Businesses across America and the world realize that COVID-19 isn’t a small bump in the road for their goals and ambitions. The worldwide pandemic that has plagued the populace since late 2019 is now riding heavy the world around and impacting every sector of society. If you are one of the many businesses left reeling in the aftermath of business shutdowns and stay-at-home orders, it’s vital to keep your company running.
One thing we all know – the virus will run out, and when the world is ready to get back on their feet, your business should be there to welcome them. Here are five strategies for keeping your business from flat lining during these strange times.
Readjust Business Goals
During regular business operations, you set goals according to volume, profit, and growth. During recessions bordering on depressions, your goal is survival. Now is the perfect time to look at your growth and profit goals and readjust your expectations. Instead of working on expanding operations, focus on keeping your current operations humming along. If you’ve already been struggling, reassess, and think of methods to pivot your business to offer goods and services to customers in less than traditional means.
Can you offer digital goods? Free delivery? Buy now, pay later options? Forget trying to get your customers to upgrade their services or purchase your higher-end products and focus on helping your customers afford any level of your goods or services so you can keep the lights on.
Re-do Your Projections
Profit and revenue projections are essential for any business to plan accurate operations. Unfortunately, any revenue projections you started with in January 2020 should be abruptly reconsidered.
Re-do your projections with the fact in mind that you are piloting your business through nearly uncharted waters. Keep in mind that you are riding out an economically devastating time, along with the rest of the country. As you readjust your business goals and operation modes, re-do your profit projects to stay in line with the reality you face – an economic downturn. By redoing your projections and revising your assumptions every week, you’ll be able to adjust operations promptly and stay on top of profits and losses.
Look for Emerging Trends
Even during a recession, many businesses function. We live in a time of enough economic prosperity that our economic downturn still isn’t as bad as many periods of depression America has lived through. The good news is that there are opportunities for your business, regardless of the goods or services you provide.
Now, more than ever, consumers long for a return to “normalcy.” What often helps them gain a sense of “normal” in times of chaos is continuing to purchase from businesses and brands they love. While the dollar amount they can dedicate to such purchases may be lower, they are still looking for opportunities to enjoy the regular pleasures of life. Look to see where your business can meet customer desires.
Can you offer services digitally? Are you able to offer free delivery? Can you go to a customer’s residence and bring the service to them while maintaining social distancing? Is there a way to interact with customers so they’ll continue coming back when this is over? Look for the areas where you, as a business, can pivot your production and offers. Not only will it help you now, but you’ll be in the position to continue offering non-traditional services when things return to a post-COVID-19 “normal.”
Take Advantage of Government Assistance
Thanks to the Coronavirus Stimulus Package, the federal government set aside nearly $350 billion for small business loans. These loans are in addition to the regular SBA loan program from the federal government and include two essential loans and grants.
One, the Paycheck Protection Program provides 100% forgivable loans to small businesses if they keep their employees or rehire employees they have had to fire due to the economic downturn from the Coronavirus.
Two, the Economic Injury Disaster Loan Program provides both forgivable and low-interest loans for businesses, including non-profits, that have been negatively impacted by the COVID-19 situation.
If your business is struggling to maintain enough financial liquidity to remain in business, apply for these programs, and help your company remain viable.