Navigating Coronavirus: 8 Things Small Businesses Should Do Now

If you’re a small business owner, chances are your business is being impacted by coronavirus one way or the other. Maybe you’ve shut your doors. Sadly, one in four small businesses we recently surveyed are temporarily closed. Or maybe business is slow and you’re struggling to keep your employees on the payroll.

Perhaps you’ve already applied for an SBA disaster loan or a Paycheck Protection loan and now you’re waiting to find out what the next steps are. If you haven’t, you can learn more about those loans here. Whatever your situation, I have no doubt you’re feeling stressed, frustrated and worried. 

Now is not the time to give up, though. It’s time to rally and put all of your energy into figuring out what’s next, surviving for another day and planning for the day when things start to return to normal. How do you do that? First, of course, you have to get your financial house in order. I mentioned the SBA-backed loans above, but there are also other resources available from private organizations and state-level agencies. You can see a full list of those from the U.S. Chamber of Commerce Foundation here. 

Once you’ve applied for all the resources you can apply for, it’s time to shift gears and reinforce why you’re in business in the first place. Here are 8 things you can do now to strengthen your customer relationships and prepare for whatever comes next.

Tackle your taxes. Much of the attention on recent coronavirus legislation has focused on coronavirus small business loans but there are a number of tax implications, as well. You can read more about them here but it’s definitely worth setting up some time with your accountant to discuss the details. One important one to consider is the Employee Retention Tax Credit. If you’re managing to hold onto your employees right now, be sure you get the tax credit you deserve.

Reach out. If you haven’t been communicating with your customers throughout this crazy time, now is the time to do so. Even if you have nothing more to say than a simple, “Hey, we’re just checking in,” reaching out will keep you top of mind. Many customers were inundated with emails from businesses early in the COVID-19 pandemic, but few have kept up the communication. Now is a great time to reach out. It doesn’t have to be fancy. If you have an email list, then consider email marketing if you’re not already doing that. (If you’re new to email marketing, you can check out our guide here.) If email marketing isn’t for you, then maybe it’s as simple as a phone call or text to customers just to check in.

Socialize. If you’re already great at using social media to promote your business then you know that now is not the time to take your foot off the social media pedal. If you’re a small business that hasn’t embraced social media, now might be the time. There are lots of platforms to choose from, but right now it makes sense to just pick the one that best aligns with your business model. Figure out where your customers spend their time online and focus on that platform. If you’re just starting out, check out our social media guide for small businesses.

Ask for help. Your customers may be struggling, too, but they also probably want to support you if they can. If you’ve got some ideas on how they can do that, be sure to share them on social media. You may also consider creating special offers or programs in exchange for purchases now. You can use a crowdfunding platform to easily combine all that info in one place and share with your customers. If you’ve never used crowdfunding before — think GoFundMe or Kickstarter — here’s a beginners guide to using crowdfunding during the coronavirus outbreak. We’re not suggesting that crowdfunding will be your sole source of income, but it’s a great way to give your customers a way to support your business — whether through donations or investing in some creative incentives you decide to offer. 

Become an expert. Everyone from therapists to personal trainers are discovering that their expertise is in high demand even if their customers can’t visit them in person. No matter what business you’re in, your customers rely on you for your expertise. Find ways to continue to share that with them — whether via streaming video, phone consultations or emails. If you’re considering turning to video, check out our list of video marketing tools that might help. 

Pivot. Again and again. Never has the determination you’ve applied to running your business been more needed. Whatever your business does, try to find creative ways to keep doing it in one way or another. From hair salons offering custom mixed-at-home dye to restaurant take-out and delivery services, do whatever you can to reinvent your business during this time. While it’s easier said than done, no doubt, here are some inspiring stories of small businesses that have done just that to get you thinking. 

Take advantage. There are tons of free and discounted services available to small businesses right now. Ripl has put together this great list. Make sure you’re taking advantage of all the discounts and free services available to small businesses right now. 

Innovate. It may not seem like it now, but soon you’ll be back in business with no time to do anything but manage day-to-day operations. If you can manage to take a step back right now and invest some energy in planning ahead, it might be a good time to start thinking about how the world may change your business and customers post-crisis. Lots of bigger companies are already starting to think about that. In this article, three trend forecasters predict what may change in the wake of coronavirus to get you started.