I lost my customers due to the coronavirus epidemic. How can I quickly react to this change?

A proven method to approach such a situation is to begin by examining the cash flow of your company and making a list of all fixed costs. Line by line, go through the list carefully to see which costs you could put on hold or move to a later time. This can help you buy some time to react to the situation.

Many companies have been able to adapt their operation in the coronavirus situation, for example many restaurants have begun to sell their food to go. The coronavirus situation is particularly challenging because it has simultaneously changed so many aspects of business operation – customers and operations models globally – that companies are required to make unprecedented efforts and have the ability to adapt to change.

While coronavirus has not yet impacted the operations of my company, should I still have a preparedness plan and how should I prepare one? 

Preparation is important. Under normal circumstances, companies with foresight accumulate a cash buffer that will see them over rough patches. In the current situation however, mere penny pinching may not be enough. A good method of preparation would be to think about different future scenarios and prepare at least a brief preparedness plan for each scenario. What happens if the crisis is prolonged and another wave hits us in the fall? How would this affect the actions and purchasing decisions of your customers? This is type of sparring is one of the things Keuke's business developers do with entrepreneurs.

Should I also have a plan for potential epidemics and other similar crisis in the future?

If the current situation continues favorably, a growing number of businesses will move from fighting fires toward proactive development and adapting to the “new normal”. Hopefully, we will never have to go through another crisis like coronavirus, but the lessons we can learn from it are here to stay. Various supply and other risks will be considered more carefully in the creation of value chains, and business models will be built to be more flexible. The ability of a company to survive a setback is good preparation and also functions as a solid asset in any field.  

I have already received funding for development from ELY Centre. Could I also apply for cost support? I am aware that various business subsidies, development aids, and cost support options are available, but how do I know which ones I can apply for and if the different forms of financial support prevent me from applying for others?

The government has been able to create various coronavirus support paths for companies ranging from sole entrepreneurs to larger businesses including farm operators. Because of the rapid implementation, it has been necessary to further specify the eligibility criteria for the subsidies and the subsidies themselves on the fly. This means that it is advisable to check the latest information on the Keuke website or by calling us.

In any case, entrepreneurs should always first contact their bank on the topic of business funding.

What other forms of funding are available and what funding can I apply for to develop my company?

In addition to coronavirus subsidies, companies can also apply for regular business subsidies, such as the Tempo funding provided by Business Finland and the development aid provided by ELY Centre. A large part of the operational area of Keuke is also included in the scope of the subsidies granted by the EU agricultural fund. If you are planning to invest, to expand to the international market, or to grow your company, you should always investigate the aid instruments available at the time. We will gladly help you figure out your funding options.