On the now Coronavirus (COVID-19) pandemic, there is a lot of uncertainty in the running out, even more for small business owners. Many small businesses need to adapt and make critical changes just to survive. In times like this, the world seems uncontrollable. That’s why it’s truly crucial for small business owners to focus on what we can control and deal with Coronavirus to survive and keep running.
How Small Business Can Handle With Coronavirus?
If a small business is still open in Coronavirus pandemic and trying to navigate through these difficult times, make sure that you are putting in hygiene measures to ensure everyone’s health and safety. This can be simple things like having anti-bacterial hand gel available, making sure you have handwashing facilities and cleaning the workplace before the end of the day.
Cash Is The King
One of the key challenges for small businesses is access to cash. Running any business is a risky endeavor; however, small businesses are particularly vulnerable. According to the federal government’s Small Business Administration, only about half of small businesses last longer than five years.
Overhead costs like rent, payroll, and utilities leave very little liquid cash to owners, especially in the early years. Add to that the lack of revenue from slowing services. Newly required benefits stemming from the pandemic, and our entrepreneurs will be devastated. So, a small business with Coronavirus will be too.
In order to combat this short-term challenge, small business owners should advocate for efforts to provide immediate liquidity. As a result, keep businesses solvent. Under one proposal, the Small Business Workforce Stabilization Fund. The Treasury would forgive financial assistance to those small businesses which were solvent prior to the crisis. So long as the same number of employees are rehired within a 12-month period after the crisis. As a result, this program would provide immediate cash flow to the most vulnerable small business in Coronavirus times.
In addition, keep employees on the payroll, and allow businesses to grow once customers return. The legislation would also increase the loan limit for SBA Express from $350,000 to $1 million. We believe proposals like this are critical tools to stabilize the market. Moreover, provide relief for owners, workers, and their families.
Small Business Marketing To Deal With Coronavirus
It’s critical to communicate openly with your customers about the status of your operations, what protective measures you’ve implemented, and how they (as customers) will be protected when they visit your business.
Promotions may also help incentivize customers who may be reluctant to patronize your business.
Create Real Expectations
Finally, from priority projects to normal work hours and delivery timelines, don’t leave anything to chance. Clearly stating expectations can help your entire team orient themselves toward a common goal.
Small Business Needs To Accept Online Orders Deal With Coronavirus
I know a lot of small business is either switching to taking orders on the phone or looking for an online alternative. If you’re just looking for a simple order form, then use WPForms. It’s a WordPress form builder that lets you easily create an order form and accept payments online.
If you need to sell multiple products online, then I recommend starting an online store using WooCommerce. It’s the most popular eCommerce platform in the world.