How to Keep Your Business Afloat During COVID-19

For far too many businesses struggling in these unprecedented times, the choice is to quickly adapt to the changes or shut down. Although essential businesses are still managing to stay open and afloat, those non-essential businesses are facing some tough decisions. While most will have already been forced to close down, there are options to look at if you want to ensure that your business is still capable of being in place once the current crisis is over. Follow the strategies that most suit your business model, and your chances of survival once everything returns to normal will be far more likely.

Everyone is Affected

Although it might seem like a bad thing that so many people are being negatively affected by the pandemic, the fact is that this has led communities to start coming together. It’s vital that you stay positive, and to remember that you are not the only person or the only business being affected by the coronavirus crisis. It’s unlikely that anyone (apart from, perhaps, your competitors) wants you to go out of business, and being aware that coming together is better than falling apart is the right mindset to adopt. This means that it’s important that you don’t panic, and that you take steps to ensure that you continue to look after your physical and mental health throughout the duration of the crisis.

Use the Available Resources

The government may have been slow to respond to COVID-19, but steps are being taken to help protect businesses and individuals. SBA loans have been updated, although the admin process remains problematic and slow. However, if your business relies on a core number of key employees, then you may be able to apply for the Paycheck Protection Program, as this is designed specifically to help employers continue to pay their staff throughout the pandemic regulations. Keep up to date with news from:

• The US government
• Local and State government
• Banks
• Insurance companies

It’s also worth remembering that if you are a global trader with multiple bases in multiple countries, then those countries may also have financing options to make it easier to retain your staff at full pay.

Have a Financial Plan

Nobody knows how long the lockdowns and the social distancing is going to go on for, so you need to have a financial plan in place. Think long and short-term. Have a three-month financial strategy in place, but be prepared for the possibility that this crisis could last a lot longer. Identify all of your costs over the planned period, including:

• Employee wages
• Premises rental
• Equipment maintenance
• Utility costs
• Industry-specific costs

Next, contact the people and companies that you have to pay over that financial period. Landlords and suppliers may be more amenable than you think, and by getting extensions on what you owe, you will find it much easier to make it through to when restrictions are lifted. Remember that it will tend to be in the best interests of those that you owe to give you more leeway than normal.

The absolute worst thing that you can do in these times is to try and avoid those that are chasing you for money.

Keep your debtors up to date with where you are financially, and you will find them much easier to come to an agreement with. If you stop answering emails and phone calls, then they will expect the worst, and that will mean a greater chance of your business failing even when things return to normal.

Upskilling Opportunity

If your employees don’t have any customers to serve, you can still keep them busy. Whether they’re in isolation or not, you can dedicate this time to developing them. Supporting your most valuable employees in this crisis is vital, and staff development not only ensures that they will return to work full of fresh ideas and innovations, but also that you will be able to avoid future costs of hiring. As the world goes into forced hibernation, there are thousands of online courses available, covering every subject available and largely for free or at very reduced prices. Talk to your team members and discuss the training options that they will find the most valuable.

Coping with Emergencies

While cutting your operating costs or applying for government assistance can be useful, they will tend not to be much use if you face an immediate financial emergency. Government aid is a slow process, so you need to know that there are options available when you need a cash boost fast. Online lending has been the go-to option for small businesses for more than a decade, and established providers like biz2credit.com can ensure that you get the quick money boost that you need. Until the business world relaunches post-coronavirus, online loans could be the key to survival for businesses of all sizes.

Diversify and Adapt

While gritting your teeth and hoping to make it through the crisis is one strategy, it’s also worth looking at how to stay afloat by adapting your business model. Restaurants that would never have considered offering a delivery option are now finding that it’s the key to maintaining profits, with contactless payments and 24/7 delivery becoming the norm. From bookstores that are now offering free delivery and pick-up services on all book purchases, to making use of delivery apps like DoorDash, businesses are simply reshifting how they offer their products and services in the face of global disruption. Even gym instructors and personal trainers are shifting online, teaching classes via teleconference platforms.

Invest In Marketing

It might be the last area that you want to spend money on when the future is so uncertain, but now is not the time to overlook your marketing strategy. Keep up to date with your social media pages, and if you have yet to update your marketing plan, then now is a good time to perfect your SEO and content marketing strategies. As soon as the current crisis is over, those businesses that failed to keep up with their marketing will find it much harder to regain lost search engine rankings and position zero if their competitors have been working hard to replace them. Don’t let the pandemic limit your growth for longer than it needs to.

The world might be the strangest that it’s ever been, but although nobody could have predicted the far-reaching effects of COVID-19, your business can survive. Plan well, and remember that everyone is being affected by the situation. Update and maintain your strategies, and the chances of your business surviving the current crisis will only be more likely.