As coronavirus continues to spread – possibly even faster than it did before – you are going to need a real strategy to keep your business alive. Already, way too many have permanently closed and your business may be next. If you have no idea what you are going to do and have no plan in place, now is the time to make some quick decisions. Taking the right steps can take you through this crisis.
Take a Serious Look at Your Business
Take an honest look at your business. Ask yourself the tough questions: Is it strong enough and diverse enough to survive another crisis? Do you have products that people really need if a second shutdown occurs? Do you have money in the bank to keep it going for a couple of months? Could you be considered an essential business?
Pivot Your Business
Many businesses that were on the list to shut down, such as the car manufacturing companies, were able to pivot their business and stay operational. They started manufacturing personal protective equipment and ventilators to meet the urgent demand. If you do not have products or services that will make you an essential business, make the pivot now by finding those things that will keep your business in demand.
Find Suppliers That Can Supply Your Need
If you need to pivot your business, make sure that you have a supplier that can make or get what you need. It would be a good idea to have a backup supplier, too, just in case one has to shut down.
Be Accessible Online
You not only need a website, but you also need to have a website that can be viewed and navigated easily on a cellphone or tablet. Make it easy for people to use cellphones to find you, to view your site, and to easily complete orders. Most people use their cellphones to conduct searches for what they need and to read reviews about a business before they visit or do business with it.
Use Email Marketing
A strong advantage of email marketing is that you are placing your ads right in your customer’s mailbox. Use it to let your customers know you are open for business, to inform them of company news, and to advertise new products and special deals. This will help you keep your customers and it will also keep your income flowing.
Get Financial Assistance If Needed
Various agencies – local, state, and Federal – will likely have programs available to help you financially if you need it. It is looking like a second stimulus check may be coming to individuals and possibly more money for businesses. Care needs to be taken when borrowing money. Lenders will want to be sure that your business is likely to survive. If you are confident borrowing money, be sure to use it carefully to give you the best ROI.
Look over your business insurance policy to see if you have business interruption coverage. If so, it may provide you with the funds you need to get you through another crisis. It may, however, have terms in it that will not cover a claim that is virus-related.
Examine Your Business Lease
If you have a lease on your business facility, look over the agreement to see if it is possible to terminate it if necessary. If so, it may enable you to get a smaller facility. This could be valuable to you if your employees can work from home and you no longer need as much space. Be sure to look for other cost-cutting options, too.