How To Keep Your Business Going During COVID

The Coronavirus pandemic has put additional stress on us all, to the point where some of us are even thinking about how to find a top Boulder Colorado bankruptcy lawyer to help us navigate the crushing financial burdens brought by its rippling economic effects.

It doesn’t necessarily have to end in disaster, however, even if you’ve got a business and you’re stuck wondering how you’ll keep things going. There is hope for carrying on during COVID, and today, we’re going to go over a few tips that will help you do exactly that.

Health & Safety Are Paramount

No matter what other plans you’re going to try to enact in the future, or what size your business might be, you’ve got to prioritize health and safety if you’re going to stay afloat during this crisis. First off, you won’t be able to manage your business if you’re ill, so taking safety precautions makes sense from a personal standpoint as an entrepreneur. Beyond that, though, prioritizing health and safety will signal to clients that you’re serious about the pandemic, and make them more likely to want to continue doing business with you.

Keep The Lines Of Communication Open

Because Coronavirus measures are disrupting the ways we’re used to doing business, it’s important that you redouble your efforts to maintain transparent communications with your employees, customers, and suppliers (if your business happens to have any).

What specific steps will be included here? Confirming that orders are still moving the way they’re supposed to, for instance, is going to be of the utmost importance if you have a large, distributed customer base and they need to get stuff out to them quickly. Things can go wrong with mass deliveries like that, so staying communicative will help you head off any developing issues and keep everybody happy as you try to keep your business on the right track.

Revisit Your Cash Flow Plan

It’s likely that the pandemic threw a wrench into some of your cash flow projections, which is why it’s important for you to rethink your forecasts and take corrective actions. 

First, you’ll need to adjust for your new cash inflows. Has business slowed at all? You’ll need to make note of that and prepare to spend less to compensate. Next, take a look at your cash outflows—monthly recurring payments, salaries, and the like. Mapping these out, you can see where you can start to make cuts that will allow you to save while simultaneously providing a level of service that your clients have come to expect.

Lean Hard Into Your Recovery Phase

You’ll need to be ready to respond quickly once the next surge of cases starts to subside and larger numbers of people are willing to stay outside and frequent businesses. This is the period where you’ll need to lean hard into recovery while still staying agile enough to change course should something unexpected take place.

This is the time to start purchasing new materials, bringing back staff, revitalizing operations you may have previously halted, etc. This will be aided, of course, if you were judicious in managing your cash flow plan and have the reserves to put into building back.

Kevin Thompson