I can’t think of a better time to launch a new business blog to help business stakeholders then during a pandemic where businesses are at risk of being destroyed and owners are at risk of a financial implosion. I have been in business for many years, and some would consider me an “Old hand” when it comes to running and managing small business over the years. The forced closures of non essential businesses, is nothing we would have ever expected even a few months ago. But here we are, and as the divorced contractor who built my brother’s cottage use to say. “It is what it is.”
No doubt we all feel helpless on some level. That is understandable, it is ok to feel that way.. As we are often taught in life, many things which we have to deal with are outside of our ability to control. Cov-19 is the newest and one of the more difficult examples. But as business people you don’t have the luxury of hiding under a rock and waiting for it to blow over. You should still have plenty of time for Netflix and stuffing your face. But first try to do these 5 things to help save your business TODAY.
(Note: obviously all businesses are different and some of these will apply to some people more than others, these are generalized solutions.)
1. Check eligibility for any government programs available for your business.
Although most governments bungled their chance to protect their citizens and their economy from COV-19, I would say some have been fairly generous in regards to the financial help they are offering small businesses in this time of need. You need to take the time to check and see what is available to you in regards to government help.
I know as business people we all hate the government, but we have to hold our nose and take help where we can get it.
Many world governments are offering low or no interest loans, to be applied to rent, wages and other business expenses, grants or tax deferrals. You MUST see what is available to you. Do it right now, the more money you have available the longer your business can last.
2. Help your employees survive this difficult time.
Even when you don’t have a business running currently, when the world recovers, and I have no doubt that it will. You will want your employees to be alive. Yes this seems obvious, but not all employees are capable of self management. You as a business owner or manager should check on your employees and make sure they are going to be ok financially as well as physically during this time of need.
You might not be in the position to help your employees, although many governments are offering various programs for employees who have been laid off, or had their hours reduced during this event. Your employees might not know about them, or that they are eligible for them. You should help them set up their lives so they can survive until you need them again
3. Reach out to your customers.
. You are going through a lot, if your business can’t do anything during this time, you should just give up right and binge Tiger King and forget about the world, Right? No. Even if you can’t make money currently with your business, its a great time to reach out and talk to your customers. One reason is because almost everybody is stuck at home, and they are so bored they are probably starting up a business blog. Yes they are that bored.
Let’s take an example. For instance, what if you run a Summer camp? The prospects of running this year look pretty unlikely at this point. But although you are feeling bad about the missed income, your customers are feeling bad about missing out on all the fun and adventure they were planning to have as well. (And maybe a break from their kids as well). What a great time to send them an email about a “Virtual” summer camp, about various fun activities the kids could still have this summer, even if the camp itself is cancelled? When people are looking for a summer camp again, they will remember you and you will make money. (If you survive.). Maybe you can reschedule or time around the calendar? You could set up a mailing list and call your customers and let them know about it, to give them any important information about your business.
My eye doctor for instance called me, and automatically moved up my appointment, I didn’t even have a chance to cancel, which I was planning to do as who wants to go do anything right now?
4. Keep yourself alive & Try to make some money.
This one might seem obvious. But you need to survive, so your business can survive. Don’t put yourself at any risk where you might get sick or die during this pandemic. You have to survive. You will get through this! (Well most of you will anyway)
But will your business get through it? Businesses need money.
Money is the life blood of any business. If you have some sort of source of money, now is the time to access it, or save it. If you for instance have some bonds maturing, or long term savings becoming available. You are going to need that money. If you have things you can put off in regards to your business such as renovations or training, you should do that as well. It is the time to cut costs. Lay people off if you need to, reduce overhead, plan for shorter hours.
You need to save the business money. The more money you have the longer you can last, and then you can come back even stronger. There is some old saying about opportunity and danger using the same word in the chinese language. A wikipedia article I just read suggests that this is actually a made up phase by western motivational speakers. But in this chance it is correct. If you are having a hard time, then your competitors are having a hard time! Maybe they will go out of business, that is good for you and you might be able to pick up some market share you need to be ready for it.
5. Get ready to open back up & or become an essential business?!
What does your business need to open up? You should do everything you can possibly do before that happens right now. You are going to need to advertise, make the ads, you are going to need to change your procedures for dealing with COV-19, you should write those up. You are going to need to think about what your business needs in this “NEW NORMAL”, as the clerk at my supermarket put it.
Now is the time, is your office going to have to change? Have it changed now. Every business is going to be different with what policies and procedures are going to be changed. Now is the time! Do it now, right now!
Alternatively, Is there something you can do to become an “Essential business?” Some businesses might be able to pivot quite easily to become an essential business, or to add pickup and delivery options. It depends on where you live and what the legal requirements are, but if you can safely become an essential business why not?
Conclusion:
We all feel helpless in times like these, but at the same time I hope this has shown you that there is a lot you can do, this is the time to think outside the box. I believe it is called a “Trial by fire”. Let’s make sure we come out of this one, only slightly scorched. After a forest fire, new trees do grow, but occasionally a tree survives when the rest around them do not. Lets be that tree shall we?