Clearly COVID-19 presents a challenging and even scary time for small businesses. However, the best way to get through this is to, well, get through this. Remember that this situation is not forever, and that there are actually ways you can use your downtime wisely to plan for a strong return to business.
From a financial, marketing, and operations standpoint, the team at Vickney & Associates offers a few survival tips for small businesses during this time:
Look Into Loan OptionsThere are several options now offering financial relief to businesses, such as the U.S. Treasury Department’s Paycheck Protection Program (PPP) and Economic Injury Disaster Loans (EIDL). Small business owners, as well as sole proprietors, self-employed individuals, and independent contractors can apply.
Review Your Business Model and Processes
Is your pricing on target? Do you want to make changes to any of your offerings? Do you have the most streamlined processes in place to manage your bookkeeping and day-to-day operations? These are tasks you never have time for when it’s “business as usual,” but right now is the time to evaluate and see how you can make improvements going forward.
Reach Out and Get Creative
Amp up your social media presence and make sure to help support other small businesses by sharing posts, adding comments, etc. It’s also an ideal time to look at how you market to customers and prospects, and explore ways you can do things more effectively in a virtual medium going forward. For example, use Facebook Live to do product demos or share your expertise.
Other Important Resources for Your Small Business
As always, we at Vickney & Associates are here to help you through every step of this difficult time. For answers to more financial and tax-related questions you may have, check out these valuable links, email us at [email protected], or call us at 262-673-6322: