The Small Business Coronavirus Checklist

When assessing the potential economic impacts of the virus on your business, consider enacting the following:

Communicate With Your Customers

As you’ve probably noticed with national brands, it’s important to let your customers know that you’re taking preventative measures to maintain cleanliness and safety standards in your business. Create a post on LinkedIn, Facebook, or email and clearly communicate what your plan is. Include any cancellations or postponements, too!

Additionally, after you tell the public what you’re doing for your business, tell them what they can do to help. Many people are eager to support small businesses when they can, so include a link to purchase gift cards, order online, or other ways to lend a hand.

Cancel Large Public Events

Opt instead for smaller events, or even better, digital or live-streamed events. Do you teach yoga classes, show houses, or serve food? There are plenty of options online for video conferencing, private Facebook live streams, or even delivery services.

Take Care of Your Employees

Make sure they know what they are supposed to be doing. Send them home if sick, have them work remotely if possible, and keep them up to speed on your company’s hygiene protocol. There also may be aid available in the form of small business tax credits to pay for employee sick leave, as federal lawmakers are moving quickly to provide relief in response to the pandemic. Ensure the health and well-being of your employees if well-maintained, as they are one of the most important assets to your business.

Think Outside the Box

If your business is experiencing slowing sales, it’s time to think about other ways to generate them! Many businesses are offering delivery, subscriptions, video classes, and shifted marketing efforts to online stores. Is there a need you can fill through a complementary product or service? For example, one ceramics studio has offered membership space for college art students who don’t have a place to work while classes are cancelled. One local bath and beauty products maker has even started making hand sanitizer. Find your silver lining!

Make A Move

In this period of uncertainty, many businesses are pulling back. While still maintaining daily operations, how can you push forward even harder? Experts say to make investments during recessions. Is it possible to make a calculated move right now? Can you take advantage of low interest rates, cheap supplies, and discounted services? All periods of decline eventually turn around, and if you use it to your advantage, you’ll be that much farther ahead when things turn around. If you find yourself really in a bind, take advantage of the SBA’s disaster loans, which are now available for small businesses impacted by Coronavirus.

Take Advantage of Down Time

Which tasks have you been putting off over the past few months? Do you have concrete systems, processes, and checklists in place for your business? Have you evaluated your business plan, marketing strategy, and short/long term goals? Take advantage of your slow days and think creatively about the impacts of economic decline and what you can do to combat them.

Talk to a Professional

Don’t let COVID-19 be the reason your business shuts its doors. Consult with a professional for solutions and options specific to your situation. Whether its an attorney, CPA, or consultant, the small investment you make now could save your business permanently.

For more information about Small Business Consulting, contact Ivy + Atlas here.