Things Every Small Business Needs To Do To Deal With the Impact of Covid-19 on Their Business
Things Every Small Business Needs To Do To Deal With the Impact of Covid-19 on Their Business
It’s not the time for isolation.
This is an anxiety filled moment for business owners the world over. As somebody who works with thousands of small business owners every year, guiding them to grow their companies, here are ten things I’m telling my business coaching clients they need to do to protect their businesses during these uncertain times. .
1. Safeguard your facility to minimize your location(s) as a transmission vector.
This protects your staff from getting sick and your customers. It will reassure your staff and customers, which in an uncertain time is every bit as important.
Simple steps you can take include requiring that every person who enters your office, building, or store use hand sanitizer at the entrance, eliminating handshakes and hugs, letting staff work remotely, etc.
2. Educate your customers on the steps you’re taking to keep them safe.
The better you can alleviate their fears and anxieties, the easier it will be for you to retain their business.
3. Educate your staff on the best practices that you can collectively take to stay safe and healthy — both at home and at work.
There is so much hype from the media that many of your employees may not have accurate information from credible sources about how they can keep themselves, their families, and their coworkers safe. You need to stay current from reputable sources so that you can keep them intelligently informed. They need your leadership here. Don’t assume that they know what to do.
4. Scenario planning for how market changes could impact your business.
What happens if people can’t travel to your events? What happens if your local schools close for 3 weeks? 3 months? If you take a hit how can you gain your team’s buy-in to help share some of that burden in a way that benefits you all? Could they take their “vacation days’ during a slow period? Would they understand the need for a wage freeze or even for management players to take a wage reduction so that you can collectively ride through a tough period? Are there big opportunities here for your business?
5. Consider this as a time to enlist your vendors and suppliers for help.
Can you get better pricing or payment terms? Perhaps you could even negotiate a “payment holiday” for 30-60-90 days? Maybe what you want isn’t a price reduction but an increase to the services they provide you for a period of time at no additional cost? It never hurts to ask.
