How to Maintain Your Local Business Amidst COVID-19
Make Sure You Take Care of Yourself + Your Team
Maintaining your business through a global pandemic starts with yourself and your team. If your team or you for that matter aren’t okay, then how can you expect to make sure your customers are okay? Taking the necessary time to prioritizing mental health as well as physical and emotional health should always be at the forefront of any business.
This is an extremely stressful time for many businesses, so finding ways to manage stress is essential. Encourage your employees to take some time to themselves when needed as this too affects more than just you.
Reassess Your Businesses Budget and Finances
Take some time to write down what the most important finances are to your business. What are some things that can potentially be deferred or even negotiated? How much money are you reserving and saving to make sure your business remains afloat during this time? Reassess your budget and find ways to reduce costs wherever the opportunity arises.
Utilize Financing Options
There are so many reliefs, grants, and acts that are being awarded specifically to business owners during this time. Use this opportunity to utilize that financing. The CARES act specifically provides business loans, debt forgiveness and emergency grants to aid small businesses. Utilize these financial tools to help you keep your business afloat.
Be Openly and Actively Communicative
Although many businesses and states are beginning to open up, some at 75% capacity now, as a business, it is your responsibility to make sure you’re being openly communicative and transparent with your customers. Doing things such as sending out emails, regularly updating your social media accounts and putting important information on your business website is all a part of being openly and actively communicative. Do your part in finding ways to innovatively share information with your audience to make sure they are still engaged with your business.
Adjust Your Business Model
What ways can your business still meet the needs of your customers in this new normal? Think outside the box as you find innovative ways to make sure your business model reflects the current climate of the world. One important tool to utilize is the Internet. The internet and social media have become a huge component for many businesses and it’s one of the main things that has helped them maintain cash flow during this time.
For more information, tips, and resources to help you maintain your business amidst the new normal, visit square.com.