If you’re a small business owner who has gone from one issue to the next over the past several weeks, you’re not the only one. Many small, local businesses have been hit hard by the current pandemic, and some haven’t been able to survive it.
It’s everyone’s hope that local businesses are able to push through the tough times and come out the other side relatively unscathed. Let’s take a look at four tips for keeping your local business alive during COVID-19.
The Devil’s in the Details
There’s every chance that you’ve spent the last few weeks focusing on the bigger picture. What is your business going to look like in a couple of months? What about the end of the year? These questions might keep you up at night, but if you want to survive the coronavirus, the devil’s in the details.
It’s time to start sweating the small stuff. Even things like updating your signage, and making sure that people can see that you’re open from the roadside are going to make a big difference right now. It’s important to know what makes people come through the door in the first place so that you can capitalize on these factors.
Make Sure You Have Access to Cash
Small, local businesses right now need every opportunity to get their hands on cash to keep them afloat, especially in times like this. The government has provided a temporary olive branch for most, but this is only going to last you for so long.
If you’re strapped for cash and need something to bridge the gap until the virus is over, you might want to look into a personal or title loan. These are short-term loans that are easy to apply for, and most of the time, have flexible repayment options. Just search ‘title loans near me‘ to find a lender.
Recap On Staff Numbers
One thing that many business owners have had to do in this challenging time is to lay off staff. Payroll is one of the biggest overheads a business has, small or large, so using it wisely is going to be key to making sure your business stays afloat.
If you haven’t laid anyone off yet, perhaps it’s time to sit down and have a thorough review of your staff and think about what your business needs right now. Even if you have to temporarily put staff on hold, it could be the difference between whether your business makes it and whether it doesn’t.
Think Big Picture
Thinking about the bigger picture, as mentioned above, is just as important as focusing on the small stuff. This is a great opportunity to take a step back and look at your small business. What are your stock levels like? Has someone been taking correct inventory, or causing your business to under or overstock?
Questions like these are important ones to answer every year or so in a small business, so there’s no better time than the present to get to the bottom of them.
There’s really no way of knowing the outcome of this pandemic, and how many small business owners it’s really going to affect. All you can do is apply these practical tips, and hope they’re enough to get you through.