The coronavirus pandemic and subsequent closing of thousands of businesses across the United States has hit the small business owner especially hard. With no income for weeks or months or clarity about how long business shutdowns might last, some small business owners feel they have no choice but to close their company. However, business professionals who have weathered previous financial storms can provide practical advice to help newer small business owners make it through the pandemic. We highlight some tips for small business owners to survive the crisis and come out stronger below.
Your Creditors Should Be More Understanding
The coronavirus crisis is like nothing the world has seen before because it literally affects everyone. Your suppliers and other creditors already know that your cash flow has dwindled to nothing and that you might struggle to make timely payments. Taking a proactive approach by making payment arrangements with your creditors now can make it less stressful getting your accounts caught up later.
Create a Survival Plan
Whether you call it a survival plan or a business continuity plan, your company needs written documentation outlining how it will survive. If you have key employees, include them in the rebuilding process. Be sure to give each person in your small business adequate time to speak and consider their ideas carefully.
Running your small business after the coronavirus pandemic is going to look much different than it did before it. For example, you may have reduced hours or offerings for a while and more of your transactions may take place online instead of in person. Keep in mind that customers may be cautious about spending for a while and that likely has nothing to do with their opinion of your small business. Be willing to meet customers where they are and show flexibility and responsiveness to their needs. That’s all anyone can really expect in a pandemic.
Need more tips of bringing your small business back to life? Schedule a consultation with us today.