In the face of the worldwide COVID-19 pandemic, Entrepreneurs have to face a new reality:

that it is not only a huge sanitary and health crisis affecting million or even billion people in all

over the world. This is also an unprecedented downturn on the global economy.

If the world has quickly shifted under our eyes, the different scenario and reality are not the

same depending on where you are running your business today.

If you are in online shopping, food delivery, video gaming or video conferencing industries

where businesses are currently booming, is not the same as if you are running a business in the

hotel, restaurant, retail, entertainment, or sport industries. These industries could take the

opportunity to innovate with more digitalization and disruption implemented in their business

models in order to increase the touchpoints with their customers.

small businesses entrepreneurs are uniquely ill-equipped to survive this public health crisis

without support, due not to unwise risk-taking, but to features that are unique to the structure

of a smaller enterprise.

For many small business owners, the finances of their business are co-mingled with their

personal finances. A business loss is a direct personal loss -- there is only so much financial pain

and loss an owner can endure before the only fiscally responsible decision for themselves and

their families is to fold the business.

Unlike large businesses, hiring employees is an uphill battle for small business owners. They do

not have the recruiting budget nor the name recognition to compete with larger firms for the

same talent post-crisis. Laying people off, or materially reducing compensation or hours is often

not a short-term solution, but rather, a significant blow to their long-term ability to survive.

Small businesses do not have access to sophisticated financial resources, support, or guidance.

A small business will typically have one person, or a handful of people, responsible for all

accounting, finance, and taxation.

Most small businesses are the “small fish” when it comes to their business relationships. They

do not have the leverage necessary to dictate outcomes to their vendors, suppliers, creditors,

and lenders, and this inequality is only exacerbated by this economic disruption. Any delay or

stoppage in payment or performance can mean the end of a partnership that, in many cases,

took years to develop, nurture, and grow.

Small businesses typically do not have extensive reserves. Current revenues matter a great deal

to their survival as do current expenses.

Despite cases continuing to rise and markets sending people and companies in a panic, it's not

too late for businesses to set up remote workforces, communicate with staff and prepare for a

worsening outbreak. Here are a few things you can do now.

1. Communicate with staff

One of the most important things you can do is communicate with your employees. Many are

likely concerned about their health and how they can continue working as more things get shut

down.

2. Invest in work-from-home technology

While most people likely have a phone, a computer and an internet connection, some may not

have enough bandwidth to do the kind of work they do at the office at home. Some companies

may also not be set up with the right collaboration tools, such as internal communications

programs or secure Wi-Fi networks to allow for remote work.