It’s difficult to keep business going during tough times. While economic downturns are common and expected in the business world, the coronavirus pandemic is something that no modern-day business owner has ever had to face. As a result, no guidebook exists to help you out of this one.
Thankfully, businesses of all sizes can find helpful advice and guidance from online resources and organizations like the Florida State Hispanic Chamber of Commerce. Here are some of our top tips and resources to help you overcome the new barriers posed by the pandemic and get your business back on track.
Protect Your Business from Lawsuits
The coronavirus has changed the way many businesses operate. However, this may expose your business and customers to new risks.
Experts anticipate many businesses will face lawsuits from customers and employees who contract COVID-19.
Make sure your business is legally allowed to open in your state and county.
Implement necessary safety measures recommended by OSHA and the CDC.
You can protect yourself from personal liability by forming an LLC.
Analyze Your Financial Situation
The pandemic is a unique situation in which businesses can do very little to increase revenue, so try to focus your efforts instead on reducing expenses.
Find ways to reduce your ongoing expenses and keep your cash flow steady.
For example, you may consider suspending discretionary spending on things like charitable donations or employee training.
It may be worthwhile to hire a financial consultant who can help you assess your business finances.
Experiment with New Growth Strategies
Play around with new business growth strategies to help your business stay relevant in the eyes of today’s stressed, cash-strapped consumers.
Don’t be afraid to innovate, whether this means offering curbside pickup or launching an e-commerce store.
Connect with your customers through webinars and social media.
Offer helpful content that will solve immediate problems for your customers.
Reach out to your customers and ask how else you can assist them during these tough times, like offering a temporary suspension to customers on subscription plans.
The pandemic has brought unprecedented challenges to business owners across the globe. If you’re struggling to stay afloat, you’re far from alone. As you grapple with the changes already in place—and those to come—take advantage of the guidance that is available to you.
Keep yourself updated on all of the resources, solutions, and avenues for assistance that are available to small businesses in your area. You can find all the information you need on the Florida State Hispanic Chamber of Commerce website! Check out our COVID-19 page today for guidance.
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