The key to making sure your local business continues to thrive during the era of COVID-19 is to take action. Small business owners are known for being resilient and can get through many things when it comes to doing what it takes to maintain their business.
Square presents five solutions and tools for maintaining your business during COVID-19. Keep reading to find out how!
Solutions and Tools to Maintain Your Local Business During COVID-19
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Make sure to take care of yourself + your team
Maintaining your business through a global pandemic starts with yourself and your team. Make sure you and your employees are not only following CDC guidelines set in place for your safety, but also take some time to prioritize mental, physical and emotional health. 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.
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Reassess your businesses budget and finances
Take some time to write down what your 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.
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Utilize financing
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 maintain your local business.
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Be openly and actively communicative
This may be a time where you are still unable to have face-to face interactions with your audience—there are still several ways you can be transparent, open, and actively communicative with them. Sending out emails, updating social media content and your website to reflect any changes in regard to your business is what you should be taking this time to do. Find ways to innovatively share information with your audience to make sure they are still just as engaged as they were prior to COVID-19.
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Adjust your business model
What ways can your business still meet the needs of your customers during this time? Think outside the box and get your creative juices flowing 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 tools to help in managing and maintaining your business during COVID-19, visit Square’s Resource Hub.
