As the Coronavirus continues to escalate rapidly, businesses around the world are being hit the hardest. While many have been forced to scale back their operations or reduce SEO cost, others have been left with no other option than to close their business entirely. As business owners wait to receive more clarity, others have been left wondering what the future of their business will look like in the long-term.
More than 75% of small businesses have reported that they are being negatively impacted by the Coronavirus, according to data released by the National Federation of Independent Business (NFIB).
However, as a business owner, you are not without hope, and there are several things you can start doing today to keep your business alive during this public health crisis. Keep reading below to learn more about how you can overcome the considerable economic downturn.
Identify Challenges With Your Business
A strategy is vital for every business, especially in a time of crisis. One of the most important things your company can actively begin doing is coming up with effective strategies and solutions to any challenges your business is faced with at this time. Regardless of what problems your business is faced with, strategizing for every obstacle is crucial.
Create Alternative Solutions
Once you have identified potential challenges, creating effective solutions is the next step to take. While much of this pandemic is creating an uncertain future for many businesses, creating several possible solutions to problems can help your business avoid being unprepared. Implementing creative alternatives and solutions can also help your business avoid any unforeseen disruptions that may occur as a result of the Coronavirus.
Take Advantage of Federal Relief
Another essential thing for every business owner to keep an eye on during this pandemic is government assistance. With a new bailout bill that was recently passed by the US Congress, many small businesses will be provided with ways to apply for federal economic relief as a result of the Coronavirus. Types of aid include relaxation of payroll taxes and relief for localities, as well as direct payments to individuals.
Additionally, the Small Business Administration is also making it more accessible for small businesses to receive grants to help them cover payroll costs through June 30, 2020.
Apply For Operational Waivers
While several states have issued orders for non-essential or non-life-sustaining businesses to close, there is an alternative option to allow your business to remain operational. If your company is operating in a particular state that has issued orders to close, you can apply for a waiver to remain operational as long as you believe that your business should be allowed to continue operating, as long as employees can stay at home. Teleconferencing providers such as Zoom, Skype, and Google have made it easier than ever for team members to remain in contact with one another, with many of them also offering financial incentives and discounts for using their services.
Seek Help From Your State
While most states in the US are waiting to receive guidance from the federal government regarding economic assistance, some states have launched programs of their own to support local businesses. Some states have begun offering business grants and loans, resource programs, and relief funds designed to help struggling companies to stay afloat. Funds through these offerings can be used to help businesses meet payroll, save jobs, and keep their business alive if it is being threatened by the Coronavirus.
Be sure to check with your local government agency to learn more about what types of fund assistance they are providing businesses at this time.
Apply For A Loan From The Small Business Administration
Another option for small businesses to consider is applying for a loan with the Small Business Administration. The SBA has expanded the different kinds of loans they are offering small businesses affected by the Coronavirus, providing business owners with several assistance options. Additionally, under the Economic Injury Disaster Loan Program, a small business can apply for loans directly with the SBA for amounts up to $2 million.
Adopt A Digital-First Strategy
While many businesses rely on in-store, face-to-face interactions to conduct business, implementing new strategies at this time can drastically help keep your business afloat right now. With advancements in technology, remote working is easier than ever, and with a little creativity, your team can start brainstorming new ways to interact with your customers. From improved social media strategies to new email marketing campaigns, the digital landscape provides you with an infinite number of ways to stay ahead of your competition and in touch with your customers.
While this is a strange time for everyone, it is particularly stressful for small businesses. The most important thing for every business owner to remember at this time is that eventually, this pandemic will subside, and your business will be stronger as a result of it. With creative strategizing and effective communication, your business will be able to navigate this crisis and discover a new trajectory when the Coronavirus passes.