The effects of the coronavirus have swept across the marketplace both locally and globally and a lot of them are feeling the losses from the pandemic. Based on data gathered by a time tracking and scheduling application, 50% of local businesses in the US have already closed operations while hourly employees are working at less than 50%.
During these uncertain times, panic is understandable. But what every successful entrepreneur must do right now is to forge a solid game plan. Check out five of our tips to keep your small business surviving and thriving during the coronavirus outbreak:
1. Create a plan
Now this sounds basic, but what does this plan contain? Every business owner must now plan ahead of the pandemic and, if you haven’t already, create an emergency preparedness plan or a business continuity plan.
This plan needs to outline the steps that you, as a company, decide to take if the pandemic significantly impacts your business. It also needs to lay out procedures that you will be following in the scenario that a disaster strikes. Be sure that you are able to tackle these points in creating your plan:
- What you’re doing to protect your staff
- What actions you will take if an outbreak arises in your business
- Ways your staff can get in touch with you in case of emergencies
- Possible outcomes for you
2. Protect your people
If possible, this entails creating a measure that will allow your employees to work safely from their homes. However, not all businesses can afford to lose people that are on the ground. Ensure that your employees feel safe and secure with their jobs. Get in touch with them and ask about how their personal lives are affected by the coronavirus and let them know your plans to support them in case anything happens to them or their families.
3. Strengthen external communication
In an interview with risk management expert, Nicholas Bahr, he mentions, “During a crisis, your biggest commodity is trust.” Make sure that you provide all your stakeholders, clients and customers, and the public at large specific information about what you are doing as a business to fight the pandemic. If possible, include any solutions or recommendations that you might have that may seem useful. Thanks to social media platforms, you can easily reach out to them and provide necessary reassurance and comfort.
4. Review risks
Assess every part of your business and how it might be possible for the virus to penetrate your operations. You might want to create a more tedious sanitation process or remind your staff about other measures that they can do in order to avoid getting infected. Review your financial risks as well with regards to continuous operation and how you can balance out your profits with your costs. Draft up a list of things that you need to have checked as soon as the coronavirus pandemic is over to fully resume operations.
5. Be productive
Utilize any spare time to improve your business and your processes. There may be a product that you can develop which you’ve only realized in crisis or had processes you could have eliminated when you were operating at full before this all started. Take advantage of this time to maximize your productivity and make your employees feel that they are valued by engaging with them for their opinions.
If your business needs additional funding during the outbreak, the US government has provided millions of dollars in loans for small business to help them ride out the pandemic. You can check out how you can apply for a loan with the Small Business Administration here.
Is reviewing your finances too much for you during this time of fear and panic? Our team at Wistbooks are fully prepared to help you manage your finances and find ways on how you can maximize them to keep your business afloat until this all blows over. Interested? Get in touch with us today.
WistBooks provides integrated Bookkeeping, Advisory, and Financial Management services that leverage financial data to help small businesses execute a winning strategy. Through Quickbooks Online cloud accounting, financial dashboards and regular online advisory sessions, we support business owners and leadership in maximizing their financial decisions to maintain and support company growth.
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