Rhett Power, Contributor for Forbes provides some strategies to help small business owners.
The full effects of illness and business closures have only begun to appear, as confirmed cases of the novel coronavirus have mounted and states have imposed mandatory business shutdowns. That’s bad news for the American economy, the millions of Americans employed by small businesses, and the small business owners whose livelihood is at stake.
Here are three strategies small business owners can use to prepare for what’s coming next.
1. Calm customers to ease supply chain bottlenecks
Irrational buying caused by panic is resulting in excessive demand for supplies like toilet paper. Retailers, distributors and manufacturers should communicate that necessary supplies will be available for everyone if people remain rationale and not hoard products.
2. Seek financial assistance to combat slowing sales
There are a number of assistance programs becoming available to help small business owners, including federally funded, state funded and privately funded.
THE CARES Act and The Small Business Administration, for example, are offering very attractive loans and/or plans for small business owners. The private sector is helping out, too. For example, Facebook recently unveiled grants worth a total of $100 million to small businesses. If your business is suffering or is likely to suffer as a result of this pandemic, take advantage of the resources available. A low-interest loan or grant can help your business stay afloat while revenue drops to lower than you predicted. See previous blogs for additional information.
3. Plan for decreased productivity
Employees are balancing a variety of challenges, including the adjustment to working at home, lack of equipment/resources/tools, possibly becoming sick, taking care of sick family members, having school-age children, and other personal and/or emotional issues. It will require more work and communication to maintain a healthy trust and mutually respectful work environment working remotely. Be creative to keep team positive and engaged.
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