The corona-virus global epidemic is unlike any small business crisis that has ever existed. Yet small business owners are nothing but resilient, and you should get past that. The trick is to take steps rapidly.
Measures that you should do now to help maintain your business from COVID-19
Take care of yourself, the family,
Leading through this crisis will not be easy, particularly for small business owners who are also struggling with child care, family and health issues. Make sure that you and your team obey the CDC instructions to remain healthy throughout the outbreak. In fact, set aside time to concentrate on your intellectual, emotional and physical wellbeing to control your tension. Encourage the workers to do the same thing; just do not demand consistency at this period.
Evaluate your financial situation
What are your most important, immediate expenses? What can it delay or negotiate? How much in-reserve cash do you have? Using the 12-month cash flow analysis from SCORE to check the multiple situations for the coming months. Look for ways of cutting costs wherever possible.
Make a deal with clients and lenders
Do everything you can to have your bills paid faster and defer. Call customers to see how the fees will be increased. Call the borrowers, retailers, dealers, tenants, insurance providers and credit card firms and let them know that you will have difficulty paying to see if deals may be created to postpone payments, minimize them or refund them.
Assess the personnel needs
Slicing staff hours or paying, cutting off staff are all options for reducing your costs. A furlough is a brief layoff requiring workers to register for unemployment compensation but also retaining their position as staff and employer benefits such as health care coverage. Today it includes part-time employees and the contract staff. This also increasing the sum of disability insurance and expands the period of time individuals will receive compensation. A coach in your region will help you evaluate your choices and ensure sure you obey effective labor regulations.
Change your workplace for COVID-19
Will workers of yours operate remotely? Now is the period for every employee from home who can do so. Know how to adapt seamlessly, consider the best work-from – home resources and pave the way for the workers. Do some or all of your staff have to work in-situ? Develop a plan to minimize the risk of contagion from coronavirus. The CDC’s coronavirus tools will benefit businesses and employees.
Set the company model
How does your company adjust to support clients even though your place needs to be temporarily closed down? Think creatively and investigate how take-out, delivery, drive-up or pick-up services can be provided. How can you make your product or service available online? There are several options to change your company to succeed in the age of coronavirus, from meditation teachers providing online courses to supermarkets increasing e – business to delivering curbside pickups.
Keep tuned and scalable
Stay posted with reports about coronavirus but don’t overdo it. Choose to use a trusted source of news or two, and set aside check-in times — maybe 5 min in the morning and again at night. Register to receive CDC email updates on the medical aspects of the virus. Everything we learn about coronavirus varies day by day, but leaves open the doors and make preparations for a variety of situations.
Keep dedicated to customers
You may not be able to connect personally with customers but there are plenty of ways online to do so. Ramp up the communication on mobile, website and best press release distribution service. Build livestreams or chat groups, if applicable. Reflect on exchanging knowledge or deals that will support clients through the problems created by the crisis. This can be a useful thing to develop a deeper relationship with clients and gain more insight into what they all want.
Preparing for the future
The coronavirus epidemic eventually ends, and when it does, the companies that are still standing will be the ones that rose to the challenge. Using this opportunity to communicate with your client base, develop closer links with your organization and strengthen your own expertise, so when the crisis stops, you’ll come back better than ever.