Adapting to Crisis: Tips for Small Biz Owners

Amid the spread of COVID-19, small businesses and small business owners have been among the worst hit by the economic fallout since it landed in the U.S. But this doesn’t mean that there aren’t opportunities to update new small business plans moving forward. From small business loans to tips on how to stay afloat the rest of the year, here are ways to adapt to the unprecedented crisis.

Communication is Key

No matter the industry, the current times we’re in call to each small business owner to reach out to customers and clients. This is important for existing customers, but also for new customers too. This doesn’t necessarily have to be salesy; instead, it can be a way to check in on people to see how they’re doing and how you can possibly help.

Even if a business doesn’t have all the answers right now, it can still find ways to connect customers and clients with other services, strengthening the relationship they have with their community and setting them up for future business. For now, it could just be about listening and staying engaged.

Review Finances

While the times we’re in are uncertain and hard to navigate, allowing only a little light in front of us to move forward, small business owners can take small steps to map out the rest of the year as best as possible. One way is to review your finances and see what you need for the rest of the year and what you can afford to limit or adjust. Whether it’s updating your coverage with the Best small business insurance possible to cover potential losses or having to cut your hours depending on service needs, making sure you are able to operate efficiently is the key to saving money to ensure your future.

Connect with Your Community

More and more small businesses are seeing the importance of connecting with other businesses in the same industry to find support. This can be done through social media platforms, such as LinkedIn and Facebook, offering ways to connect with others and share ideas on how to attract new customers and stay connected to recurring customers. Social media is a great way to offer updates and guidelines to customers, and share tips with other businesses.

Finding Financial Support

It’s safe to say that things won’t be business as usual, at least for the rest of the year. Navigating the business challenges related to a pandemic has brought about unforeseen costs and losses. For small businesses that have suffered from the coronavirus epidemic, there are ways to adapt to the big changes, including financing and relief options. But it’s important for businesses to research these options and apply for the right ones.

A lot of businesses are stressing over money right now as well how they’ll make money in the near future. But instead of pouring over small business plans, owners should do what they can to tap into available resources. For instance, there are emergency loans available through the U.S. Chamber of Commerce. These loans can be up to 2.5 times the borrower’s average monthly payroll costs, and up to as much as $10 million. What’s more, these loans can qualify for 100% forgiveness later on.

This kind of funding can be really helpful to reinvigorate a small business in these uncertain times and keep it going, whether that be to use for marketing or investing in new technology for services online.

About Byrnes Agency

At Byrnes Agency, we offer insurance solutions that can be tailored to meet your specific needs. Whether you’re looking for personal policies or commercial coverage, we have the right coverage for you. To learn more about our products, contact us today at one of our two locations.

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