Proper management of the business during Corona
With almost all businesses currently shut down due to the Coronavirus outbreak, many businesses are struggling to make it through the current loss of revenue. They are experiencing trepidation about the long term effects of shutting down on their operations once things are back up and running. In the wake of a financial crisis for some business owners, this article aims to serve as a guide to properly managing your existing business during the Coronavirus shutdown.
Push External Communications
Communicate the current state of your business, including mandatory closings, with your vendors, customers, and the public at large. Do not ask people to guess about when your business may reopen. Instead, once you receive the news, be sure to relay it to those that need to know the information, including your customer base.
Assess Your Supply Chains
You may not be able to continue with your current supply chains as things are due to the effects of the Coronavirus. You will need to look into alternate supply lines and may possibly need to reevaluate the long-term effects on the goods that you manufacture or supply to the public or your customer base.
Be A Part Of The Overall Solution
If you manufacture items that are in short supply, consider donating items to help the public at large during this global crisis. Try to be a part of the big picture and long term solution instead of thinking of the possible financial ramifications of donating supplies.
Do Not Give Up On Marketing
Although marketing can be considered needless spending at this point, remember that things will get back on course, and once they do, you do not want to be behind the curve when it comes to marketing and advertising for your business. Continue to market your products or services during this time so that once things are back on the upswing, your business is at the forefront of your customers’ minds as a must-visit business.
Apply For A Small Business Loan
Visit SBA.gov to see if you qualify for a small business loan to assist you in getting through these difficult financial times. If you do not qualify for a loan, you may qualify for a grant or some other form of assistance that you would otherwise not be aware of. It is important to utilize the resources that have been put in place specifically to help businesses through these difficult financial times.
Assess Your Operations Before Restarting
Analyze your current practices to ensure that you are up to speed on how operations will lean upon restart. The last thing you want to occur is to get to the day of reopening, and then you realize that you are not prepared, staffed, or stocked to reopen when it is finally allowed. Be sure to stay up to speed on the reopening schedule in your area so that you can communicate this with your employees and that everyone is on track to begin earning a paycheck once it is okayed to do so.