Coronavirus threatens to take down entire industries. So what does that mean for your small business? Here’s what you should know to protect yourself
Small businesses should prepare to change their regular practices needed to maintain critical operations. That means identifying alternative suppliers, prioritizing customers, or temporarily suspending non-critical operations.
In an effort to keep residents from violating social distancing practices, local and state governments are issuing shelter in place orders, which may force your ‘non-essential’ business to temporarily shut its doors. Make sure you’re communicating with health authorities and officials in communities where you have business to ensure you can continue operating safely.
On March 12, the Small Business Association announced loans to help small businesses through the coronavirus outbreak. Low interest loans are available in any area where governors have requested them under the Coronavirus Preparedness and Response Supplemental Appropriations Act.
Additionally, the Export-Import Bank of the United States and the Department of Agriculture are both offering loans to small businesses, as are many cities and states. Contact local agencies to see if there is money available in your area.
Ensure you have access to capital, workforce capacity, and inventory. Capital reserves ensure a business can survive changes in market conditions or costly incidents, extra inventory will keep business flowing, and workforce reserves will ensure the business can continue running if workers are disabled by the virus.
Finally, communicate with your customers. This is a crazy time for both you and the people that give you business. Be sure to communicate with customers to avoid any confusion about safety measures you’ve taken, or decisions you’ve made behind the scenes to help prevent the spread of COVID-19.
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