Small Business Survival Tips: How You Can Keep Your Business Afloat During COVID-19
The Coronavirus pandemic has change life as we know it at this point. Businesses were ravaged by social distancing restrictions and simply being classified as unessential. Even some of the most stable industries like the dental industry saw mass job loss as only emergency procedures were permitted. Surviving the pandemic has to be done carefully as overall budget for certain projects might be lowered due a decrease in revenue. Businesses that are the most adaptable have the best chance for survival. The following are tips to help your small business survive the current pandemic.
Research the Paycheck Protection Program
There has been a massive delay in the second round of stimulus checks due to politicians being politicians. The next round of stimulus checks will also open up $134 billion to help out businesses of varying sizes. These are forgivable loans that can be paid back over time and have an almost non-existent interest rate. The loan has to be used in certain ways like covering rent or paying employees. Taking a look at a PPP loan database will allow you to see your options and how much your business can qualify for.
Reduce Costs by Allowing All Employees to Work Remotely
Fixed costs being reduced can allow that money to be allocated elsewhere. Rent is the largest fixed cost besides employee compensation which can be mitigated. Allowing the employees at your business to work remotely can eliminate the need for an office space. You can still meet with clients in a virtual office for a fraction of the cost that a traditional office cost. Remote employees can also expand the talent pool internationally. Take a look at subscriptions and software that is used as well. There could be monthly charges for software that hasn’t been used for years.
Leverage Current Professional Relationships
There are companies and professionals that are offering helping hands to businesses struggling. LinkedIn is going to be a valuable resource as connections could be offering help. Leveraging those professional relationships that you have built is more important now than ever. Former employees can be a great resource if they left under favorable circumstances. Current clients can be a great resource as they can refer business or increase their spend monthly.
Make Employee Health Checks Mandatory
The truth is that not all businesses have the luxury of allowing employees to work remotely. Retail stores or food establishments are great examples of customer facing businesses. Employee health checks are going to be of paramount importance in today’s climate. The last thing any business wants is to be known as a business that is a hotbed of the Coronavirus. Health checks are important as a fever or even a cough can indicate a person could be exposed to COVID-19. Quarantining employees that are sick is a must but this should be done discretely to protect the privacy of particular employees. The policies should also be in place to protect employees as not all customers will follow guidelines.
Surviving the pandemic can teach a small business how to minimize costs. In the post-pandemic world, there are going to be businesses with huge advantages if they have stayed in operation the entire time.