Businesses across the globe have been impacted by the novel Coronavirus. Small businesses have been forced to close and even large corporations have suffered losses as a result of the worldwide pandemic.
If you operate a small business, you may be wondering how you can possibly survive and continue operations in a post-outbreak world. Here are 5 tips.
Businesses that want to stay in business must act fast to adopt new regulations to reduce or eliminate the spread of COVID-19. Mask-wearing and social distancing at least 6 feet apart are becoming mandatory guidelines in most places, and some businesses may want to take additional measures to appeal to customers and create healthier workplaces.
This could include things like implementing regular handwashing policies, reconfiguring office cubicles, and installing clear plastic barriers in places where customers and staff interact.
Many small businesses have taken a financial hit as a result of the Coronavirus, so if you’re one of them, you’re not alone. If you’re overwhelmed by everything needed to get your business back on its feet, a good place to start is to assess your current finances.
Work with an accountant to make sure you’re not missing any hidden costs. At this stage, try not to worry too much about future financial impact -- it’s harder to calculate and more important that you get a handle on the present financial damages.
After you assess the financial impact of the pandemic to your business, determine if your current and expected earnings in the near future will be enough to not only cover your losses but also fund future operations. You may find that you need to obtain additional funding to help you get by until your revenue returns to normal.
There’s never been a better time than now to streamline your business and cut down on any non-essentials or “extras” that you don’t really require to operate your business. For example, if you’ve transitioned many of your employees to work from home during the COVID lockdowns, you may be able to close down your brick-and-mortar office to save on rent, electricity, and other overhead costs.
One place you don’t want to trim though is employee benefits and support. It’s critical that businesses offer competitive benefits to valuable staff members, from medical coverage and paid time off to on-the-clock training and support.
Maintaining compliance with local, state, and federal ordinances regarding Coronavirus safety measures relies heavily on ensuring your employees are well trained. There are many ways to conduct training, but the majority of businesses are selecting remote training opportunities whenever possible to reduce the need for groups of people within the business to gather.
Business Watch Network is a top provider of online learning opportunities for businesses in a wide variety of industries. We specialize in offering live and on-demand business training webinars for companies in HR, tech, management, sales and marketing, finance, health, manufacturing, and more.
Contact us today to learn how we can help your business survive after COVID-19 with competitive and affordable remote training tools.