How Small Business Owners Can Get Through the Pandemic
Sadly, we have no timeline for how long the coronavirus will continue to affect us. Small business owners have received the brunt of the pandemic and are among the hardest hit. Between the lockdowns and uncertainty, planning for the future is more challenging than ever.
If you’re a small business owner, these strategies from Money Under 30 can help you combat the stress of being a small business owner during the pandemic.
Get Business Insurance
With business insurance, you’re able to get help with things like property damage, lawsuits, and, most importantly right now — lost income. COVID has greatly affected revenue for so many businesses and their employees. Make sure you check your policy for any help on lost income. You’ll also want to check for workers’ compensation insurance, which can help protect your employees if they need to take time off due to COVID.
Small businesses should use technology as much as possible during the pandemic to practice safe social distancing habits. It’s not only great for customers but employees as well.
If you’re in a small office, try utilizing software such as zoom.us and join.me and replace in-office meetings with video conferencing and screen sharing. Many businesses, big and small, have to adapt their workdays to a “new normal.” A lot of companies have implemented ways their employees can work from home, and in doing so, technology is a huge part of that.
Have The Right Business Account
If you are a small business, then you should have a small business bank account. Throughout the pandemic, people have been encouraged to stay home as much as possible. That makes it pretty hard to get banking accomplished. If you need a new small business account to support you during these hectic times, Bank Novo is a solution you’ll want to look into.
You can easily set up an account right from your phone — no need to leave your house. You can complete almost all of your banking to-dos in the comfort of your home, minus being able to take cash out. You do not need a minimum bank balance with Novo, and there are no monthly service fees.
Find Other Revenue Sources
In this day and age, it’s almost a necessity to have diversified streams of income. At one time or another, you’ve heard something about not keeping all your eggs in one place. Well, COVID has made sure to remind us why we need to diversify and be aware that any stream of income could collapse at any moment. It’s good to be prepared and open to the idea of working differently as well as different ways of accomplishing the work you’ve always done.
Find Innovative Methods To Give Your Customer’s Value
Consumers make purchases based on the value the product or service offers them (the why), rather than the good or service itself (the what). As a business owner, it’s important to remember this to be successful during this time. People don’t want to pay for something that won’t add any value to their life. Regardless of the chaos from this pandemic, there are still many opportunities out there. As mentioned previously, you may have to pivot in order to find them.
Don’t Give Up
Think about offering virtual services to your customer base or a pre-paid option. Don’t give up! Work on what you currently offer and see if you can be more efficient, perfect your systems, and upgrade your onboarding.
We know times are tough, and money isn’t coming in where it used to be. However, if you are able, start planning what’s next in the future of your business.
Get A Business Loan
If your business is struggling more than expected, you might want to think about taking out a loan. If your budget can take on the expense, it could benefit your business until this period of uncertainty ends.
Currently, one of the top places to find a loan is through BlueVine. They offer Invoice Factoring and a Line of Credit. Invoice Factoring helps you until you get paid by your clients. A Line of Credit is a circulating credit line that you can take from as needed.
Find Federal Resources To Help
You can find more information from the Small Business Administration with their “Small Business Guidance and Loan Resource” guide created to help small businesses affected by the coronavirus.
Hopefully, these tips may help you. Stay strong and know that these uncertain times won’t last forever.
- Martel, Jessica. “How Small Businesses Are Handling The Coronavirus Pandemic.” moneyunder30.Com, 9 Nov. 2020, www.moneyunder30.com/how-small-businesses-are-handling-the-coronavirus-pandemic/.