April 17, 2020 – As you are no doubt
aware the COVID-19 pandemic had a significant affect onon the Indonesian
economy, andespecially for Medium-Small Micro Enterprises (MSME). Ketua Umum
Badan Pengurus Daerah (BPD) Himpunan Pengusaha Muda Indonesia (HIPMI) Afifuddin
Suhaeli Kalla, estimates that entrepreneurs in each sector have suffered loss
of up to 20% since the arrival of COVID 19 in Indonesia. To minimize the impact
on business, we recommend applying these strategies to help keep your business
running well during the COVID-19 outbreak:
1. Check Financial Status
No one can be sure when the COVID-19 outbreak will end. Perform an in-depth audit of your business’s financial capabilities. The first thing you need to make sure of is the liquidity position of your business. Liquidity is the amount of funds that you reserve for emergencies (emergency funds). You have to make sure how much liquidity you have and how long it can support your business.
2. Check Status Assets and Debts
Under these conditions, it would be prudent to assess the capability of your business to be able to survive in difficult conditions. Make the list ofthe amount of your assets and also your debts. Calculate your assets by reducing it to your debts.
3. Adjust The Business Plan
Adaptiveness is something that must be possessed by all business people. After you can predicting the financial sustainability of your business, consider making. Make a new business plan that contains marketing strategies, distribution strategies, capital systems and expenditure patterns. In that way, you can improve your business's capabilities to survived when financial conditions are difficult. You can try implementing digital marketing strategies to save on promotional budgets and delivery distributions strategies to expand your business reach.
4. List Expenditure Patterns
Expenditures themselves generally fall into 4 posts, primary relating to operational costs, obligations related to wages or salaries of workers, secondary, and investment. Mark several secondary expenditures and divert these expenses to additional capital or investment.
5. Perfom Risk Management
The process of analyzing what risks might occur in your business can help you to formulate strategies in dealing with dealing with challenging business conditions. Here are some risk management strategies, which are accept where we choose to hold losses that might be caused by a risk, avoid where we avoid risks, mitigate where we reduce the potential risk and the last is a transfer where we transfer the management of risks and losses that may arise to the parties second.
In support of this, Musi Samosir, Chief Risk Officer of Adira Insurance, said, "In order to be more secure and relaxed, it is better for you to provide protection for you valuable assets especially your place of business by insurance products. By protecting your valuable assets to insurance products, you can mitigate the potential value of losses that might be incurred if something unexpected happens. In these current situation, it helps us minimize spending”
Insurance product namely Arthacillin from Adira Insurance, provide protections for your place of business and its contents from risks such as fire, lightning, explosion, airplane crash, smoke, riots, demolition or landslides. Not only that, through this insurance products, customers also get insurance due to accidents that cause death and permanent disability for the insured and family members.