Home Business Outbreaks and Economics: How to Help Your Company Survive

Outbreaks and Economics: How to Help Your Company Survive

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The ongoing COVID-19 pandemic is already beginning to devastate businesses and the damage is likely to get much worse until a vaccine is developed, enough people are infected that the virus can no longer widely spread, and local and national governments ease their restrictions on businesses. Your company might have difficulty surviving during this time. Here are some steps you can take to ensure your business makes it out of this crisis intact.

Outbreaks and Economics - How to Help Your Company Survive

Have A Business Continuity Plan In Place

Ideally, you should have had a business continuity plan in place before a crisis strikes. In the future, be sure to maintain one and revisit it to make additional changes when necessary. In the meantime, start drafting one for use now, especially before things get as bad as they might eventually become. A business continuity plan contains written steps for what to do in a crisis so no one is left confused and action can be taken immediately. A continuity plan can contain alternate methods for contacting customers, obtaining needed supplies, assumptions of critical roles in an emergency and more. If you need to take out loans, do so, but apply for them sparingly and intelligently. Avoid high-interest loans and anything you are not confident you can reliably payback.

Shift To Remote Work if Possible

Not all companies have this option, so if yours is one of the lucky ones that do, you need to shift to a remote work model quickly if you have not already done so. Remote work poses its own set of challenges, but thanks to modern technology it is easier than ever for employees to stay home and still be productive. Offer resources that can help your employees get adjusted to working from home, such as advice for how to set hours and set up a dedicated home office. Start testing and using software that allows easy communication between team members, such as video conferencing software, team messaging software, various cloud software and any other programs that might make working from home more viable and productive for your employees. If you are having difficulty, places like DiverseCTI, a company that provides small business IT services in Oklahoma City, OK can help you manage your network and your tech as your company adjusts to remote work.

Keep Marketing

In what perhaps might seem a counterintuitive suggestion, now is not the time to stop marketing your products and services. You might need to change where and how you are marketing, but stopping altogether could be disastrous. As the economy shrinks and people have less money to spend, you will need to work even harder to convince customers to spend their money with you. Some of your competitors are likely to struggle and close, providing your company with an opportunity to bring their customers over to you. Now would be a good time to ramp up digital marketing and advertising if you are not already using it. Digital advertising is much cheaper and more targeted than traditional methods. You can also get more serious about the creation of content, which can be done cheaply or even for free and is a reliable way to demonstrate your professional expertise to clients. It is one of the most effective marketing methods because you aren’t trying to make a sale directly.

Ensure You Get Any Government Money Owed To You

The United States government, various state governments and other governments around the world are debating and passing stimulus packages aimed at helping businesses of all sizes weather this storm. Be aware of the measures that are passing and how they can help your business. Once available, take all necessary steps to ensure your company gets the aid it is entitled to so you can remain afloat. As this is a rapidly evolving situation, more measures to safeguard small businesses from the effects of this outbreak will likely become available in the coming weeks and months, so it is important to remain informed on assistance the government might be providing throughout this crisis. More help may be available if your company is in an especially hard-hit industry, such as hospitality, restaurants, and travel. Help employees apply for temporary unemployment if necessary and ensure they are granted sick leave if they are not feeling well.

Things are going to be tough for businesses for a while—there can be no doubt about that. You can minimize the risks and keep your company afloat if you make smart decisions and find creative ways to keep conducting business throughout the outbreak. Best of luck to you.

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