COVID-19: Business Survival Tips
Business Tips that every Entrepreneur needs to do
As of February, we all started to see major changes in the economy, virus, etc and now we know that COVID-19 pandemic is spreading at a much faster pace – faster than we have ever seen with past viruses.
And as the situation evolves, many families including small business owners, entrepreneurs, freelancers are unsure of what steps to take to mitigate risk, protect their business; employees, but also support customers.
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Here are additional tips that I would also like to share with you during this COVID-19 crisis:
- If you are NOT working at home make sure to establish a Remote Work Option
- Reduce all meetings and/or travels
- Establish some work flexibility in order to protect your employees/workers/freelancers, etc.
- Communicate effectively and transparently with your customers and make sure they also understand your new policies (if any) during these difficult times.
- Stay safe, clean and healthy
- No handshaking
- Wash your hands
- Do not touch the face
- Disinfect areas
During these difficult times, we tend to watch the news, listen to the radio, social media and 8 out of 10 times we are receiving conflicting and misinformation.
I highly recommend that you stick to one channel to AVOID CONFUSION:
- Follow your City, County, and State news for accurate and up to date information
- Also, make sure to sign up or follow updates with the SBA or US Chamber of Commerce to get information about potential help during these difficult times.
- Also, try to consider obtaining “interruption insurance” because that may be an option for you in case of significant business losses. Ask your insurance broker.
- Re-evaluate your financial situation;
- Decrease your unnecessary costs
- Create a new financial plan
- Start saving if at all possible
- Search for small business loans, disaster assistance loans, forbearance payments, hold or freeze your credit card payments.
This is the time to be proactive and search for help, but also try to minimize all your costs, plan for the future, and more importantly prepare for the worst.