March 31, 2020
No one knows where businesses are going right now, worldwide – You are not alone.
Here are some tips and advice to help your business stay healthy:
- Pay your bills – get invoices out to generate income. Reach out and negotiate with your landlord, vendors, and utilities. Have a plan for repayment or partial payment – don’t go into negotiations unprepared. Make certain you can sustain next 60 days & walk back into your business ASAP.
- Contact your local & state offices re: Payroll taxes, Quarterlies etc.… & negotiate payments. Research & plan for what is available beyond 90 days. Find out what assistance is available locally, at the state and federal level.
- Survive by staying relevant and in the forefront for your customers & contacts. They appreciate hearing from you. Ask customers what they need. Ship, Send or Drop off JUST Sell using phone, text, door to door, Instagram, Tweet, Facebook.
- SAY NO on gift cards they are a hard sale in tough times. Instead: Reach out and ask how you can help &/or post “how to” podcast or vid’s that relate to your services. Or re-shape your services or products for them. Get products & services to their door, cell, tablet or computer.
- Brainstorm with your employee’s to see how you can “social distance” and still do business. Stagger work schedules, everyone pitch in to clean and disinfect.
- Use any surplus of inventory – partner with complimentary businesses to get product to consumers. (*You have equipment – another company ships/delivery – collaborate)
- Retain employees – make certain they are covered. As a large or small business owner a big expense is getting & keeping valuable employees.
- Discuss with your employee’s any idea’s they may have to expand, expedite or innovate within the company but they hadn’t had the opportunity to act upon or bring up the idea. Implement.
- Collaborate you may have extra staff where a complimentary company doesn’t have enough people. If you have a surplus of employee’s offer them to another business till your door reopens. Your employees are valuable, reliable and trained this could be a great way to keep them employed in the short term.
- Discounts/Deals – Promotional considerations – What I have in stock to donate or help those who need it. Exchange or trade services. (*Real estate work for clients to find good lenders, restaurant/bakery/vintner work with delivery service to get orders out. Exchange for online website development or social media promotion.)
- Research banks/lenders willing to do small term business loan or put funds on back end of agreements to Stay Open. Local Credit Unions are a good resource.
- Reach out to other competitor’s or complimentary businesses who may be in better financial straits for short term loan or assistance.
Uncommon times take innovative and uncommon measures and approaches to make certain we can all remain healthy in business and our lives.