Keep Your Small Business Running in this Crisis

(Reading time: 3 - 5 minutes)
Keep Your Small Business Running in this Crisis Photo by Tirachard Kumtanom from Pexels

As a small business owner, you may feel like bad news has been pouring down by buckets lately! This virus has impacted the economy, and most importantly, your small business, and all you may think of it is closing it down for good. Frankly, who can blame you? 

However, is closing down a business in which you have worked so hard the right thing to do, or should you keep your business running in this crisis?

Only you can answer those questions, but before you do, you should consider that not everything may be the way it seems. Most importantly, do not believe in everything you read or hear without first seeing the real picture. Stay calm and well informed and make prudent decisions, and you will find the solution to keep your business running in these critical times.

There are some critical steps you can take to finding the best approach to make the best decision about your business.

 

  1. Learn the Real Facts
  2. Reassess Your Business Plan
  3. Plan Your Next Steps

 

It will probably take some patience and emotional control from you to work through the solutions to keep your business running, but you must stay focused!

1. Know the Real Facts

 According to ABC News, employers are finding it difficult to compete with unemployment benefits supporting many people. The reality is that people still have money to spend. Presumably, some may even have more than before this all started. Many have lost their jobs, yet they have enough money that the government is giving to them. Besides, everyone has also received their stimulus check from Uncle Sam and may end up getting more. 

When it comes to direct financial help to businesses, the U.S. Small Business Administration (SBA) offers different easy to qualify relief funding plans for all small businesses. According to the New York Times, there is also money available in the private sector. Many investors have taken their money out of the stock market and may be interested in investing or even becoming silent partners for small businesses. However, maybe considering a friend with available capital as a business partner can be a great way to stay in business if you do not wish to borrow hedge funds money.

2. Reassess Your Business Plan

 Now, more than ever, you must grab a pen a paper and start writing down a new plan for your business. Reassess your revenue vs. your expenses and cut down unnecessary costs. If the problem is debt, make sure you talk to all of your creditors to work on a temporary solution to freeze or make minimum payments. 

Remember, the strategy is to reduce your expenses, bring in some capital as mentioned above, and focus on selling your products or services. Keep in mind that your customers still need your services or products, but they are afraid of spending their money. Forbes suggests that it is up to you to give them an incentive to go back spending by rebuilding interest and awareness. 

3. Plan Your Next Steps

Once you have understood the real facts and written a new plan for your business, it is time to plan on how you will focus on bringing more sales. 

Communicating with your customers honestly and transparently will go a long way. The New York Times explains that being honest, vulnerable, and empathetic with your customers can help significantly. Show that even though your business has suffered in this situation, you are still willing to help your customers.  Focus on customer service. Now is the time to go that extra step or two for your customers. 

Use the power of social media and content creation to stay relevant to your audience. Everyone has that friend or relative who knows everything about social media and technology that can help. Try not to be that "pushy" salesperson, instead make yourself helpful to your customers. Forbes also suggests that finding someone locally with a "social media influencer" status and willing to help your business can be an effective way to establish your social media presence.

Joining other business owners to share and help each other can be a great way to network and come up with group solutions. Be an active community member and participate in events when possible. If these steps seem too much for you, ask for help from your family and friends. 

Conclusion

In summary, it is not a good idea to dismiss the fact that the country is going through very rough times. Moreover, it would help if you did not let mass hysteria affect your decisions. For example, when others compare this virus to the Spanish Flu or the economy to The Great Depression. Remember, those were different times when vaccines and antibiotics did not exist, and technology was not around. Therefore, we are bound to see different outcomes.

Before you make decisions that you may regret, try to stay calm and positive. Work through the best plan of action you can find, and you will find the solution to keep your business running in this crisis. The bright side is that you will learn to get your business ready to face anything the future brings. 

Question: Are you struggling to keep your business running because of this crisis? Leave us your comment below :-)

 

References

Haslett, C., Lantry, L., and Siegel, B. (May 21, 2020). Employers struggle to compete with $600 coronavirus unemployment payments. Retrieved from ABC News.

U.S. Small Business Administration. (n.d.). Coronavirus Relief Options. Retrieved from SBA.

Goldenstein, G. (Apr 3, 2020). Some Big Investors Smell Profit in Virus-Plagued Companies. Retrieved from The New York Times.

Bradt, G. (Apr 14, 2020). The Smart Steps To Reboot Your Business Post COVID-19. Retrieved from Forbes.

Hale, K. (Apr 16, 2020). Small Businesses Should Bank On Social Media Influencers During Coronavirus Pandemic. Retrieved from Forbes.

 

The copy of this article is forbidden. Please cite this source: " Author, Date, Title and Link."

Leave a comment

Make sure you enter all the required information, indicated by an asterisk (*). HTML code is not allowed.