With the continued quarantine for the coronavirus pandemic, many businesses are feeling the effects by official shut down orders. Even if your business was deemed essential, you likely still have noticed a decline in consumers. Whether you have few customers or had to shut down for a temporary time frame, the future can be fearful. Taking action now is crucial for the survivalof your business and today at Mark Dicus & Company, we would like to offer a coronavirus survival plan for small businesses.
Create & Manage Your Business Budget
Back in the 2008/2009 crash, for those that were in business then, we went through the exercise of cutting expenses and reducing the cost of goods. Making those decisions as you analyze financials is essential. Refinance debt by deferring payments and negotiate contracts. You will need to make hard payroll decisions. Make changes accordingly based on the talents in your staff. You’ll be better off with your superstars still on board once you get through this. By downsizing and sending workers home to work, you may be able to reduce the rent as well, if you haven’t already.
Seek Small Business Financial Aid
Local: To see if they are offering assistance, check your local city.
SBA: Apply for a disaster loan (download: https://disasterloan.sba.gov/ela), call the SBA at (800) 659-2955 or email email@example.com. Also, check out the SBA COVID19 Resources.
Business Loan: In securing a loan, the Fed lowered interest rates which should help. Be sure to contact your lender sooner than later. Be sure to have your finances and business plan in order. You can contact Mark Dicus & Company to assist you.
With the taxes bearing good news, you are given the opportunity to FILE and PAY federal income taxes late. You have until July 15, 2020. Though it may not, this potentially provides you the chance to free up some cash. We can help you review this tactic as well.
COVID19 Company Policies
To keep your employees, suppliers, and customers healthy, put together your own policies. Customers will notice that you are doing what you can to keep them healthy, and they’ll notice if you aren’t should you still have to interact with your customers face-to-face.
Marketing & Sales During Coronavirus Crisis
With some brainstorming, spend time analyzing your current efforts. You can put your business on a path to a profitable future as well as short-term survival in such times of these pivot, new products, a new market, digital or virtual version of existing products, and other change can help.
There are many opportunities to band together in the community, feeding kids that been sent home from school, offering other community service can help the community get through this and consumers remember those who helped. Your good turn will come back to help you in the end though charity and giving may not seem like an easy financial decision. Once this blows over, you may end up with a fiercely loyal customer base.