Many small businesses are going through a hard time due to the coronavirus pandemic. This has led to the closing of many businesses, laying off of workers and staff, while many others are running at a loss and on the verge of bankruptcy. Here are some useful tips to help keep small businesses afloat in these tough times.
Get financial help
Many small businesses are in a financial slum due to the pandemic and most of them do not know how to get help. If you’re looking to get help there are tons of financial institutions offering financial assistance and aids to struggling businesses, for example Kapitus and many other online institutes offering to finance businesses seeking for help.
Plan your finances
Several changes have to be made to cope with these tough times. Good financial planning is one way to help mitigate the effects of the coronavirus pandemic. Make cuts to nonessential expenses that aren’t generating any profit and the business could do without. Construct a cash flow budget, listing items in order of priority, and separating expenses into fixed and variable costs. Develop more sources of income, create new ideas to help your business earn more, and assess savings or any other resources if available, if not apply for loans. You can read Financial companies reviews to learn more about whatever company you choose to apply to.
Layoffs, furloughs, and terminations
This is one of the toughest choices any business owner has to make. It’s not an easy task letting go of the people who stood by you and helped your business grow, but in these times, the necessary decisions have to be made. You may have to let some employees go either on unpaid leave for a short while or you may be letting them go permanently, as bad as it sounds, it’s what needs to be done to keep your business on its feet.
Remote working has become the new normal, therefore, you have to find a way to offer your services both physically and remotely as this would enable you to serve more clients.
Strict covid-19 protocols
You have to enforce strict COVID-19 protocols in your workplace as no client will want to visit your business if their safety is not guaranteed, besides you can’t risk yourself or your employees getting sick because that means more expenses. Simple acts such as wearing nose masks, social distancing, regular handwashing and sanitizing, as well as ensuring your employees know how to sneeze and cough into their elbows to reduce the risk of spreading the virus. Putting up signs in and around your business to educate clients is also advised. Prohibit people from entering your workplace without wearing a nose mask and washing their hands. All these are done to ensure that you, your employees, and your clients stay safe.
Motivate your employees
You should be a constant source of motivation to your employees, be a leader, and help them see the bright side of things. Encourage them and make sure they feel all right, so they can put their best into work.