The impact of COVID-19 is unprecedented. COVID-19, also known as Coronavirus, has ravaged our economy and brought into question our ability to recover from the damage. Small business owners all around the country are being faced with very tough decisions regarding the future of their business. Some of us do not have the luxury of being able to work from home or make money without human interaction. Below I’ve left a few tips for the entrepreneur looking to stay afloat!
Plan and prepare for the future: Things may seem dim, but they will become even more dreadful if you do not plan for the future. I am optimistic in my belief that our luck will turn around! You don’t want to be the business owner that is unprepared for what’s next when you’re able to reopen your doors to customers. It’s very important that you continue to work on your business plan and make alterations where you see fit. Layout the foundation for your business with an action-oriented plan. Hendon Consulting offers a free project planning document to anyone interested. Reach out via email and I’ll provide you with the document!
Connect, Connect, Connect: Continue to be present in your customers life’s. If you can connect with customers online or via social media, go for it, full force! According to the Pew Research Center, social media usage has skyrocketed within the past 15 years. Run ads and learn from social media guru’s like Gary Vaynerchuk. If your business is running, you must stay relevant.Take time to connect and network with your peers. See what they’re doing to stay relevant, while still exercising social distancing. If there was ever a time for the American business owner to get creative, it’s now. Don’t be afraid to reach out, ask questions and collaborate with likeminded entrepreneurs.
Plan conservatively and stick to a budget: Once this period is over DO NOT expect everything to return to normal, especially if your business requires human interaction. I recommend that these types of businesses make conservative financial projections for the rest of the year. At this point, we don’t truly know what’s going to happen and we’re better of being safe than sorry!
Obtain information from reliable sources: Remember that there is a ton of information out there; we are constantly bombarded with it! Be somewhat picky regarding what you decide to ingest and how. In these instances, knowledge truly is power. Take time out of your day to read articles on decisions being made by government entities.
The U.S. Small Business Administration is offering opportunities for loans to small business and non-profit organizations that have been severely affected by COVID-19. They’ve also posted helpful tips and resources directed at small business owners.
Take a deep dive into your finances with a financial professional: Lastly, if you’re struggling to align your finances, work with someone that can. Budget consistently and consider investing in a well-polished accountant. Exercise transparency with your accountant to ensure they are well equipped to align your finances. An honest financial professional should be able to help you forecast your financial future. Work with someone that you trust to help you see the big picture!