs liquidity to survive, but if your finances are already solid or you have access to several lines of credit, be in solidarity with your partners. Invest in professional relationships and help others not to sink.

If you are not the head of a company or do not have managerial roles, you can always share this idea with the company’s managers you work for.

6. Be less demanding

No one is saying that you should accept the low quality of the products or services you have purchased and that they are critical for your business to keep running. But is it that bad if the freelancer who works with you takes an hour less to complete the translation you entrusted them? Is it an important document, or is it just for internal communication, and can you manage the formatting yourself?

Check the projects you have assigned to your freelance partners and ask yourself if you can do something to reduce their workload.  Which part of the project would be good to complete and not strictly necessary?

7. Make donations

Funds (mainly from the government) have already been allocated to help SMEs in need. You can still do your part with a donation that could make a difference –  perhaps a small local business won’t be forced to lay off employees and will be able, in the future, to return to providing an essential service to the community.

You can also indirectly support other activities, for example, by donating a sum to finance research or projects that aim to defeat this virus. Your finances don’t allow it? Perhaps you can offer your services or convert part of your production to help concretely and immediately in the fight against the virus.

Not only activities like yours can help: even if you don’t run a business or are not a freelancer, you can do a lot even as a simple consumer/consumer.