How Small Businesses Can Get Through This Pandemic
This year has been… tough. It doesn’t matter who you are, where you are, if you live in a mansion with a loving family or if you’re struggling to get by — things have been tough for everyone. The COVID-19 pandemic has fully changed the world. Things will never be the same and sadly, we don’t even know when any amount of normalcy will return to our daily lives. Hopefully it’ll be within a few weeks, but many are saying it’s going to be months and possibly even years.
Yikes.
Taking care of your health and your family’s health — both mental and physical — is paramount, but you need to be making sure you’re as financially secure as possible, as well. Unemployment is higher than ever before and the only people working right now are essential workers and those fortunate enough to be able to work from home. If you’re a small business owner, things are especially difficult for you. You have to navigate how to somehow stay afloat, keep your few employees cared for, and find a way to maintain in order to avoid shutting down or going bankrupt.
Over $2 billion in refunds and credits go unclaimed by businesses each year in the United States. Unfortunately, that number could skyrocket by the end of this year if the national workforce continues to suffer from the COVID-19 pandemic. It’s time to start fighting back as a small business owner and do everything in your power to at least stay in business. Just take it one day at a time — you’ll get there!
Here are some tips for small business owners to better handle this trying times:
Stay in touch with your customers/patients
During these uncertain times, it’s imperative that you remain in contact with your customers or your patients. They are scared and dealing with all sorts of issues, too. So even if it’s just to simply reach out and check-in — they will appreciate it and will likely reciprocate down the line. All orthodontists are trained dentists, but only 5% of dentists are also orthodontists. Whether you’re an orthodontist, a chiropractor, or work in the medical career — be sure to stay in touch with your patients throughout this quarantine. Similarly, if you sell a product or service to a handful of customers, reach out to them via social media, email, or a call and ask how they are doing. A little kindness goes a long way!
Tap into resources provided by financial institutions or the government
Since things are so wild, there have been many initiatives put in place in order to support small businesses. These plans are evolving on a daily basis and can really help keep your company get back on its feet. However, these can be quite tricky to navigate all at once. Luckily, with some research, you’ll be able to find out everything you need to know about how to take advantage of these financial resources.
Develop a three-month financial plan
Taking it one day at a time is a great way to keep your mental health strong, but you do need to look to the future, as well. However, because there are so many unknowns right now, you can’t predict too far in the future with any accuracy. Instead, plan for the next three months and then you can update accordingly later on.
Avoid spending money on certain things that can be addressed later, too. For instance, under typical conditions, stainless steel pipes can easily exceed a 100-year lifespan. Just because your steel pipes are looking a little frail, don’t shell out a significant amount of money to have them replaced during a global pandemic. Instead, save your money and stick to a diligent three-month plan.
Again, things are so scary and uncertain at the moment. You’re not going to fix everything in a single day or even week. Instead, take a deep breath, organize all your thoughts and plans, and start saving as much as possible and sticking to your three-month plan. You can get through this and hopefully your small business will come out even stronger!
