Small business owners have to plan for all kinds of scenarios, including economic downturns, but the COVID-19 crisis is one situation most of us probably didn’t see coming. Now that it’s here, many non-essential businesses have had to close their doors to the public, which has left their owners asking, “Now what?” We may not have an answer for what will work best for your business, but we do have some ideas and resources for how to keep going, and maybe even come out stronger, through this time of crisis.
Know Where to Turn
- The good news is that you aren’t alone in navigating how to do business during this unprecedented time. The U.S. Small Business Association is a great place to turn for answers to your top concerns.
- Along with government relief, some banks and corporations also provide loans and grants to help small businesses.
- This guide will help you determine if your business qualifies for financial assistance.
Find Creative Ways to Cut Costs and Boost Business
- Use these tips for reducing expenditures—and knowing which expenses you can’t cut.
- Consider negotiating a short-term rent reduction or renegotiating your lease to lower your real estate costs.
- These tips for remote work will improve your team’s ability to collaborate successfully from a distance.
- Can you diversify your business to make your products or services available online?
- Get inspired by these businesses that have adapted to meet a need during the pandemic.
Use This Time to Plan for the Future
- Email is the best way to stay in touch with loyal customers. Carefully crafted emails do more than drive sales through promos. They also help maintain loyalty by showing customers how you’re handling the coronavirus crisis.
- Spend some time improving your physical location to wow customers when your doors reopen. Installing new carpet is a great place to start.
- Prepare for your short- and long-term future by making a three-month financial plan and by giving staff training to develop new skills.
Entrepreneurs are known for ingenuity, and that’s a major plus for small business owners who are worried about what to do next. Start with these resources and spend some time brainstorming ways your business can make the most of this time in lockdown. Yes, you may encounter setbacks, but you may also discover a unique solution that ends up making your business even stronger in the long run.
Photo credit: Rawpixel
Blog Post by – Elena Stewart