This current pandemic has been a first we are all experiencing. Small businesses are being vastly affected. Some will not survive Covid-19. This does not have to be the fate of your company.
How your business can survive the current pandemic.
Consult Business Experts
It is not a bad idea to consult a business expert during this hectic time. There are many programs that have been dispatched to help small businesses keep from closing. It is also a good idea to investigate what other businesses are doing. There may be opportunities for local businesses to help each other out.
Check in on…
Everyone is carrying a heavy load. In addition to job security, your employees are juggling having to become homeschoolers for their children. Some may be experiencing the health issues sweeping the globe. Others might be financially struggling if a spouse has lost their job. Check on your remote or on location staff and make sure that their needs are met during this time.
As a business owner, you are leading a group of people. How you lead will affect not only your life but theirs. It is important to keep your mental health in check in order to make responsible and respectful decisions for everyone. Understand that your employees are also under an immense amount of stress and may not perform their usual best. Continue to encourage them to practice self help as well.
You may be an on location business or simply remote. If you are a remote business, continue to keep an open line of communication with your customers as usual. If you are on location, it may take a little more effort on your part. Because online services are a new thing to you, it may make sense to hire a remote business consulting firm or virtual assistant services to get you on the right track. Even after the Covid-19 pandemic, our normal will change drastically. Every job needs to become accustomed to online business and marketing in order to survive.
Adjust your workflow habits
If you are an essential business that needs their employees to come in for work, follow the CDC guidelines. Not following the rules could cost you your business, and even lives. However, if your employees are not needed on location, it is recommended that you mandate a work from home order. There are many tools out there that aid in remote productivity.
As previously mentioned, online services are the future. If you are a clothing store, it is important you develop an online shopping cart to offer virtual services. This is definitely something that should continue even after the pandemic has ended due to a wide spread of fear that may cause more customers to remain remote for a long time.
Adjust your budget
Because we are in a pandemic, the future is not clear. That being said, developing a new emergency budget is crucial. Minimize your business spending by suspending accounts that are not essential. If necessary, cut back hours across the board. It is important to make sure you are communicating to your staff that cutting back hours is to avoid layoffs. Expressing your desire to save jobs will be more well received from your employees because it shows your loyalty to their well being in the long run.
Research programs available to small businesses
If after cutbacks you find that your business is still in jeopardy, look into the Coronavirus Aid, Relief, and Economic Security (CARES) Act. It offers small businesses loans, grants and other assistance for small organizations at this time. While it has been temporarily closed due to an overwhelming need, referring back until applications reopen should be a top priority. In the meantime, there are other companies that offer relief programs such as GoFundMe.
Times like now can be very hard, but with determination, businesses can survive. Don’t look at this situation as an end to success, think of it as a way to reinvent your business. Life isn’t over!