Steps to Take To Keep Your Business Running During COVID-19
COVID-19 has redefined how business is conducted and there are a few steps that businesses can take to keep afloat during the pandemic.
Obey the CDC Workplace Guidance
The CDC has set guidelines for businesses to follow during the pandemic. Not doing so will open up your business to liabilities. Businesses that employ these guidelines can maximize their chances of keeping their customers safe and their employees healthy. Make sure to contact your state and local health officials so that you have the latest information on COVID-19 and CDC’s guidance for COVID-19 mitigation strategy.
Change How Your Provide Your Services/Products
Because of low consumer confidence, it is essential that you quickly shift the way you conduct business. For example, if you are a restaurant owner, you should offer curb-side pickup options or an outdoor dining accommodation that follows social distancing protocols. While this set-up is far from ideal, it would be unwise to wait until you are allowed to offer an indoor dining option given that there is no set date for that. Even if indoor dining were to be sanctioned today, you would only be serving at limited capacity and it is likely that customers would still avoid indoor dining until a reliable COVID-19 vaccine is in circulation.
For businesses that offer services such as consulting or fitness training, consider conducting business entirely over video chat or phone call. It may take time to establish a proper setup for virtual work and to get used to the new interface; however, taking this step will help to keep your business running.
Setting up services such as apps to order services in advance, contactless payments, and devices to keep track of employees’ health can all help to promote your customers to continue purchasing your services or products.
Improve Your Products
Unless you make necessities such as hand sanitizers or toilet paper, your business activity has likely slowed down. Take this opportunity to further improve your products or services. If you can find other services to offer, consider doing so. This is a great time to experiment with new lines of products and services and see what resonates with your customer base.
Although the PPP loans from the first round have long run out and discussions of a second round of PPP are still ongoing, there are still other financing options available to businesses during the pandemic. For example, since June 15th, the SBA has resumed accepting new Economic Injury Disaster Loan (EIDL) applications.
Alternative lenders have been deemed essential businesses and have been assisting numerous businesses to keep their doors open during the pandemic. Financing options such as invoice factoring can help your business maintain its financial health by meeting your funding needs.
Accel Business Funding has provided invoice factoring and has funded many businesses for more than $380 million. When banks say NO, we say YES to funding in 24 hours!