The novel coronavirus has been declared by the World Health Organization as a public health emergency. It is now a global pandemic that grips the world and has led countries to shut down their borders and enforce strict quarantines. While each of us, individually, have to think of our own safety, this situation can be particularly harsh for business owners too, especially small business owners that cater products and services that are not currently considered as an absolute necessity.
Hence, in this article, we are going to talk about ways on how to overcome the financial crisis during unexpected global calamities such as the COVID-19. You can always apply for a business line of credit to get the amount that you require to sail your business through these tough times, but there are also other ways that you can consider.
1. Keep yourself informed, especially with business-related government announcements.
The first thing that you should do is to keep yourself informed through reliable news outlets. This is helpful not just in tracking the spread of the pandemic and in informing yourself on what you can do to flatten the curve of infection, but more importantly, it will allow you to stay on top of what the states and federal government are doing to help people, especially business-owners like you.
There is such a thing as information-fatigue, though. You can achieve the balance of being informed by scheduling when you’re going to tune into the latest announcements (for instance, daily, upon waking up and before going to bed), and by tuning out of your social media accounts and other breeding grounds of fake news.
2. Apply for any grant or help you are eligible for.
It doesn’t matter if you don’t need it at the moment. The point is, no one really knows what the future holds. Who knows how long we have to wait until someone finds a cure? Hence, if you do find out about an announcement of any help being provided, it wouldn’t hurt to apply for it especially if you’re eligible.
Keep in mind that it might take some time for your application to be reviewed and approved given the reduced numbers of the workforce right now. In the meantime, you can also do your part to share the information with the community and support other local business owners like yourself.
3. Set up an emergency budget.
Operating your business and getting your personal expenses from a previously set-up emergency fund account would be ideal, but in case you don’t have one, it’s not too late to set up an emergency budget instead.
To do this, you need to list your expenses according to your priorities. They might have changed in light of recent events. For instance, you have probably considered investing in new equipment before the global pandemic, but now that most businesses have come to halt (including yours), you might want to focus on the bare basics for now, such as paying your utilities and your employees. You must also do what you can do to stay frugal and eliminate any unnecessary or extra expense.
4. Focus on your physical and mental health.
Since we are already talking about priorities, that should be the physical and mental well-being of you, your family, and your employees. You should do your part in making sure that everyone is well-provided for. In this way, the risks of falling into panic and anxiety are also greatly reduced.
5. Care for your clients.
Do not forget that your customers are part of your business too. We’re not going to survive as business owners without them, so see how you can extend your help to the people in need and disseminate proven information through your marketing outlets. Remember, those who invest in their clients are those who will be more likely to succeed in business regardless of the industry that they belong in.
In this light, you can also offer your products and services (especially those that you can’t keep in your inventory for too long) at a discounted price. In this way, you’ll still be able to earn income, albeit reduced and limited.
6. Take this time to plan your business’ future.
Finally, now that you have more time in your hands, take this moment to focus on some of the business goals that you have pushed to the back burner due to your hectic schedule. You can now plan on how you can further grow your brand, research on that new product or service that you’ve always been meaning to offer, and accomplish all those chores that yu have been putting off before the pandemic struck.
We can only do so much in order to keep our business afloat during this global pandemic, but by keeping the tips we have shared with you in this article in mind, we’re sure that your business will definitely survive. See you on the other side!
About the author: Mike Abelson is the head of Digital Marketing Department at Lendza for almost 3 years. Before starting his work at Lendza, he helped a lot of entrepreneurs and startups to succeed through various marketing strategies and tactics. Previously, he partnered with CEOs and executives to grow their businesses, also build an audience and get more clients.