Small Business Tips On How To Survive The Coronavirus
Financial ups and downs are part of every business, but the Coronavirus and the economic effects are like nothing we’ve ever seen in our lifetime.
Sure, it’s a time to be concerned, but panicking has never helped anything. It’s a time to come together as a nation (even as we try to stay away from each other!). It’s a time for reflection, prayer, thoughtfulness, and planning.
Business owners everywhere are meeting with their boards, directors, and partners to make decisions on how to move forward. Most small business owners are simply looking at how to stay in business. It is truly a time to explore ways to adapt to a new business environment.
To that end, we thought we would put together some ideas on how to not only protect your business during these times of uncertainty but to actually help position your company to be more effective afterward.
- Continue marketing- Henry Ford once said, “Stopping advertising to save money is like stopping your watch to save the time”
- Transition Online-invest in technology that makes sense for what you do.
- Get creative- For example, if you own a restaurant consider advertising prepared meals to go temporarily while in this current environment and then ramp up when consumer confidence is back. Some restaurants are even selling “futures”, so if you buy $75 worth of futures, you get $100 worth of food from that restaurant.
- Facetime Tours- to browse your products in a retail store, curbside pickup
- Ask your customers what they would like to see from your business. Use Survey Monkey or other poll collecting sites or apps.
- Your accountant is your new best friend- see where you can adjust your spending without hurting your branding and check on your accounts receivables.
- Look for ways to differentiate- now more than ever
- Consider an SBA Loan to add extra security. If it turns out that you don’t need it, simply pay it back.
- Social Causes- your business isn’t the only one worrying. Take time to partner with other organizations and help others as part of your own survival as well as branding. Look for mutually beneficial relationships but if that doesn’t make sense, simply help others for the sake of doing the right thing.
These points are just the beginning of what you can be thinking about and discussing to help your business through a difficult time. While we are social distancing, take the time to talk to trusted advisors and friends to your business in order to find ways to protect your business in the coming days ahead.
As Bear Grylls says, for small business owners, it’s time to “Adapt. Overcome. Survive”.