When it comes to helping you navigate your small business through these uncertain times, it makes sense to stop, think and strategize. COVID-19 is a challenge most of us have never faced before. However, there are some strategies you can put in place to minimize the impact and in some instances, position your company for a more rapid return to profitability. Here are some tips from the experts.
- Be open and communicate with your staff. Ask for their flexibility in working through these trying times. Ask them for their ideas and suggestions. If you have to cut their wages, cut yours too. This will demonstrate that you are making some of the same sacrifices you are asking them to make.
- If you have to layoff staff, do it gently and tactfully. Remember you want your people to return as your business picks up steam after the COVID-19 crisis passes.
Cash Flow Helpers
- Go over your financials and look at what emergency funds are available. Put together a strategy that will allow you to pay the essentials. Cancel all planned nonessential expenditures.
- Even though the government has given a three-month extension on paying your taxes, if you have a refund that will be due, file your income taxes now. Every bit of extra cash can help.
- Be assertive. Contact your landlord or creditors. Ask them about a grace period on the rent or establishing a payment plan that you can live with.
- Contact your lender and try to renegotiate loan terms for a more reasonable payment.
- Check with your state government for any federal assistance for small businesses.
- Create or beef up your on-line store on your website. This could be an investment that pays off handsomely now and in the long term.
- After this “testing time” has passed, make note of any positive changes that have occurred in your life or with your business.
- As the saying goes, the best time to plant a tree is 20 years ago. The next best time, is now. If you don’t have one, resolve to create a 6-12 month emergency fund. Contribute to it regularly and it will help you sleep better at night.
- On the personal side, be sure to take care of yourself. Make some time to decompress.
- Put together your “thank goodness list”. Write down things on it like, your health, your family members and pets, your friends and colleagues, your home and backyard, vehicle and other belongings.
- Review your thank goodness list and add to it on a regular basis.
“True happiness is not the absence of problems – true happiness is solving them.” -Anonymous
- Each day take some time for yourself. Engage in personal hobbies, read or listen to good books.
- Exercise regularly, eat healthily and get plenty of sleep.
- Reach out to, connect and communicate regularly with other positive colleagues and business owners.
- Be supportive to others.
Although the world may seem like it is coming to an end – make no mistake, it isn’t. Although your road may be a rocky and uncertain one, it will eventually smooth out. There are more good days headed your way.
