As COVID-19 continues to surge across the country, one thing is certain—the pandemic is far from over. The second wave of coronavirus is here, coinciding with cold and flu season, making everyone extra cautious. Experts believe that this second wave could last longer than the first, with restrictions going beyond face coverings and washing your hands. If you’re running a business during the COVID-19 pandemic and are wondering how to keep your small business successful during this unprecedented time, SD Associates is here to help. Here are some guidelines below to assist your small business for a second COVID-19 lockdown.
Build & Save Cash Reserves
One way to keep your small business successful during this time is to not be caught off guard. This includes building and saving assets in case of an interrupted cash flow. Your savings are there to support your business in the event of an emergency. During the first shutdown, if you found you only had enough cash to cover expenses for a couple of weeks, it’s time to formulate a plan and work on aggressively building up a reserve. Experts suggest asking landlords, suppliers, and your bank for deferrals. With our advisory services, we can help you layout your perfect strategy, catered specifically to your business.
Tighten Budgets & Spending
While you might already be operating on a tighter budget, now is the right time to consider trimming any excessive “fat”. Try to prioritize your spending based on needs, rather than wants. Negotiating with vendors to defer or stretch payables, spending less on advertising or marketing efforts, and running down inventory to minimum quantities should all be considered when trying to slim down your budget.
Strengthen E-Commerce Business
Running a business during the COVID-19 pandemic has forced many businesses to pivot, and this could be mean switching to an e-commerce business model during these unstable times. Nowadays, most people have access to the internet through their phone, computer, or tablet and if your business isn’t online yet, you should make that a top priority. Setting up an e-commerce store is going to be your biggest asset and can help keep sales afloat. If you sell products, services, or food, try moving them online. Take pictures and videos to advertise your specialties to keep business rolling in. If there’s one thing we’re sure of, it’s that the internet isn’t going anywhere anytime soon.
Invest in Remote Technology
Remote work became a staple for most businesses at the onset of the pandemic. While most people have a phone and internet connection at home, many companies weren’t set up to allow employees to work out of their homes. The use of video calls, secure Wi-Fi networks, and collaborative tools, like Microsoft Teams, Zoom, and Google Workspace, all allow people to work together virtually, and they come in handy during this shift to a remote-first approach. If the first lockdown brought challenges to your remote work, take this time to assess what went wrong and what you need to do to improve these items.
If the first shutdown taught us one thing, it’s to always be prepared for the unexpected. While many businesses around the country brace for a second lockdown, it’s now time to set up and execute a disaster plan. Having a plan in place could be the difference between surviving during the second shutdown and your business closing its doors. If you need help with financial services or planning for your small business, contact the experts at SD Associates in Elkins Park, PA today.