Our team has gathered and created these five top tips that a small business owner should make in this difficult time. Please note that we are available via email, text and phone to give you advice and tips so you can keep your business running.
1. Communicate with your partners
Talk to the owner, your lawyer, insurance agents, sellers, sellers, banking and finance partners, and anyone else involved in your business. It is important to have a proactive discussion about the effects of COVID-19 on your company. Discuss payments, rentals, leasing, financing, and other costs that reduce costs. We know that everything changes every day, but being proactive is a point where you have taken a step to strengthen your business.
2. Communicate and implement best practices with your customers
If you take precautions in your company to ensure the health of your customers, let them know and remind them again and again. Let them know what this means for your business and how they can support you from a distance. Stay in touch via email, social media, text or any other way to motivate customers – that’s how you can build a community! Just because business is slow doesn’t mean that you should slow down your communication, stay busy!
3. Communicate using your numbers
Don’t be shy, talk about numbers. Call your debtors if you have difficulty paying due to the situation. It is better to immediately address this serious situation. Start by exploring funding options that will help you survive the current situation, such as the SBA disaster relief programs. Talk to local nonprofit lenders like LiftFund who have special programs that could help.
4. Communicate adaptability during this time
If your customers are appointment based, you should make a down payment for the previous appointment. If most of your business is done in person, you should consider introducing technologies to add digital services. Consider shifting hours to provide more options for customers, or adding appointments to avoid crowds. Regardless of the industry, check how you can adapt your business model to the current situation. Your customers will notice.
5. Consider your cash flow
This is the time to review your personal and business finances. Think about where you can cut costs and increase revenue. Take the time to make a list of subscriptions, advanced products, etc. Include your team and family in the conversation and ask them as well.
Here are resources for your company:
SBA Disaster Loan website:
Here is the SBA resource for COVID-19 and small businesses
Center for Disease Control and Prevention COVID 19 Location:
Credit Bureau Answers to COVID-19:
Mark Cuban’s interview about how SB should deal with COVID-19
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