COVID-19 & Small Businesses - How To Survive?
Updated: Apr 9, 2020
With the Pandemic still not showing any signs of slowing down
we selected a few tips to ensure your small business survives
Let's face it, we are all experiencing unprecedented uncertainty on our economy because of #Covid19. The stock market wiped out all of the gains accumulated over the recent years, and a terrifying unemployment report with over 700,000 jobs lost in March alone, has sent the unemployment rate to 4.4%. With nationwide restrictions and quarantine measures to contain the virus, many small business owners will struggle to survive. To assist the small business owner in surviving through these difficult times, we are sharing some tips to keep their business alive.
Secure a Coronavirus Emergency Protection Loan
$350, billion will be provided as a stimulus to keep small businesses open. Private banks will be providing these loans which are backed by the SBA. In some cases the loans could ultimately be converted into grants, which I'm sure we would all like. If necessary, securing a protection loan will be a key component for providing small business with cash-flow, which can then be used to pay for recurring expenses during the virus.
Online Sales & Remote Work
Now is the perfect time to focus on growing your business online. As many Americans are stuck inside the house, a great percentage of them are buying their everyday products online and having them delivered to their door. Shift your business to an online strategy and minimize potential loss of selling opportunities because of Covid-19, and keep all non-essential staff working on a remote basis. If you're not to sure on how to shift your business to an online strategy, please contact us.
Keeping up with the news is on way to make sure you don't miss any important updates in regards to quarantine flexibility or an ease on restrictions at a local state level. Staying connected also guarantees that you don't miss any other government related incentives to keep our economy running.
Negotiate - The Odds Are in Your Favor
As we may all agree, chances are most small businesses are not prepared for the devastating economic effects from the Coronavirus. If you happen to be a business owner facing this situation, our suggestion is negotiate. Lenders are not immune to the virus and are quite aware that most businesses will struggle to pay for their recurring expenses. That is why there is no better time to negotiate payment plans or arrange a deferred payment option, chances are most lenders will work with you.
While we combat this global pandemic, keep in mind that your business also needs you and its employees to be in good physical health, so effective hygiene practices are also crucial for keeping you, your employees and your business safe.