There’s no doubting the fact that the COVID-19 pandemic has resulted in massive economic impact. Markets all around the globe are feeling the negative effects of this virus.
Perhaps nowhere is the effect more felt than in small businesses. Small businesses, whether they are corner grocery stores, printing shops, online companies, or restaurants, need regular customers in order to survive.
Coronavirus small business struggles abound in an era of social distancing. If you are a small business owner that has been significantly impacted by this situation, you’re in the right place. In this article, we’ll take a look at a few different ways that you can cope with the stresses of this virus.
Get Yourself in the Right Mental Space
The first thing that needs to happen is that you need to get into the right mental space. There’s no doubt that you are probably experiencing a whole host of different feelings right now as a small business owner.
You’re probably feeling anxious about your future. This business may be your only source of income to support your family, and it’s only natural that you feel anxious about the security of your financial future.
You’ve put in hundreds of hours and potentially tens of thousands of dollars into getting the business off the ground. You don’t want to close it for fear of losing all of that sunk cost, but at the same time you do want to be socially conscious and do your part to stop the spread of the virus.
We hear you.
A lot of these mental stressors can only be dealt with by a professional. If you find yourself falling into depression or experiencing severe panic attacks, we recommend seeking counseling and medical help. Left unchecked, these stressors can cause a variety of mental illnesses that will only get worse with time.
Find an Entrepreneurial Community to Join
Another great strategy that you can leverage to mitigate the negative mental effects of the coronavirus impact on business in your area is to find a supportive community. Although for the time being this community will have to be virtual, you still stand a lot to gain from a community that is like-minded.
In such a community of small business owners, you’ll have a place where folks understand what you’re going through. Not only will you be able to receive emotional support for yourself, but you can also talk to others going through the same things which in a way will be therapeutic for you.
Try talking to your local BBB or entrepreneurs’ clubs to see if you will be able to join. If no such communities exist in your area, then consider starting your own! If you know any other small business owners, just set a time and date for all of you to meet online and host a virtual chat where you share your struggles.
Who knows? You may even be able to harvest some advice from someone who is able to be financially successful even during the midst of the coronavirus pandemic.
Leverage Government Aid
The government is working to grant small businesses relief in several different ways. One of the ways that the government is providing aid is through small business loans. Many different businesses in different industries will qualify.
The caveat, however, is that you may be required to keep your employees at full pay for at least a period of time. If payroll is a massive expense, then this may not be an option. But if not, then this is a great option to not only keep your business going but also keep your employees’ short-term financial future secure.
Talk to your lawyer immediately if you think that you will qualify for a government loan.
Keep Your Employees Up to Date with the Financial Situation
As a small business owner, you have a responsibility to your employees. They are probably just as worried as you are right now about their financial future. That’s why it’s so important that you discharge your duty in an ethical manner and keep your employees in the loop about what is happening financially in the business.
If you are preparing to lay people off, let them know as far in advance so that they can start searching for alternative jobs. The golden rule of treating others how you would want to be treated is truer nowhere than in business.
Eliminate Unnecessary Expenses
When business stalls and revenues halt, it’s time to cut as many unnecessary expenses as possible. Take stock of all the money that is going out of your business, to the last expense receipt. Figure out where you can trim the fat to reduce your expense liabilities.
For instance, if you were providing snacks in your employee kitchen, now would be a good time to stop those orders. If your salespeople had a lot of memberships and benefits related to company travel, then halt those ASAP. Focus your money on those expenses that need to be paid.
Focus on Your Existing Customer Base
During the pandemic, it is unlikely that you will be able to score many new customers, as most folks are also carefully watching their wallets. That’s why it becomes more important than ever that you focus on your existing customer base.
Your existing customers will keep you going through the hard times. One of the best marketing tactics is to reach out to past customers with promotions and discounts to reward their loyalty as a customer. These people have already interacted with and are satisfied with your business, and are thus often much more likely to purchase again.
Coronavirus Small Business Struggles
There you have it. There is no doubt that coronavirus small business struggles are abounding right now. However, these physical and mental stressors don’t have to wreak havoc unchecked. By implementing these strategies, you can ensure that you not only relieve the mental tension that you may be experiencing but also carve a path back to profitability for your company.
For more business advice, check out the rest of the articles on the website!