By Elena Stewart
To help slow the spread of COVID-19, many states ordered non-essential businesses to cease doing business as usual for a couple of months. If you run such a business, there’s a good chance you’ve been scrambling to find ways to keep your company afloat. The following resources are packed with invaluable information on everything from qualifying for financial assistance programs to developing new digital products for sale.
Seek financial support
How can you continue paying your rent and compensating your employees during this difficult time? See if your business qualifies for any of these helpful financial assistance programs.
-The Paycheck Protection Program was specifically developed to help small business owners during the pandemic. Follow these guidelines to apply.
-Read up on how the Payroll Tax Delay can help you postpone paying certain taxes if your business does not qualify for a PPP loan.
-In addition to loans and government assistance, your company might qualify for grants, which are based on many different factors. If you don’t find one to begin, keep looking, and don’t count out resources like trade organizations.
-Consider setting up a GoFundMe campaign to raise money if necessary. Discuss this option with your employees before you begin fundraising.
Brainstorm new business strategies
These new circumstances call for a new approach to business. It’s time to get creative and start thinking about how your business can adapt.
-Businesses are going digital to keep customers happy without violating regulations, so update your website to stay competitive. Now’s a great time to also ensure your site is user-friendly to visitors with hearing and vision impairments.
-If you’ve been dealing with a loss of income since the pandemic began, focusing on social media marketing can help you make up for it.
-As an entrepreneur, thinking on your feet is just part of your job description, and these tips will help you tackle the widespread issues that many business owners are facing.
-If your team is working remotely for the first time, you may need to provide extra support and guidance to help them stay productive. You’ll also want to keep them connected via virtual happy hours and company newsletters.
Different sales methods
Whether you want to offer new products that your customers can access virtually or change your delivery system for safety reasons, modifying your sales methods could be the shift your business needs during this difficult time.
-Even if your business is not in the food industry, you can still establish a curbside pickup system to deliver customer orders! If customers must call from the pick up area, make sure you have the phones covered during open hours.
-Developing information products, like ebooks or webinars, is a great way to bring in more income without conducting business in person.
-Learn how to set up an organized and user-friendly online shop by researching various e-commerce platforms.
-Consider offering private, remote mentorship services to aspiring entrepreneurs.
While this will not be a normal year for your business, try not to feel too discouraged: you can turn things around in the coming months. When it comes to entrepreneurship, knowledge is power, and using these resources will help you adjust your business during this pandemic.
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Elena Stewart is a certified life coach who specializes in the teachings of Brené Brown, Danielle LaPorte, and Marie Forleo. She successfully transitioned from the corporate world to running her own business, and she now helps others achieve their career goals and dreams.
