What can you do now as a small business owner?
As we dive into week 7 of “Stay at Home” orders (at least here in the Northeast, for some of you it may be even longer) Governors are slowly releasing theirs plan on reopening the economy.
As a business owners who is feeling the effects of the shutdowns, you may feel conflicted with the next steps. The urgency to get back in business is mixed with anxiety over opening too fast and too many people getting sick. Walking that line between safety and keeping your business from shutting down is a tough one. Making it even more difficult is the fact that we’ve never seen a situation like this before, so we’re ALL navigating through new territory.
This lack of control (especially for small business owners who tend to thrive when in control) is causing many of us to start spinning. There’s so many things we feel we can’t control, and it feels like our businesses are slipping through our fingers. So, what can we do during this time of uncertainty to keep focused and driving towards the day we can open our doors again? What steps can we take to ensure we can tread water during this slow climb to restarting the company? Let’s break it down:
Get your finances straight - For many of us this is the hardest and the most pressing. It’s time to make some hard decisions over staffing, resources and expenses. It’s time to utilize EVERY resource available to us, and spend some time researching options to help support the loss in revenue. All of these options can seem REALLY overwhelming, especially when they’re being rolled out (and used up) REALLY fast. If you don’t have an accountant or business advisor to lean on think about getting a SCORE mentor ASAP. SCORE mentors are totally free resources that will help you review your current situation, walk through available options and hold your hand each step of the way. Check out this article from SCORE about getting your finances in order and how to get in contact with a mentor.
Shift what you can online - If you’re a retail environment, now is the time to think about transitioning some of your products to an online store (sites like Shopify and Squarespace are offering discounts and guided help if you need it). If you’re a service that deals with people one-on-one, it’s time to set up new digital meeting policies. Health services like PT’s, Primary Care doctors, and therapists have new opportunities for Telehealth appointments. It’s all about getting creative and figuring out how to sell your products or services in this new environment. Think about how you can transition some of your knowledge and expertise into a digital format and how you can offer it to potential customers. If this feels overwhelming, you’re right, it is. But you don’t have to go it alone. Lean on your SCORE mentor, reach out to Facebook groups, or call a business friend to help brainstorm ideas and figure out next steps.
Be prepared to work from home for a while - If your business (or part of it) is situated in an office setting, be prepared to work from home for quite a bit longer. The past few weeks most of us have been just surviving the best we can, and attempting to figure out how to transition to working from our homes (if you haven’t been already). Since this will most likely continue for a while, consider putting some more formal policies in place to ensure long term success. Communicate early and often with your team to set clear expectation and easy access to you if questions arise during the day. Don’t be afraid to set boundaries around working and non working times - as those lines can often be blurred in a work from home environment, causing extra stress and tension. And think about upgrading your remote tools for smoother access (check out some of these options here). Many of them, like Zoom, are offering free upgrades and access during this time.
Prep your public spaces - If your business deals with the public, be prepared for the reality that public life is going to be VERY different, for a VERY long time. If your business is one that has to operate with direct contact to the general public (hair salons, restaurants, retail stores, etc) you’re going to have to make some changes in order to comply with new rules and regulations. Now is the time to make these changes and put these policies in place so you’re not delayed in opening any later than you have to be. There will be limits on the amount of people allowed in a building at one time, and most likely staff will be required to wear masks and gloves. Tables at restaurants will need to be placed farther apart and cleaning policies stepped up even more. Think about what your store/restaurant/salon will need to do to comply with updated laws, and start training your staff on the new policies so you’re ready to jump back in as soon as you’re able.
It’s a daunting reality for many of us, but it’s happening, whether we like it or not. By taking small steps to control what we can, it helps us feel more able to adapt to what we can’t. And don’t forget to lean on each other when things start feeling overwhelming. We are all going through this together, and figuring it out as we go.