Small businesses are among those taking the biggest hits from the COVID-19 pandemic. Sure, bigger companies have had to strategize, but since small businesses operate with only a few months (or less) of cash flow, they are the ones at risk for the most devastating consequences.
If you run a small business, you may be looking for ways to keep your operations afloat, hold onto your employees, and retain your customers. While there are no easy ways to accomplish this feat, the tips below can get you going in the right direction. And if you make the right adjustments, you can even set yourself up for long-term success.
Get Money
If your small business is like countless others, you’re struggling to make ends meet right now. And while adjusting your business plan and figuring out ways to best serve your customers in these times is essential, you won’t be able to make much happen without cash flow.
Therefore, the first thing you should do is look at your financial assistance options. Between government programs (e.g., SBA traditional loans, SBA bridge loans, Main Street Business Lending Program) and non-government grants, you should be able to secure some cash to keep you afloat as you rework your financial and business plans.
Adjust Your Financial Plan
In an attempt to stave off extinction, many small businesses are letting go of their employees. Since employee salaries are generally one of the biggest expenses for a business, this might make sense in the short-term. However, for the long-term health of your business, keeping your employees at all costs can prove the best route. Not only does it inspire loyalty among your employees, but customers will notice that you’ve gone above and beyond to avoid layoffs.
Before you start with layoffs, think of any other ways that you can cut expenses. This might include speaking with your landlord about lowering or spreading out certain costs, working out deals with suppliers, cutting back on utilities, and so on. Furthermore, moving portions of your business online can also help you save significantly in the long run.
Add E-Commerce
E-commerce has been the saving grace for a lot of small businesses. The demand for online sales has been steadily increasing for years, and the pandemic has accelerated that demand. If you’re not selling products or services online yet, now is the time. If you’ve been selling online but can improve your process or expand your offerings, now is the time for that as well.
Whether it’s selling subscription boxes, digital downloads, or services, look into various e-commerce platforms to find one that best meets your needs. Even if you need to hire a software engineer or web designer to help make your online store appealing and user-friendly, it can help make you money over the long term.
Equip Your Employees
Hopefully, you will find a way to keep your employees. And if you do, it’s essential that they are equipped to thrive as things change. For example, make sure your team has all the communication and collaboration tools necessary to stay productive. Apps such as Slack and Chanty are great for team chats, and video conferencing software like Zoom and UberConference allow you to hold virtual meetings with individuals or teams.
Improve Your Site
Finally, take this opportunity to make improvements to your website. More people are looking at company websites for information and shopping these days, which means that it’s critical to make your site a priority. This is especially true if you are an eLearning designer or developer; if you’re offering instructional content via your website, you want it to be as engaging and user-friendly as possible for your clients. And in an age where competition is fierce, having a website that outshines your competitors is essential to keeping your business alive.
These times are certainly hard for businesses of all shapes and sizes, but small businesses are bearing the brunt of the COVID-19 pandemic. So, help your small business survive now and succeed in the long run by securing financial assistance, tweaking your financial plan, and incorporating online sales. Lastly, make sure your employees have all the tools they need to succeed, and invest in giving your website a much-needed boost.