These times are challenging for small business owners in both your businesses and your personal lives. Your worried about sales, your employees, and your business’ future. You have concerns about your families and future plans. Uncertainty is scary and is best met with a strategic evaluation of your current business plan and determination of how to best move forward amidst the COVID-19 Pandemic facing the world today.
Evaluate your small business plan, including any sales projections, with your operations team, executive leadership, and managers/directors. Consider ways to adjust projections and goals in light of a business disruption that could continue for the foreseeable future. This is not an easy conversation, but keeping your team engaged and addressing the elephant in the room now is better than burying your head in the sand.
Certain small business initiatives can help your business survive and even thrive during challenging times like the COVID-19 Pandemic:
Be As Flexible As Possible
Change is hard, but flexibility is key as the world faces COVID-19. Employees might need to observe flex hours to reduce crowd size. Some might need to work from home due to being immunocompromised or having children out of school. Meet with your staff as a group and individually if necessary to discuss everyone’s respective situation.
Analyze Your Online Presence
Your business needs to be communicating to your constituents and customers online. Everything from email marketing to social media to website needs to be reviewed. Are you changing operating hours due to COVID-19? Are you offering a new service or discontinuing any service or product? You’ve got to communicate these vital messages via digital means.
Utilize Virtual Technology
Many businesses who have not gone remote with their workforce are getting a crash course in virtual meetings and other digital business communications in an effort to remain in touch with their customers during the COVID-19 pandemic. Here are a few low-cost virtual communication options every business owner should consider:
Slack helps keep your remote team connected, productive, and in constant communication regarding projects.
StartMeeting is a webinar and conferencing service that super easy-to-use and around $13 per host per month.
Free Conference Call is exactly what the name describes: free conference call capabilities. Google Hangouts provides a similar service as well.
Contact the Small Business Administration
The U.S. Small Business Administration is offering designated states and territories low-interest federal disaster loans for working capital to small businesses suffering substantial economic injury as a result of the Coronavirus (COVID-19). Click here to learn more and apply for assistance directly through the SBA.
Contact Tenet Financial Group
As a Third-Party Administrator (TPA), Tenet Financial Group helps its clients utilize retirement funds to capitalize a new business – including established businesses or franchises wanting to re-capitalize. This process – called a 401(k) Rollover – is ideal for accessing $50,000 or more for a business or franchise. 401(k) Rollovers are tax-deferred, penalty-free, and an IRS-approved means of accessing money in 3-4 weeks. Reach out to our Senior Consultants at (888) 901-3335, Option 9 or click here to email us.