We are just about halfway through 2020, and it has been a wild ride. So much so, that an extraterrestrial invasion probably would not raise too many eyebrows at this point. However, if you own a business, then you know the challenges this year has brought to you keeping your doors open – lockdowns, layoffs, economic uncertainty, all of these factors have made 2020 one of the hardest years to keep your business going on record.
But you are the boss, now is not the time to panic. Instead, you need to think about how you can protect your business and your employees during unprecedented times. With that in mind, here are six ways to keep your business going during the pandemic.
- Have a Plan
As the saying goes, “failing to plan is planning to fail.” This could never be truer as the lockdowns, and subsequent economic slowdown is forcing business owners across the country to think about how they can secure the future of their businesses.
One way to make this happen is to set up an emergency preparedness plan. While it is impossible to prepare for every contingency, the key should be to make your business as agile as possible. Doing so will help your business not only get through this crisis by rethinking your mission, and how you get it done, it will also give you a leg up on your competition.
If you want to survive this uncertain period, then you need to have a plan to be able to react as best as possible. For restaurants, this might mean preparing takeout and curbside menus. For barbershops, this might mean looking at home visits or other options that will allow you to keep your revenue stream intact as best as possible.
- Work from Home
Even if you need to keep your physical location open, look at ways that you can also have people work from home. Doing so will allow you to continue to work on their assignments while still being able to take care of the customers who come to your premises.
While the scheduling might look different based on the nature of your business, allowing your employees the option to work from home will help them to keep your business going during these times.
- Keep the Lines of Communication Open
Find ways to keep the lines of communication open with your customers and your employees. This will ensure that stakeholders can reach out to you when needed. In the case of customers, this allows for the opportunity to make special requests or confirm your capabilities during this time.
As for your employees, keeping the lines of communication open will let them know that you care. Being empathetic during this time could go much further than almost anything else you can do at this time. So, keep the lines of communication open as this is one of the best ways to stay close to your customers and your employees as the pandemic continues.
- Control Your Costs
If your business relies on a physical location, then the odds are that your sales are feeling the pressure. As such, you need to keep a close eye on your costs. The reason is simple, your revenues are under pressure, and if you do not cut your expenses, then you will ultimately run out of money.
Your cost-cutting should not just look at inventory, payroll, rent, and utility expenses. Instead, you want to review every cost your company incurs and make sure that it is warranted now. For example, if your business relies on travel, then you might want to put in place a corporate travel management program to help keep your costs in check.
- Only Invest if it Helps Today
In a crisis, your cash balance is your most critical resource. As such, look at your investment plan and ask yourself if going ahead at this time will help your business today. If the answer is no, then you probably want to rethink your plans.
While this does not mean that you should put off your investment plans altogether, pausing for the time being might make the difference from having enough cash on hand to keep your business going. So, only invest if it helps your business today.
- Seek Help
There is no shame in asking for help. This could not be truer today when the future of your business is at stake. Seek out help from the state and federal government, look to see if your local government is offering any property tax abatement, and talk to your bank to see if they have any programs which can help. This is a storm, and you need to seek out any port which will shelter you and your business.
