The COVID-19 pandemic is wreaking havoc on small businesses all over the world.
With limits in capacity, forced closures, and PPE mandates, businesses have to make costly changes.
Business owners have to pay attention to constantly changing executive orders and local ordinances.
At BusinessTrex, we understand that it can be tough to know what to do to keep your small business afloat.
These are five things you can do to help your business stay afloat during the pandemic:
1. Evaluate and reduce your overhead costs
If you are struggling to make ends meet, look at the costs that you can reduce.
This is a similar suggestion given to people who are unemployed.
When you need to save money, talk to your utilities providers, phone and Wi-Fi providers, and landlord.
They might give you answers that you do not want to hear, but you also might get good news in the form of lowered rates.
2. Develop a creative alternative
Businesses are looking at the pandemic as a way to flex their creative muscles.
This is time to look at what you can do that your competitors cannot do.
Maybe you own a restaurant, but you don’t have an outdoor space for patrons to safely eat.
Instead, you could make sack lunches for customers to pick up and take to work.
Maybe you have a small retail store, but you aren’t getting much foot traffic inside of your store.
It might be time to have a sidewalk sale or to beef up your online presence.
3. Look to your neighbors
Cooperation with neighboring businesses could help you succeed.
The odds are good that you are all struggling, so you should talk to each other to find solutions that work.
Entrepreneurs are creative people by nature, but creativity often needs inspiration.
Working (virtually) with other business owners might give you the inspiration for a lucrative idea.
4. Talk to your customers
Your customers want to hear from you.
If you have loyal customers who haven’t been able to patronize your establishment, reach out to them.
Tell them what you are thinking, and get their feedback.
Ask them what would make them feel safe and what would encourage them to spend money.
You don’t have to talk to many customers, just the ones that you know would give you honest answers.
There is a chance that some of your favorite customers are struggling with unemployment, and knowing how they are doing financially might give you some ideas on how you can best serve them.
5. Protect your employees
If you do open, the most important thing you can do is take the necessary precautions to protect your employees and your customers.
The last thing you want is for anyone associated with your small business to become sick with the coronavirus.
If you do not follow PPE mandates, your local government could assess hefty fines.
Those fines could add to your business struggles, so avoid giving anyone reason to doubt your dedication to safety.