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As people stay inside and governments hope to flatten the curve, the COVID-19 pandemic has ravaged the global economy. Stores must close, restaurants can only deliver or offer carry-out items, and hotels cannot accept new guests to ensure the virus doesn’t contaminate their rooms. All businesses must deep-clean their surfaces to kill any disease or virus that may linger. Other businesses must close altogether, and this may be permanent even after the pandemic ends. However, these tips on how to help save your business in COVID-19 can help any small business stay afloat during these troubling times.
Review and Adjust Your Current Management Strategy
The first step for any small business is to reevaluate their current management strategy and take note of any signs that might call for change. For example, you likely have new business objectives in response to the current crisis. If this is the case, it’s a good idea to create a new strategy to help you achieve these goals. You should analyze every variable, such as target markets, expected sales, or even keeping up with competitors. Regardless of the motive, these factors can help you save your business from closing completely.
Sell Through Different Outlets
Additionally, you should prioritize all outlets to sell products. While national stay-at-home orders may cause you to close your storefront, you can still optimize online and third-party sellers to generate some income. Now’s the time to use all opportunities to improve your selling potential. To help your small business, you should utilize each avenue depending on your type of business. Restaurants can use carry-out or delivery options to still get food to customers, and retail stores should use delivery or curb-side pickup. Either way, you’ll stay open and still see some revenue trickling in.
Cut Unnecessary Costs
Of course, no one can withstand the COVID-19 pandemic without facing some repercussions. That’s why it’s essential to make some cutbacks to minimize costs. Review all ongoing expenses and identify any you can eliminate. Even small extras can add up, so any cutback can help. While you may want to retain specific aspects of your business, the truth is the timing may just not allow it. Similarly, now is the time to find the important necessities versus the inessentials. It’s perfectly okay to step back from your business goals and make small reductions for the benefit of your business in its long-term business model.
Make Staff Cuts Only If Necessary
Lastly, this is by far one of the hardest decisions any business owner must make, but sometimes it’s necessary to lay off staff. The COVID-19 pandemic caught everyone by surprise, and the tremendous impact it has on the economy and health care of the world is unprecedented. No business owner wants to lay off employees, but to help your business, you do what you must. Assuming your employee was a good worker you want to retain, make it clear that this is a temporary decision. Your choice to let someone go is purely circumstantial. You should give assurance that once the pandemic ends, you’ll be happy to have that person back on your team as soon as you’re able.