COVID-19 took the world by storm and affected small businesses in unimaginable ways. Even the most prepared entrepreneur was not prepared for the types of closures and lengths of restrictions that this pandemic caused. However, what we have had is plenty of time to learn from the changes and to plan for trying to rise above the repercussions. As a business owner, consider these 6 actions you should take (right now) to survive the economic fallout of the COVID-19 pandemic.
Action 1: Control What You Can
If there is anything we have learned during this period, it is that we cannot control everything. We had no way of knowing how long businesses would be shut down, how long we’d be working from home or homeschooling our children, etc. Because of this, we must determine what we can control and work from there.
Action 2: Protect Employee Morale
If you and your business have been affected by COVID-19, your employees have certainly felt the consequences. As you reopen and recover, it will be important to boost morale however you can. The future is still uncertain, and a strong, loyal team by your side will make all of the difference.
Action 3: Save Your Pennies
Since we are still very much living within the confines of the pandemic, you need to keep your business in “survival mode.” To do this, you need to save cash wherever you can – try to keep expenses down as much as possible.
Action 4: Front of the Line
Much like it sounds, you need to try to be one of the first business owners applying for government assistance, as it becomes available. Because so many businesses need help, resources will be limited.
Action 5: Back to the Basics
Now is the time to go back to the basics – how you ran your business when you began. What does that look like? Strong customer service. Your customers are what keep your business afloat, so make sure you are continuing to communicate and foster relationships with them.
Action 6: Evolve as Needed
Since the pandemic changed how consumers make purchases, businesses have had to shift how they sell their products. The key to survival and staying afloat is being creative. Have you thought of developing a new delivery service? Subscription service? New business hours? Curbside pickup? Whatever it might be, it could be the key to surviving this pandemic.
We are still unsure of how long we will be living in this pandemic, so as business owners, we must try to be as prepared, and flexible, as we can be. These 6 actions will help your business overcome the unexpected challenges faced as a result of COVID-19. Should you need to consult a business advisor, the experienced team of advisors at Transworld Business Advisors Houston is ready to assist – contact us today.