If you’ve been feeling concerned about what’s going on with COVID-19, you’re not alone.
LAST UPDATED MARCH 31, 2020.
While we don’t know how events related to the pandemic will continue to unfold, what we do know is that this is a serious situation for everyone, including small business owners. Here is a list of helpful information and resources for managing your small business during COVID-19. If you know of a resource for small businesses (financial or otherwise) that is not mentioned here, please email firstname.lastname@example.org and we will update this list accordingly. Your health, safety, and well-being are our top priority.
Financial News and Resources for Small Businesses During COVID-19
For further announcements and resources in your local area, check out:
Health and Safety News and Resources for Small Businesses During COVID-19
1. Wipe All Surfaces Regularly
Keeping things extra clean never hurts. Clean all surfaces thoroughly (counters, floors, tables, bathrooms, POS systems, etc.) using Lysol, Clorox, or Purell products. Consider giving your cashiers latex or touch-screen gloves for handling cash and your POS system to reduce contact and potential exposure. If you have extra bottles of hand sanitizer on hand, make them accessible by placing them on tables, counters, and at your register. Stock up on cleaning supplies for the time being, if you can.
SEE ALSO: The Pros and Cons of a Cashless Business
2. Take Your Business Online
If you’ve ever wanted to go digital, now’s the best time to do so. Set up an eCommerce store so that customers can buy online and have your products shipped to their doorstep. For cafes, bars, and restaurants, make sure you’re ready to handle takeout orders by phone or online.
3. Keep Your Community Informed
If you’re changing any aspect of your business during the outbreak, whether it’s your hours, products, or services, keep your community in the know. Use social media and emails to send updates as things change.
4. Review Your PTO Policy
As many as 9 in 10 workers have admitted to coming to work when sick. Encourage any employees who are not feeling well to stay home and rest. Develop a process for calling out sick but at the same time, remain flexible. Brief your employees on taking the proper measures to get well and be sure to have regular check-ins with any staff that gets sick.
5. Check Your Financial Contingency Plans
While we don’t know what the exact financial impact COVID-19 will have on small businesses, retailers are expected to take a hit during this time. Unfortunately, that means you might need to reforecast any of your financial modeling, adjust your budgets, as well as calculate the financial preparedness of your business to face a decline.
6. Limit Unnecessary Travel
We know it’s disappointing, but if you have any upcoming trips, canceling or postponing them is the safest move. Postpone any travel plans you have unless they are absolutely necessary, if possible.
7. Be Realistic When it Comes to Sales Data
In the coming weeks, patterns in your inventory and sales data may shift. As foot traffic declines, your most profitable hours of business might completely change. Be as mindful and flexible as you can when scheduling your upcoming hours of business. Keep a watchful eye on your sales in store as well as online, if you have a website or online ordering set up.
8. Stay Informed
New updates on COVID-19 are emerging every day, so it’s important to follow trustworthy sources closely for the next coming weeks. Stay up to date on all official announcements by following the CDC’s COVID-19 page.