The United States has been through many financial crises – Hurricane Katrina, the Great Recession of 2008, the Great Depression of the 1930s. Some businesses have survived while others didn’t. Here are some business tips for getting your business through the COVID-19 pandemic.
Pare Down Expenses
If your business has had to slow down or shut down, you need to focus on your cash flow situation. Only pay essential expenses. Cut out extras right now. You may have to make hard decisions. Saving money will help you keep going forward right now.
Don’t Beat Yourself Up
Be kind to yourself for making tough decisions. It’s never easy to furlough employees, but it’s one of those choices that can make or break your business. Use the resources that are available right now. Take care of your staff that you can. We’ll get through this together, but you shouldn’t be too hard on yourself.
Look for Opportunities
Every business is having to adapt to changing circumstances. Restaurants that never offered delivery are now stepping up. Activities that once had to be in person are now being offered over video-conferencing. Change your business model to find the silver lining. If you completely shut down, it might be more difficult to come back. At the very least, work hard to stay in contact with your customers so when you do get to reopen, they’re ready.
Work with your vendors and suppliers to find ways to manage their invoices and bills. If you’re a landlord, waive admin and late fees for tenants who got laid off. Make sure to respond to unemployment claims for your employees who you had to furlough. Take care of others so that when the world does get back to some kind of normal, they’ll be there for you, and your reputation isn’t damaged.
Contact Prosper Lending Firm for financing options to help your business get through difficult times.