Right now, the majority of businesses across the U.S. are in full-on panic mode—they’re either already shut down, in danger of being shut down, or operating in a very limited capacity due to the Coronavirus pandemic. However, as a business owner, it’s best to always be prepared to handle any disaster or hardship that comes your way: the more adaptable you are, the better your chances of succeeding.
In the last few weeks, we’ve seen businesses turn on a dime, transitioning brick-and-mortar retail businesses to an online model seemingly overnight. Entrepreneurs are getting increasingly creative, leveraging the amazing suite of technologies available to offer online courses, virtual meetings and appointments. Things I never thought I’d see online…are now available online! The ingenuity I’m seeing is just mind-blowing.
Has your business been able to make the shift and not just survive…but THRIVE…in this new world of social distancing and online-everything?
Here are 8 tips to pivoting your business to survive the COVID-19 pandemic.
1. Communicate with your customers. Keep your customers up-to-date about what’s going on with your company during this time. Chances are the physical location of your business is closed, but you’re still able to keep your company running remotely. Keep all lines of communication open with so your clients are informed of on any changes and are in the habit of hearing from you. Ask for help if you need it. Many customers are open to purchasing gift certificates or paying for services in advance, knowing that small businesses are struggling to survive.
2. Plan for market changes that can impact your business. Figure out scenarios that can help your business ride out these hard times. For instance, can your employees use their vacation days during this period? Could your team collectively share some of the burden together through management pay cuts?
3. Reach out to your vendors and suppliers. This is the time to come together and ask if there are any discounts or deals your vendors or suppliers can offer, maybe a new payment plan or a negotiation of their services.
4. Have meetings with your management team. Uncertainty breeds a lot of suspicion, so having open communication with your team will alleviate a lot of their fears. Ask for their opinions during this time, and keep an open dialogue: they will appreciate it!
5. Plan your cash flow. Increase your line of credit if you can. Set aside more revenue to use as emergency money. Make sure you understand the stimulus program and economic relief bills being passed by our nation’s administration, and how they could help your business and employees.
6. Be honest with your employees. Ask for their ideas during this time. Make sure they feel included on any decisions being made during this period of uncertainty. Give them the sense that you are all collectively in this together. This way, there will be fewer rumors circling and everyone will be on the same page. Many businesses, unfortunately, have no choice but to lay off employees. Let your employees know what that situation is, and what needs to happen—business wise—to avoid or minimize layoffs.
7. Find the growth opportunities. Look at the cup half full: this may be time for your business to flourish in a direction you never even considered before. Can you offer new promotions? Can you partner up with a competitor or other complimentary business? Can you recruit new rock star talent, maybe someone who was laid off from their job? How can you leverage this crisis into a business that prospers? Look for undiscovered avenues you would have never thought to try before. Remember, you are a super star. You can overcome the hurdles thrown your way…even those as huge as Coronavirus!
8. Learn a new business skill. Chances are you have a lot of free time these days. Sign-up for an online Masterclass and learn more about marketing your business, or how to use QuickBooks, or how to do literally ANY skill that will help you grow or expand your business after this is all over. Maybe there is a new technology that you’ve been saying you want to learn, but just haven’t had the time. Make hay while the sun is shining, friends. That time is NOW!
Are you worried your business is in trouble and won’t be able to recover from this crisis? I can help you discover a new path—sometimes, all it takes is some good back-and-forth with someone who has a different perspective!
Schedule Your FREE 30-Minute Talk with Teri
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