While COVID-19 has impacted most businesses, it has been especially trying for small businesses that do not have the same resources available as larger ones to function. It is difficult to keep your business intact without the funds needed to pay your monthly expenses. It is also a challenge to manage employees who are working remotely from home. Unfortunately, there is no set playbook to follow to ride out the storm. Every business is different, and each carries its own risks and rewards. However, there are some general strategies that small company owners can follow to help them stay afloat. It is important to look at what is working and what needs changing.
Take a look at your employees. First, if your team has not been used to working remotely, you’ll need to make sure that everyone has what they need to work at home successfully. Do they have a computer? If they are using personal laptops, make sure they have the software needed to do their jobs. Since you are unable to meet in person, it is vital that you stay in touch with employees through email and telephone. Keep them up to date on work requirements, hours, and all projects and schedules through virtual meetings, like Zoom. It may take some adjustment to working remotely, so it is important to stay abreast of their progress. If you find certain employees are not adapting or are not putting in the effort needed, an individual virtual meeting can be arranged with that person to go over their responsibilities and any difficulties they are experiencing.
Current unemployment benefits along with the booster funds currently being paid have made it appealing to some employees who were let go or put on furlough to stay home and not work during this time. These benefits will not last and finding a new job will be difficult when all those unemployed people try to find jobs with the number of businesses left standing. If you feel that an employee who is having difficulty working from home is someone you want to keep on staff, make an extra effort to assist them. It is also good to have a contingency plan in place to cover duties in the event an employee becomes ill or has to take care of an ill family member. Once workers are returning to the office, make sure social distancing is arranged by moving desks, and ensuring masks are being worn during any interactions.
In order to keep your business running, it is important to find financial loans, funding, or assistance during these lean times. Visiting a bank loan officer and understanding what’s required to obtain a loan is a good first step, as is opening a line of credit in advance to fund possible short-term cash problems. Fortunately, there are a number of local, state, and federal assistance programs launching to help small businesses deal with the fallout from the COVID-19 outbreak. The recently passed CARES Act includes a number of provisions to help support small businesses impacted by COVID-19. Part of the CARES Act includes expanded funding to the SBA Economic Injury Disaster loan program, as well as the newly created SBA Paycheck Protection Program (PPP). SBA PPP loans are designed to provide financial assistance to small businesses to help them keep employees on their payrolls. Additionally, a number of cities and states have announced relief programs. Even Facebook was offering loans. Also, look at your liabilities and see where you can make changes. Check with your usual suppliers and vendors to see if they would be willing to extend your usual payment terms or offer grace periods.
The U.S. Chamber of Commerce website has a page specifically dedicated to assisting small business owners during the COVID-19 pandemic. They are also hosting various video meetings to answer questions that you might have.
Instead of looking backward, it’s important to look forward. Prepare a “looking-forward list.” Include things that you hope to achieve, dreams for the future of your business and plans you have started. It is easy to fall into a rut during these difficult times which can prevent us from growing and planning. Writing a list of your goals reminds us that there is a future, and good things are ahead. I would love to hear some of your ideas for your looking-forward list.