The Corona Virus has had a direct impact on businesses around the world. Small and medium enterprises are the first casualties of this pandemic. With an extension of the lockdown period to the 5th May 2020, and thus, no economic activities, some businesses have already closed, and others are in critic situations. With no revenue and limited cashflows, most businesses are already having difficulties in keeping their staff on the payroll. Despite the financial aid and assistance to the SMEs, and in order to survive to this crisis, some enterprises are taking a step forward by implementing various measures, such as, keeping only their key staffs. Others have reviewed their business models and came up with new business strategies to keep their entire team together.
Various measures such as placing some staffs on the furlong for a period off 30 to 60 days and calling them back when the economic activities are back to normal, roles can be combined, pay cuts across the board members. However, before taking any drastic actions, it is important to seek legal advice, else, some business owners may find laying people off may cost more than it saves.