As we navigate the COVID-19 outbreak, here are 5 basic tips to help your business during this event.
- Don’t panic. Be calm and realistic as you review your business. Focus on the fundamentals and what you can control about your business. Look for new ways of doing business.
- Consult your mentors. Get feedback from advisors you trust. Stay close to accountants, attorneys, financial advisors and your peers. Ask for advice and meet to review the status of your business. Planning is the key for having a profitable year even with potentially little or no growth.
- Look for local funding. Get a simple business plan up to date. The SBA and others are starting to offer special programs. Sometimes economic development offices and local and state governments design programs for qualified small firms. As soon as we know the resources available, we will promote them.
- Find ways to cut costs. Monitor cash flow daily. Reduce overhead costs and hold the line on price increases, if possible. Make sure you have good collection policies and diligently seek timely payment. Keep good records of your inventory and be careful not to overstock. Although empty or sparse shelves can connote a negative image, it is a balance.
- Continue your marketing efforts (or expand them). This is the time you need marketing the most. It not only reassures your customers that you are still there to serve them, but it can help you reach new markets and customers to sustain your business. Visit your existing customers to find out how their needs may have changed. Visit customers who no longer use your product or service. Determine why. Adjust your product and/or service to meet changing demand and needs of the customer.
Here are a few other resources that you can use to help your business:
EA Resource Page
U.S. Chamber Response Toolkit