How Small Business Owners Can Overcome COVID-19

Every year, small business owners open their doors for the first time, embarking on a challenging yet rewarding endeavor to start something from the ground up. But after the spread of COVID-19 hit the United States, the small business community was probably the hardest hit sector in the country.


While bigger businesses and more established corporations have a better chance of only suffering temporarily, it’s the local coffee shops, cafes, graphic design studios, and fitness clubs, for example, who are truly suffering. But through a mix of recently passed small business loan aid packages that have been helping during the 2019-2020 Coronavirus pandemic and a few key business strategy moves, small business owners can have a better chance of surviving the economic fallout from the Coronavirus outbreak.

Keep Calm and Carry On

This may be a difficult thing to attempt, especially when money is running low, but business owners should remember to make sure to take care of themselves and those they’re responsible for first. Taking care of yourself will help you to keep calm and stay focused. This can include limiting time spent watching the news, spending more time with family and friends, at least through video chats, exercising, eating healthy, and keeping hobbies going.

During difficult times, it’s always important to take time for yourself to make sure you have enough balance, or as much balance as you can, to think clearly and press on.

Tap into Government Resources

All across the globe, countries are responding to COVID-19 by putting together programs and initiatives to support small business owners. Get in contact with relevant agencies in order to receive the best potential benefits you can during this time, such as your local financial institution or governor’s office. Small business loan programs are being doled out in phases but are being updated with more benefits and more long-term care for business owners who want to make sure the business interruption that COVID-19 caused won’t hurt them even more.

Interruption Insurance

Having business insurance can help business owners with their immediate financial needs. In this case, the move to Get business insurance has never been more of a necessity. This kind of coverage can help by supplying a safety net while the shop closes and the lights are turned off due to a catastrophic situation, such as coronavirus. Business interruption insurance can help business owners tie together their available resources, such as government assistance, to pull through, at least in the short-term.

Have a Small Financial Plan

Speaking of short-term, every small business usually runs with the same core expenses, such as employee pay, rent, and utilities. That being said, business owners should reach out to who they pay every month for these expenses and see what arrangements can be made for temporary relief. Chances are they may already have options set up or will at least be understanding enough to help keep the lights on without pay.

Also, business owners should take a look at their personal finances and speak to people they know who can give a realistic outlook on the months ahead. Take a look at what costs are necessary and what can be put on hold.

Lastly, look at the ways you can cut costs, even for the time being. This should be used as a last resort, but it can help in the long run. A business owner’s biggest costs would usually be paying their staff and their rent, so instead of letting people go, perhaps choose to put a freeze on hiring and cut back on some hours.

While the world is waiting to see how this will truly pan out in the long-term, businesses can take small yet effective steps now to make sure they can either keep the power running or slow it down for a short time. By using business interruption insurance, gathering your resources, and reaching out to organizations who can help, business owners can have a better chance of ultimately surviving this unique and trying time for everyone.

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.

 

If you’ve enjoyed what you’ve read here and would like to know when we’ve published a new blog post, please “like” us on our Facebook page, and share this with your Connecticut neighbors. 

 

Dayville Office

Phone: (860) 774-8549

394 Lake Rd

Dayville, CT 06241

United States

info@byrnesagency.com

Hours of Operation: Monday- Friday 9:00am-5:00pm

Norwich Office

Phone: (860) 886-5498

6 Consumers Avenue

Norwich, CT 06360

United States

info@byrnesagency.com

Hours of Operation: Monday- Friday 9:00am-5:00pm