The pandemic certainly hit many businesses hard. It’s made everyone think about their business continuity plans and how to sustain a business during difficult times. Some businesses pivoted quickly. Making masks or offering curbside service. Other businesses moved online. Many businesses have failed. Here are some things to think about as we move forward.
Use the Resources Available to You
During the COVID-19 crisis, the SBA offered many loan and grant programs to small businesses. In a hurricane or tornado situation, you may have access to FEMA money. Some states have even offered low-interest rate loans for small businesses. Utilize those opportunities to put your business back to normal.
Have Insurance That Protects You
Insurance is another way to protect against the risks. Look into policies that cover your financial needs in case of disasters and crises. You may decide you want to take a risk and not get insurance, but it’s better to know your options than to wish you had protection later on.
Create a Business Continuity Plan
Financial issues aren’t the only concern. What happens if your team gets sick? Think about cross-training people for emergency coverage. Also think about what happens if you get sick or become incapacitated. Who can sign payroll checks or make big decisions? Do you have ideas for what to do if you lose your building?
Build Up Your Savings
Having some savings to cover expenses through a crisis can give you peace of mind and time to pivot. When times are uncertain, you want to protect your business first. There are a lot of things to consider for your business. There will be more difficult times ahead, whether it’s a new pandemic that threatens our health or a weather crisis that wipes out the community. If you’re looking for financing options to keep your business going through hard times, contact the financial specialists with Prosper Lending Firm.