How Small Business Can Stay Afloat During COVID-19
While some parts of the country are reopening despite the pandemic, other areas remain in strict lockdowns. If your business isn’t allowed to reopen due to ongoing COVID-19 concerns, you can still keep your business afloat by being resourceful and creative. For business owners who have reopened but are operating with severe limitations, you can find ways to adapt and keep your business safe for customers.
Staying afloat while remaining closed
Even if your business is still closed, you can still make money and find support.
- Connect with Incite Tax & Accounting to help determine what financial assistance you can get from local or government sources—whether it’s tax help, loans, or grants to keep you afloat.
- Turn to eCommerce to help sell your products online.
- If you’re a gym owner and you can’t yet reopen, get creative and take your classes outside.
- If your business is turning to online operations, use coupons and find sales on Lenovo products to keep costs down.
Adapting to new regulations
Businesses that are allowed to reopen still face unique challenges.
- If you operate a brick-and-mortar, do some research to learn about maximum capacities and other health and safety requirements and guidance in your area.
- Keep your customers safe by following these tips for reopening.
- Be sure to follow advice on how to keep your employees safe as they return to work.
Boost your marketing
Regardless of whether you’re open or closed, marketing is key to staying afloat.
- While you might not be able to open your doors, you can still work on your online presence and marketing strategy to maintain your customer base.
- Take advantage of social media to give your customers insight into your new operations, whether it’s advertising your eCommerce launch or explaining your COVID-19 precautions.
- Use live streaming to give customers a personal message so they can connect with you and support you even during your closure.
Small businesses have been hit hard by COVID-19, but despite the financial blow, you can stay afloat by staying connected to customers, looking for financial assistance through government loans and grants, and by adhering to health and safety measures to reduce the risk of spreading the virus.
A good place to start in assessing how well your business is staying afloat is by learning your business cash flow.
Download your free cash flow tool here.
(Written by Elena Stewart)