Common Issues That Small Businesses Are Experiencing During This Outbreak:
- Capital/cash flow – The lockdown can strain a small business’s financial capacity to make payroll, maintain inventory and respond to market fluctuations.
- Workforce capacity – Ensure workers have the ability to fulfill their duties while also remaining protected.
- Inventory and supply chain shortfalls – There’s a possibility that suppliers and distributors cannot meet order requests.
- Facility remediation/clean-up – Check your maintenance contracts and supplies of cleaning materials to ensure they can meet increases in demand.
- Insurance coverage issues – Contact your insurance agent to review your policy to understand precisely what you are and are not covered for in the event of an extended incident.
- Changing market demand – There may be access controls or movement restrictions established which can impede your customers from reaching your business.
- Marketing – Promotions and communications may also help customers to patronize your business in times like this. Additionally, frequent communication with your clients will ensure that you’re top of mind when things get back to normal.
- Contingency plan – For some businesses, risk management is scarce.
How Can You Support Local Businesses During Coronavirus Pandemic?
- Order takeout or call for delivery
- Buy gift cards to be used at a later date
- Shop online
- Purchase local produce
- Make a donation
- Have some trust in them as businesses do their best to combat the virus
How To Use Social Media For Your Business During This Unsettling Time?
- Share posts to help customers stay informed of the current events.
- Share posts to inform your customers about the safety measures that your business is implementing to fight against the virus.
- Post about any changes to opening and closing hours.
- Post about any changes of business offerings and services to comply with community-wide safety protocol.
- Use social media as a customer service channel, and answer customer queries.
Local, State And Federal Government Programs To Help Business Owners In This Time Of Crisis
US Small Business administration (SBA) Guidance & Loan Resources
Internal Revenue Service (IRS)
Small Business Administration Economic Injury Disaster Loans
State Chamber of Commerce