Planning your small business for the Coronavirus (COVID 19) and its implications is among the major concern for every small business. As a business owner, you need to understand what strategies should be in place to alleviate its impact and to weather the pandemic. Use the communication strategy and use all available channels of communication. Here is a handy guide to get your small business prepared for the coronavirus pandemic.

Incorporate Prevention Measures

The use of coronavirus prevention measures can help safeguard your employees, customers as well as the whole community. The Centers for Disease Control has laid out guidelines for businesses and is being updated regularly. Ask employees to follow hygiene best practices by regularly washing their hands and provide them hand sanitizers. Ask sick employees to work from home to avoid human-to-human transmission by implementing flexible working arrangements.

Create a Contingency Plan

It’s important to plan ahead to determine what steps you’ll need to take if there’s a need for temporary closure. There might be legislation requirement to close down or you may get ill. Having a coronavirus contingency plan for your business to make sure your employees feel safe and supported is helpful. Your contingency plan can include revisiting sick leave policies, enforcing travel restrictions, paying your employees, remote servicing, and how you can communicate your closure, accessibility, and reopening. Maneuvering such ambiguity isn’t smooth but the more you prepared, the better. Examining and prioritizing your tasks can help create and implement an emergency contingency plan for your small business. Look for expenses that can be lowered. If you’re worried about your cash flow, getting a small business loan or a business line of credit can help meet your business’s financial needs.

Communicate With Your Customers

During such difficult times for businesses, regular communication with customers helps build confidence and long-term customer loyalty. Communicate your customers about the impact of the coronavirus outbreak on your business. Explain how your business is strategizing to overcome the outbreak impact along with the steps you’re taking on serving them and your future vision. Use email, social media, and in-store signage to communicate with your customers. Your communications can include details about improving sanitation, temporary closure, sick leave policies, reducing work hours and much more.

Improvise Business Servicing

Due to coronavirus pandemic, businesses are required to follow social distancing — meaning changing how you interact and provide services to your customers. You need to think of different solutions to provide business servicing. Think of how you can attend in-person meetings, streamline online classes, and develop plans for work at home. Try incorporating online channels, phone, and video to offer support. Getting creative to provide support and more options to customers not only keep your financials in order but also make a positive impact. You shouldn’t give up, and have a strategy in place to remain compliant and flexible to succeed.

The Bottom Line

We all are in the phase of learning and planning for coronavirus pandemic and handling its implications. By following the above-mentioned tips for your business and other Coronavirus prevention steps, you can protect the health and success of your small business. Create a plan of action that allows you to take action in times to come.

Small Business Financing News │ Merchant Advisors | blog
Plan your Business for Coronavirus (COVID 19) and Its Implications
Plan your Business for Coronavirus (COVID 19) and Its Implications
Looking for funding to fund your small business? The road ahead is full of twists and turns because it does require a lot of time and research to locate the best funding program that suits your business. Due to theRead more
Here is a guide with the best practices your small business should deploy to help avoid exposure to the coronavirus pandemic and its implications.
MichaelGavin
Merchant Advisors
Merchant Advisors
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