Small businesses in the US are experiencing the pinch of the financial crisis due to the corona pandemic and lockdown. Millions of American citizens have taken refuge in their homes, working from their home office, and not venturing outside. According to analysts, business disruption due to corona could result in the closure of 15,000 retail outlets this year.
According to an article published on https://www.cnbc.com, the Economic Policy Institute predicts that the deadly virus could lead to three-million job losses in the country before this summer. It means small businesses across the US will withstand the worst of the pandemic. However, there are ways to brave the challenge. Here is how:
Make the most of government aid as well as that of financial institutions
The US government is working on several initiatives. Implemented many of these to support startups and small business owners in the country. Stay updated as to how the Trump government could help your business. To cut back on costs and banks too that have some kind of social obligation. For uplifting the business community in the country.
If your business is registered in more than one place, find out about support in both. For instance, you can learn more about the US government’s help and support for small businesses in the country. Again, you can expect a stimulus package from the Dubai government that supports SMEs out there.
Discover opportunities
It does not look good if your business tries to capitalize. When the world is torn apart by the corona pandemic. Then, you need to understand how you have been performing in business all this time. Understand whether your business model can brave the pandemic and explore new opportunities to survive,you can advertise your business for more business. How your buyers will respond at this time? Figure what matters the most and what does not to your customers. How would you like to accommodate the needs of new customers amid the corona crisis?
Is it possible to digitalize your products or services and sell them online? How would you use technology to harmonize the income loss by offering new things to build rapport with your customers? For example, you can offer online gift cards that your customers can use later so that your business has some cash inflow without you asking your buyers to shop at your store physically. Ashville Strong is supporting businesses by building a directory where customers can buy gift cards.
Focus on a 3-month financial plan
All small businesses need to pay employee salaries, utility bills, office rent, and things like that. Understand whom you must pay in the subsequent three months and figure out what choices you have to stretch the business expenses.
Look at your finances and talk to people so that you can have a practical discussion on how to control your spending for the next three months. Understand what costs should be paid and what you can postpone for a while.
Though your business is going through a tough time, use these ways. To survive until the lockdown is lifted and business returns to normal.
