A recent survey found that 27% of small business owners expect that coronavirus, also known as COVID-19, will impact their revenue.
Large businesses can rely on their visibility to boost online sales. They likely have hefty insurance plans that cover business interruption costs. Unfortunately, small business operations don’t always function that way.
However, there are ways that you can get your small business through this pandemic without experiencing a huge financial loss.
Read on to find out how to keep your small business operations afloat while coronavirus spreads.
Why Is Coronavirus Affecting Small Business Operations?
As Coronavirus sweeps the globe, we’re seeing tighter and tighter restrictions from national and local governments. The US president recently released a plan entitled 15 Days to Slow the Spread. One of the biggest goals of this plan and others is to encourage social distancing.
Social distancing is the practice of remaining spread out from others. This involves staying at home more than usual. It also entails that consumers can only head out to public destinations such as stores if they are performing essential shopping.
In other words, grocery stores, healthcare clinics, and pharmacies are to stay open. Everything else, from boutiques to restaurants, are expected to close or change their operations. So how do you continue to make a profit at a time like this?
Staying Afloat During Coronavirus
It may not be business as usual but, thanks to the digital age and financing options, you can keep your company running. Read on to find out how.
Share Your Story
Remember that your small business appeals to consumers because it is small. In the world of massive corporations, many consumers are yearning for a shift to more personalized ways to shop.
It may seem counterintuitive to reveal your hardship to the public but these are unusual times. Make it known to your consumers that you need their help to continue breaking even and paying your employees. Many people are looking for ways to help others during this time and if you ask for help, you will likely get it.
Incentivize Online Shopping
If you sell a product, it’s time to market it online. If you already do, it’s time to make it more appealing to shop your online collection. The goal is to replace your in-store sales with online sales.
Provide small incentives that will grab your customers’ attention. Offer free shipping or sell gift cards at a discounted rate.
Offer Takeout and Delivery Options
If you run a small restaurant or bakery, you may be able to stay open–with one caveat. People are not supposed to gather in groups of more than 10 right now, which means sitting down to eat in a public place isn’t an option.
Instead, offer delivery and takeout options even if that’s not something you normally do. Partner with delivery apps or ask your underworked servers if they’re comfortable driving around town. Finally, don’t be afraid to ask your customers to tip generously.
Work From Home
If you can, you and your employees should telework for the time being. The more we practice social distancing, the faster this fiasco will come to an end!
Use online messaging boards and video conferencing to keep everyone in the loop. Prepare rosters for each day to ensure that your employees know what they’re doing. If tasks are delegated, you’ll know who’s staying focused at home and who needs a little more nudging.
Take Out Loans
If your efforts to keep sales numbers high during this time aren’t working out, you may want to consider taking out an online loan. You can get quick approval with affordable interest rates and no hidden fees.
A small loan will help you pay existing business bills and help you bridge the gap between lost income and employee salaries. Fortunately, there’s good reason to expect a business boom once consumers get the all-clear to go out and shop! Cover your costs with a loan now and pay it off when your business is back to normal.
Remember that your employees are going through a lot in their personal lives. Many schools are closing, leaving kids with no options but staying home all day. On top of that, many daycare centers are closing, as well.
In order to support your employees during this hectic time, it’s important to stay as flexible as possible. If necessary, shorten your store or restaurant’s business hours. Give people the opportunity to work from home or remove penalties for missing work.
Limit normal business activities such as traveling. If you had any upcoming plans to travel or meet with groups of people, postpone these arrangements.
It’s worth noting that consumers have their eye on employee treatment right now. The better you make working conditions for your employees, the lower your chances of leaving this pandemic with a tarnished reputation.
Practice Excellent Hygiene
Above all else, practice excellent hygiene. Send home any employees who exhibit even mild symptoms including achiness, a dry cough, and more.
Wash your hands for at least 20 seconds after interacting with others or touching public surfaces such as doorknobs. Refrain from normal gestures such as shaking hands.
Sanitize commonly used areas several times a day. If you have to cough or sneeze, cover your mouth and nose with a tissue and dispose of it. The goal is to minimize the spread of germs whether we’re showing up for work as normal or working from home!
In such a stressful time, it is hard not to panic, especially when trying to maintain small business operations. That’s why at Bonsai Finance, we make it easier than ever to get same-day loans.
Request your loan now and make sure your small business is Coronavirus-ready.