Written by: Richard Fong
Published on June 2, 2020
Published on June 2, 2020
As Coronavirus (COVID-19) continues to spread across the country, business leaders in all industries – like us – are looking for ways to adapt to life under siege of this infectious virus.
While experts are still estimating what the effect of the virus will be on the economy, there are several key things every business can do to mitigate the impact of this crisis on their livelihood.
Here are a few strategies you can adopt to keep your business, your employees, and your customers prepared for what’s ahead!
As COVID-19 continues to spread, it’s a good idea to start putting safeguards in place to protect your business and your employees for the months ahead.
Now is the time to develop a clear and concise plan for how you will maintain business operations in the event of lengthier closures, and whether your business goals will change in relation to the new normal.
As COVID-19 is dramatically affecting every business in the economy, taking advantage of federal relief programs can provide your company with relief during this heightened time of uncertainty.
You may want to consider taking out low-interest disaster loans from the federal government. These government loans are supported by the Small Business Administration, and are designed to assist you with expenses like payroll expenses and accounts payable.
Additionally, the US government will also be offsetting mandatory costs of paid leave for businesses with an employer tax credit.
If you’re a small business, you can apply for the SBA loan here.
If you have many people on payroll, PPP, or Paycheck Protection Program, may be better for you as it is a bigger relief package. You can find more information about it here.
The most essential thing you might have to do during this crisis is to connect with your employees. Many of them will be concerned not just about their health, but their careers as well.
It’s vital that your communication strategy should include an instructional guide to educate and inform your employees about the virus and how they can avoid it. You should also personally reach out to them and reassure them of your commitment to keeping their livelihood going.
Implement Work From Home
If your business doesn’t currently have a flexible work from home policy, now is the time to create one. As COVID-19 is rampant in every state of the US, businesses everywhere are seeking alternative work environments to avoid contact and prevent employees from contracting the virus.
If possible, consider implementing a work-from-home policy that also includes rules and guidelines for temporary remote work.
Don’t be a stranger! Use technology such as Skype, Google Hangouts, and Zoom to keep in touch with your team and check up on how everybody is doing.
Teleconferencing is a great way to reinforce the human connection, as well as conduct real-time collaboration so your business can sustain productivity.
It isn’t just your employees who will be waiting to hear from you, but your clients as well.
As a business owner, you will want to make a conscious effort to reach out to your customers and keep them engaged during this time. Even a brief note saying that you’re still open for business will go a long way in keeping their support!
Let customers know if you’re implementing any changes to your services at this time, and what measures you’re taking to prevent the spread of COVID as you carry on with business. Read more: The K-Factor: The Secret Factor Behind Your Company’s Growth
Although we can’t predict what lockdowns will bring us, this down time can also provide you with a chance to discover new opportunities for your business.
The hurly-burly of daily life is expected to dwindle, so use this free time to sit down with your team to brainstorm ways to improve your business model or train staff in new skills.
Staying proactive about the growth of your business can help offset some of the uncertainty. Read more: From Visit to Lead to Sale: How to Respond to Inquiries from Prospects
While we don’t know what the next several weeks will yet bring, taking proactive and precautionary steps can put you and your employees a few steps ahead of the game.
This crisis will undoubtedly be challenging for every business owner, but companies that are well-prepared can put themselves in a better position to recover more quickly.