1. Take care of yourself to keep calm
This can be difficult to do when your mind is focused on trying to keep your business running, but remember to take care of yourself. Stretching or do a short meditation in the morning can help your mind keep your body calm. This can help come up with innovative ideas to have your business move forward. When you face difficult decisions, take time to balance yourself and your mind before making any drastic decisions.
2. Look into coronavirus relief options
There are several funding options available for your small business. On Friday, March 27, 2020, the President signed into law the CARES Act, which contains $376 billion in relief for American workers and small businesses. See which funding option is best for your small business by vising the Small Business Administration website.
3. Plan ahead for 3 months
The expenses that small businesses usually have include employee salaries, office rent, and utility bills. Speak to your landlord and your suppliers to see what your options are for the next three months. They can help you spread out the cost as they probably want to keep your business.
Look at your personal finances too and control what you spend for the next few months. Look at where you can cut costs. Try holding off on hiring new interns or more employees. Working with a freelancer could be a better option for your business as some freelancers offer a flat rate when working on a project.
4. Restructure your business model
What is your business model? Do you think it will survive the changes that come from the COVID-19 pandemic? Will your customers behave differently after this pandemic? What will and won’t matter to your customers? Have you thought about having your products or services online to still connect with them? Try taking the time to know your customers more, understand what their concerns are, and make them feel comfortable by offering a solution that works best for them and your business.
5. Retrain your staff
Train your existing staff to be more productive and efficient. While you or your team are self-isolating, look for other ways you can still work on projects together. There are plenty of project management options available for your business to use. Asana is a great tool to keep everyone on the same page.
6. Grow your business with a podcast
Today, podcast listeners in the U.S. are expected to exceed 150 million by 2024. According to creaditcards.com, they highlighted the best finance podcasts that every business owner needs to follow to receive useful money management tips. They also provide insight on how to start your own podcast to scale your business, establish yourself as an expert, and attract new consumers in 2021. Want to know more visit https://www.creditcards.com/credit-card-news/business-podcasts/.
Author
Angelica Espinoza is the founder and creative director of AE Creative Works. She oversees design projects for a wide range of clients while also contributing the graphic design, marketing strategy, and web design needed to execute their goals.