As small businesses continue dealing with the effects of the novel coronavirus (COVID-19) pandemic, the MBC team remains dedicated to helping you navigate the changes and challenges you’ll face as we enter a new version of “business as usual.” Now, more than ever, you need access to the right resources to help guide your decisions, a team that has answers to your pressing questions and the support you need to keep fiscal management top of mind. And we’re here to help.
Here are our top tips for small businesses handling COVID-19.
- Keep health the No. 1 priority. Without a team, you have no business. Same goes for customers. As a small-business owner, it’s your responsibility to prioritize the health and well-being of your employees and customers. Keep up to date on CDC recommendations for when and how to resume normal business practices.
- Don’t panic. We understand — sales have dipped drastically, and the news is overwhelming, but the steadier you remain through the decision-making process, the better. Sometimes this is as simple as taking things one day at a time. Make the best decisions you can with the information you have, and be prepared to pivot as new information comes to light. Again, the CDC is a great resource for current information specifically geared toward businesses and workplaces. You can also check out our Coronavirus Relief Resource Guide for a list of resources and relief programs available to you depending on your circumstances.
- Be frugal with your finances. Experts predict the economic effects of our nationwide shutdown to long outlive the virus itself. For this reason, it’s essential that small businesses keep a tight rein on finances when and how they can. The MBC team can help you prioritize your nonnegotiable and most important expenses and consider where you can cut back or renegotiate costs.
- Take advantage of CARES Act relief.The CARES Act offers quick, direct economic assistance to small businesses, such as delaying estimated tax payments and employer payroll tax payments, tax credits for employee retention, business interest deductions and more — all changes that can really add up.
- Adjust your business model. Think creatively about how you can modify your operation, products or services to continue serving customers even if your business is temporarily shut down or working at a lower capacity. Takeout, deliver and pickup services are keeping many restaurants afloat, and online classes have been great for exercise instructors and other service-based providers. Even if your solution is temporary, it could be a big help to your bottom line.
- Keep an eye on the future. Despite how it might feel right now, this situation will end. Evaluate what you want your future as a business to be. How are the choices you’re making today influencing that future reality? Talk with our knowledgeable team about how to best plan for the future while continuing to operate today.