Survival business strategies for an NRI in the US during the pandemic

Survival business strategies for an NRI in the US during the pandemic

Survival business strategies for an NRI in the US during the pandemic

The pandemic COVID-19 has caused a major impact on businesses across the country. The Government has been urging the Americans to stay indoors to control the further spread of the pandemic; however, the productivity and the economy have been affected.

Businesses are finding it difficult to maintain their workflow and financial stability during these challenging times. The NRI businessmen and entrepreneurs in the US are facing a lot of challenges due to lower revenues and profits. Be it an established business, a start-up or a small business reconsideration of business strategies is the only way for business survival in the country during current times.

So, let us talk about some of the strategies that NRI businessmen in the US can implement for their business survival.

a.Secure liquidity

One of the major challenges which are being faced by businesses currently is access to cash. In these challenging times, overhead costs like payroll, rent, and utilities leave very meager cash with the owners. In addition to these, lack of revenue from services that are slowing down is making the entrepreneurs distressed.

NRI business owners must take up efforts to provide immediate liquidity and keep the business solvent. Government organizations like the “Small Business Workforce Stabilization Fund” would help in providing financial assistance to those who are facing a financial crisis due to the pandemic. This program can also provide immediate cash flow to the vulnerable businesses by keeping their employees on payroll and allowing the business to grow after the customers return.

b.Planning in advance

It is difficult to estimate by when this pandemic would pass; so to be prepared with a plan would be beneficial for business. NRI businessmen can make a plan for 3-18 months depending on the nature of the business and the estimated time needed for the things to be normal. The businesses can immediately stop certain flexible expenses such as hiring, travel, and marketing expenses.  Strategies should be made to focus only on essentials such as sales, renegotiation of fixed expenses such as rent, salaries, etc. Businesses must consider a revision of their revenue goals and timelines of manufacturing along with the creation of a new operating plan.

c.Employee management

For those businesses which have to think about making decisions such as employee layoffs, the most suitable option could be to reduce salaries of the highly paid employees and to retain those employees who cannot afford to lose their job. The Federal Government has also formulated a relief plan which would help small scale businesses in affording their payroll and cover expenses easily such as paid sick leave, loan repayment, and paid FMLA. It is advisable to carry out employee management according to the Government directives and businesses must also try to offer extra compensation to their employees whenever necessary.

Moreover, the employee s must be engaged during these times and the productivity should be maintained. The entrepreneurs must guide the employees and should try to help those employees who are facing any kind of mental issues. The morale within the employees must be kept high and this is feasible by being connected with them digitally through various applications like Zoom, Skype, etc.

d.Turn digitization into an advantage

The major challenge of this pandemic for businesses is not only to sustain their productivity by the digitized operations but also to focus on the plethora of new opportunities that have come up for the workforce through digitalization. Digitalization can be considered as a catalyst that would help in changing the business model creatively. Transferrable manpower and increased productivity of remote working would be beneficial for businesses.

e.Maintaining transparency and keeping stakeholders informed

Customers are the ones who keep the business running and without customers, a business would not be able to flourish. Since, the pandemic COVID-19 has created a crucial issue which we all are facing together and so, staying transparent with the customers and keeping them updated about the situation is necessary. If the business is communicating clearly with the customers it would help the customers to be more empathetic and understanding.

Moreover, stakeholders also play an important role in the success of a business. The NRI businessmen must seek business advice from their investors or from other external experts to make plans and strategies. It is necessary to discuss the impact of the current situation on the business with the stakeholders.


Hence, during these distressful times, it is necessary to stand by each other and provide assurance to each other. These tips mentioned above would be helpful in keeping business functional and intact during these times of pandemic.

7 things-to-do to stay #Financially Healthy during the pandemic

7 things-to-do to stay #Financially Healthy during the pandemic

7 things-to-do to stay #Financially Healthy during the pandemic

The pandemic COVID-19 has been affecting the entire world in a very adverse manner. Many of the people across the world are not only worried about their physical health, but also about their financial health. With many businesses closing down either permanently or temporarily and millions of people losing their livelihoods, anxiety, and stress-related to finances is a common scenario nowadays. 

However, despite the extremely tough situations all around us; we should not lose hope and must think about methods by which our finances would be in our control.

Let us check out some of the tips which can help remain financially healthy during the pandemic COVID-19.

Prioritize Saving

When we think about saving, it appears to be easier but it is difficult to implement. When the salaries are being cut-off, businesses are being shut down and there is panic all around it becomes even more difficult to save. However, with the Government emphasizing and urging people to remain indoors the scope for expenses has reduced to a certain extent. Since social distancing is being widely practiced and we are staying in our homes mainly so there is a reduction in expenditures. It seems that saving is feasible and whatever you save, you can keep it for any unprecedented expenditure in the future.

Refinancing your loans

 It would be a good idea if you look around your loan and do some research to find out on better deals. You should, however; keep in mind that during these times many financial institutions would be having quite strict lending conditions. There would be a few credit card companies which would 0% interest rate on balance transfers and you can perform research on this. In case, you are having a mortgage you can check with your provider about the full interest rate drop. You can consider changing to another provider if you have not been provided with this drop.

 Avoid neglecting your loans or bills

If you are not in a good financial condition and would be facing difficulties in paying your loans or bills, you should contact your loan providers immediately. In the current situation, these companies are pro-active in understanding the issues of their customers and helping them with other alternative payment options. Your loan providers might offer you alternatives like an extension of your loan repayment time or reduction in repayment for a short duration, etc. It is advisable to deal with financial problems earlier to avoid any long term impacts.

Check for employer support

Your employer must be having different policies for providing support to the employees during difficult times. You should ensure what policies are offered by your employer. You can connect with your HR directly or check out about the details of the policies on your employee portals. There can be assistance programs like salary advances, emergency funds, salary-linked loans, and other forms of employee assistance programs. These programs can help stabilize your financial condition to a certain extent during this pandemic.

Research on Government aids 

The Federal Government has been trying to alleviate the mental stress and anxiety caused to the Americans due to finances amidst COVID-19. By the Stimulus bill, Americans would be receiving checks of $1200 and $2400 for single individuals and married couples respectively. Apart from this, the Government has been continuously trying to bring up many new schemes for the common people. You must remain updated about these schemes and avail of the benefits.

 Consider taking up side jobs

You can think about taking up any side job whenever you have some time. This will help you in earning some extra money and better control over your finances. Currently, there are a lot of new opportunities available in supermarkets and the contactless delivery services as well. If you have free time or are not into any particular work at the moment, you can take up these side jobs. However, you must be careful and maintain the necessary precautions to avoid being affected by the COVID-19.

 Take assistance from a financial coach

You can seek help from financial coaches who practice financial social work. Free financial coaching is provided by many non-profit organizations. These coaches can assist with your immediate needs and can also provide an introduction with some other agencies which can help with food and finances. Also, they can help in the development of a financial preparedness plan for the future which would be beneficial to control your finances.


Hence, if you are worried and scared about finances in current times; it is quite obvious. You should avoid being panic and try to remain calm. You should review your spending, set goals, and try to save cash. Things will improve within sometime; meanwhile, you need to take care of your financial and mental health.