Trying to run a business during coronavirus is no small feat. Take one look at other businesses around the country and you’ll see that the pandemic has taken a serious toll on every industry imaginable. From restaurants to clothing stores, no one has gotten through this unaffected.
Although we’re starting to see some states reopen, it’s going to be a long time before things are back to normal and it’s possible things are changed forever. If you run a small business, you’ll need all the survival resources you can get.
In this post, we’re going to share 4 ways that you can weather this storm and even come up with some innovative new business ideas along the way. Only the craftiest entrepreneurs are able to make lemonade out of these lemons, so follow this guide and you might find some inspiration of your own.
1. Talk to Your Suppliers
The only solace you can take when you feel like you’re sinking is knowing that everyone’s in the same boat. Be proactive and start talking with your suppliers right now so that you can keep an open line of communication throughout this.
You might not have money to pay for your materials right now, but you and your suppliers need each other during this trying time, so honesty will go a long way.
They may even have some new ideas to share or tips on what others in similar businesses as yours are doing to stay successful during this time.
2. Stay In Touch With Customers
Your customers are what can get you through this thing alive, so communicate with them constantly over social media and email. If you can be sure that they’re going to be there at the end of this, then you can proceed with optimism.
Businesses are shutting down because their customers are being taken away like the rug is being pulled out. The key to survival is coming up with interesting ways to retain them.
3. Getting Relief
Although you can’t rely solely on financial aid to subsidize you through the pandemic, there are numerous benefits available for small businesses. The SBA is offering emergency $10,000 grants and disaster assistance loans.
You can find resources from the US Chamber of Commerce, the SBA, and the Export-Import Bank of the United States is doing their part to provide assistance to business owners in need. If you’re an exporter, there might be a program for you.
4. Reinvent Yourself
Redefining what you do is a really hard thing for established businesses to do, which is why so many of them are suffering. An industry that has adapted somewhat is the restaurant world, with many companies shifting to delivery services.
For companies that operate in an office setting and play a specific role in their industry, a transition like this is difficult. You have to be able to identify a need and quickly find a way to satisfy it. Brainstorming these kinds of ideas with your team is crucial right now.
Survival Resources Are Different for Every Business
If your business is going to make it through this, you have to look for survival resources anywhere you can. These are just a few tips for how to stay afloat during coronavirus, but the landscape for businesses is always shifting. Keep your ear to the ground and you’ll give yourself the best possible chance to survive.