While states are beginning to loosen restrictions small business owners are still feeling nervous. Rough times are still ahead, and now is the time to take proactive steps to stay in business. Web hosting service GoDaddy gathered together a handy set of tips for entrepreneurs. These are the three we think are the most important.
Plan for change: To start, evaluate changes you might need to make in the wake of the COVID-19 pandemic. Will you need to adjust the way you do business?
- Outline a plan and prioritize action items. The U.S. Chamber of Commerce recommends prioritizing critical operations:
“Be prepared to change your business practices if needed to maintain critical operations (e.g. identify alternative suppliers, prioritize customers, or temporarily suspend some of your operations.)” - Adopt a customer-first mindset. It’s never been more important to nurture existing customers. Show them how much you appreciate their support. Think about how you can help them manage their way through the COVID-19 crisis.For example, as a result of coronavirus-related disruptions, some utility companies are trying to help customers who can’t pay their bills right now.
Determine how will the pandemic affect your small business’s finances: It’s likely hard to NOT think about how this virus is impacting your bottom line. But there are steps you can take to help mitigate the financial fallout.
- Work up a cash flow forecast. (VersaTel Solutions can help!)
- Consider applying for an IRS tax extension.
- Look into rent and supplier deferment programs.
Leverage a supportive community: Physical distance separates us all, yes, but that doesn’t mean we can’t make the effort to build community within companies and with customers.
- Form strategic partnerships. Look for opportunities to partner up with other local businesses, or explore strategic alliances.
- Get active in professional and trade organizations. For example, the National Association of Realtors® is offering a COVID-19 resource guide for members.
If your company needs any help, reach out to us here at VersaTel Solutions. We’ve got a great new process management service that can help with business strategies. If you’re struggling with policies, if your remote workers don’t know what to do, reach out to us.