There’s no doubt that small businesses have been some of the hardest hit by the Covid-19 pandemic that has swept the United States, and the world, since the beginning of the year. Larger businesses have a better chance of surviving the lockdowns and virus than smaller businesses do because small businesses tend to depend on that monthly cash flow and have very little saved for a rainy day of this magnitude.
If you are running a small business and are feeling panicked about the latest developments, first know that you’re not alone. Other business owners are in the same boat and concerned about what the future holds for them, their business, and their families.
How can small businesses survive this global pandemic without going under, and perhaps even come out on top? While there’s no easy answer to this question, you can read on below for a few survival tips that will hopefully help your business going into 2021, and beyond.
Don’t panic, keep calm, and take care of yourself, first.
While not panicking can be easier said than done, especially if your business is suddenly losing cash, keeping calm will help you come up with a concrete solution much better than freaking out ever could. The first thing you have to do is take care of yourself. If you let yourself go, your immune system will falter, and you could end up with Covid-19 yourself. If you’re sick, you can’t run your business at all, so make taking care of your own health a top priority.
Check with government resources and financial institutions for loans.
While you may hate the thought of using the government resources that have been offered during this trying time, and you don’t want to be in debt to the bank, sometimes you have to bite the bullet for the sake of your business and family. There are franchise revenue loans available for small businesses that you can turn to, to help you stay on your feet. Many of these loans offer funding in as little as seven days and have fixed interest rates as well to help small businesses in need.
This is also a good time to check into any provisions for such a disaster in your business insurance policy as well. There’s nothing wrong with taking advantage of the government resources and loans made available to you. Just make sure that with any loan you get from a financial institution that you are able to afford the payments when the time comes to make them.
Cut your costs where it’s possible.
While there are some places where you can’t cut costs, such as paying the electric bill or installing replacement windows if your windows in your shop get damaged, there are places that you can cut costs if you need to. If you think about it, if your energy bills are high for your business, having a reputable company come out to replace the windows is something that will help you cut costs in the long run. There are many companies who are offering discounts on window replacement and repair as well, just to help out residents and small business owners during this trying time. Cut costs also through vendors and other associations that are offering discounts.
Protect your employees and contractors.
While you certainly can’t give up having your employees come to work or stop things such as water bottle delivery, you can take the extra precautions needed to protect your employees and the delivery company who is dropping off your water. Make sure to practice social distancing, and make sure that the contractors that come into your business aren’t sick or feeling bad ahead of time. Water bottle delivery is also the perfect way to make sure that your employees and customers have fresh water to drink. Remember, your health, the health of your employees, customers, and the deliverymen and contractors who keep you in business should be your top priority during the Covid-19 crisis.
Keep up with everything through social media.
Even in the age of Covid-19, lockdowns, and fear for the future, you have to keep up with your customers and let them know you’re still out there waiting to serve them. There are many excellent customer service examples in hospitality that you could learn from for your small business. Remember, the customer is always first, even in the midst of a pandemic. Make sure that you keep up with your social media accounts daily. Offer discounts and coupons for online ordering and address any bad reviews or press promptly and nicely. Keeping up with your customer service and your loyal customers through social media will go a long way towards those customers still being loyal when things return to normal.
Start saving as soon as you can.
Whether it’s your personal savings or your business savings account, you need to start saving money as soon as you can. Covid-19 took everyone by surprise. Having a nest egg can help sustain your business through a bit of the crisis and help you come out on top or at least break even when the pandemic is over, and things start to go back to normal. Once again, cutting costs so that you can save money for the survival of your business is essential to getting through this virus with your business intact. Start saving as soon as you can in your personal and business life, and you’ll be the better for it, and a whole lot less stressed.
Keep your chin held high and don’t give up hope.
One of the best ways to survive this pandemic as a small business is never to give up hope. You’re doing everything you can by following the tips above, but you have to keep your chin up and your spirits high as well.
These are just a few tips to help you survive the Covid-19 pandemic and come out strong on the other side. Remember, keep your spirits up, start saving, and cut costs wherever you can. In the end, you and your family will be stronger for this when it’s all over and done with.