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5 Tips for Business Owners During the Coronavirus Pandemic

Small businesses are encouraged to do their part to keep their employees, customers, and themselves healthy.

With COVID19 evolving so rapidly, many small business owners are unsure of what steps to take in protecting their business, employees and customers.

As vast majority of U.S. citizens are working remotely, the CDC recommends key points and immediate steps for businesses and workers across the country as well. 

Here are 5 quick tips for small businesses and business owners:

LOOK INTO: CARES ACT IMPLEMENTATION 

The Coronavirus Aid, Relief, and Economic Security (CARES) Act was signed by President Trump on March 27. Small businesses and eligible nonprofit organizations and individuals who are self-employed or are independent contractors, are eligible if they also meet program size standards.

SMALL BUSINESS BORROWERS: If you’re a borrower, more information from U.S. Treasury can be found HERE. This link is helpful in filling out your PPP application, determining eligibility, etc.

PAYCHECK PROTECTION PROGRAM APPLICATION*:  The application for borrowers can be found HERE.

*Application will be administered through an SBA 7(a) approved lender, which they will begin accepting on April 3.

PLAN FOR LONG TERM

Although China and other economies are starting to recover, the spread of coronavirus is still prevelant, like here in the U.S. Communicate with your investors , partners and clientel on a daily basis to learn the best tactics for your business. Keep in mind, it might be a while until your small business gets back to usual.

 SmallBizTrends reported that, “27% of businesses expect the coronavirus to have a moderate to high impact on their revenue. Another 30% expect the virus to have a moderate to high impact on their supply chain.”

REACH OUT TO YOUR LENDERS TO NEGOTIATE SHORT-TERM RELIEF

This can be done in the form of deferred payments or extended credit, to help waive your payments until you can pay them. Federal and State government agencies have announced several relief programs. However, as a small business owner, you need to be proactive in reaching out before the situation grows into a bigger financial challenge.

DISCOUNTS ARE A WIN-WIN

While discounts are typically used as an instrument to promote traffic, remember that majority of your customers may have had their employment hours cut or are unemployed altogether. Any discounts can guide your customers in while helping them manage their expenses. This is bound to earn you loyalty in the long run!

REDUCE IN HOUSE MEETINGS AND TRAVEL

Hold any team meetings virtually, on websites like: Zoom or Google Hangout. Also, skip and reschedule any planned business travel. SAVE SAVE SAVE! Save as much as you can and do not splurge your money in all of this free time. Place your splurging money into a “Do Not Touch” account as you may need it in case of financial emergencies.

Lastly, provide reassurance. Everyone’s life is being disrupted at this time. Some more than others. The news and media outlets aren’t necessarily calming people down. Therefor, in your online and social media presence, spread a message of optimism, about getting through this time as a community!

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