The COVID-19 pandemic shuttered many small businesses for good. There were 200,000 business closures in 2020.
This wouldn’t leave any business owner feeling good, still reeling and living in the COVID-19 impact on small businesses. Even in 2021, the pandemic is not over. This means you need small business pandemic relief.
For now, here is a small business guide to help you get through it all.
If you are still struggling to recover, you will find some answers here. Keep reading to learn more.
Reflection on Running a Business During a Pandemic
If you are struggling from the COVID-19 impact on small businesses, then first you need to take stock of what you need. This sounds simpler than it may be.
For now, you have been responding to a crisis, i.e. a public health threat. Because of this, it has left you little room to sit down and think about what has worked and what hasn’t. Now that you feel you are at a crossroads, start here.
The COVID-19 Impact on Employees
First, take note of the impact the COVID-19 pandemic has had on you and your employees.
Were you forced to furlough or lay employees off? Were there any outbreaks at your workplace that could have been avoided? What did you do well to protect your employees’ health?
Contrarily, what did you learn from your response in crisis?
Look at Your Competitors Too
This also goes for looking at your competitors and their responses to the COVID-19 pandemic. You can look at what they did well as well as what they could improve on.
Note what worked as a business working during a crisis versus what you need to work on. Keep everything in perspective, and don’t be too hard on yourself: living during a pandemic is new for everyone.
Try for Small Business Pandemic Relief/Assistance Programs
One thing you may need to get you through the pandemic is a disaster loan. Look for more information at yourfundingtree.com for tips on how to get started with applying for such a loan.
If it was still around, you could use the Paycheck Protection Program. Unfortunately, that ended on May 31st. The government has yet to provide a better solution for small business owners.
The result of this is the difficulty of meeting business operations costs during a pandemic.
Meeting Operations Costs During a Pandemic
Even if you get help with the Paycheck Protection Program or another disaster loan, your business still needs to meet its operations costs.
Have you been able to pay for rent or mortgage? What about utilities and small business insurance? Are you having trouble earning enough money to pay your employees and yourself?
The first step in this small business guide was to reflect on running a business during the pandemic. Now, it is time to put those reflections into action.
Re-evaluate your supply chain if you’re finding it isn’t working for you anymore or is no longer affordable. Invest in employees who want to work for you.
Most importantly, try to picture your business in three months. Then try to picture it in six months. Can it afford the oncoming expenses, or do you need help to keep it afloat?
In addition, you can remain open and transparent with customers about your troubles. A community can be a powerful presence in keeping small businesses alive. When a customer feels loyal to a business, they will return, so give them a reason to remain loyal to yours.
Contacting Your Representatives
The government needs to do its part in helping small businesses survive the COVID-19 impact on small businesses.
Take a look at the policy needs of small businesses. Are you in agreement with other small business owners?
Now, see how you can get in touch with your government officials.
Making your voice heard is important in helping keep your business afloat: this is why your representatives are elected. Keep your voice loud as a small business owner about what you need from the government as the pandemic continues to course through the U.S.
If there is no replacement for the Paycheck Protection Program, then that could mean hundreds of thousands of more small businesses will be forced to shut their doors by the end of 2021.
Remind your representatives that just because there is a vaccine doesn’t mean that we are out of the woods yet, both from public health and economic standpoints.
Working Remotely If You Can
Several businesses don’t have the choice to work remotely. However, if you have the choice to have your employees work from home, you may want to consider it. It can offer more flexibility to your employees, and they would know you value them if you implement this.
That said, if you are a small business that cannot work remotely (such as a restaurant or store), then keep an eye on how the work from home trend may affect your business.
The Small Business Guide for COVID-19 Recovery
It will not be easy to recover from the COVID-19 pandemic as a small business and as a society on the whole. However, this small business guide can help you look at the COVID-19 impact on small businesses.
In addition, look for small business assistance wherever you can. Be vocal within your communities about your business. Contact your representatives to make your needs known as well.
Are you looking for other small business content? Head over to other parts of our website for other tips on surviving the COVID-19 pandemic as a small business.
