Businesses of all sizes are facing unprecedented financial instability due to the COVID-19 pandemic. Small businesses are taking the brunt of this economic hardship, particularly those whose operations are impacted by social distancing guidelines and decreases in demand. Although many folks are steeling themselves for a second wave of the virus, many states are allowing businesses to reopen. While they should prioritize customer and worker safety above all else, there are a few ways that business owners can limit the impact of COVID-19 on their company’s finances as stores and offices reopen and begin to generate more income.
Put Health and Safety First
While it may seem counterintuitive to spend money during this period of economic instability, investing in PPE, barriers, cleaning supplies, and other items is crucial for reopening safely. Before you open, ensure that your staff members have the supplies and detailed protocols necessary to do their jobs safely. Although it may cost a bit of money upfront, putting these safety measures first will help mitigate the impact of the disease on your employees and visitors. This can help keep your doors open and your employees healthy and working. Some folks argue that all publicity is good publicity, but becoming your neighborhood’s local COVID-19 hotspot won’t be good for business.
Adapt to Change and Find New Sources of Income
The COVID-19 pandemic has had an impact on every sector, but companies in the retail and service industries have taken a particularly massive hit. Fortunately, these businesses have been some of the most innovative organizations in the face of restrictions and social distancing guidelines. Increased delivery services, online shopping, virtual services, and other unconventional offerings have stepped up to replace some of the income lost by brick-and-mortar stores. As restrictions ease, business owners must consider some of these unusual solutions to boost income while keeping patrons and staff safe.
Expand Your Network and Elevate Your Brand to Generate Income
Business owners have to work harder than ever to make sales and generate income, and many small businesses are discovering the benefit of networking and marketing. Many companies use websites and social media to draw customers in, but these platforms are also a crucial tool for keeping clients updated. Your team will likely have to work harder to let your community know that you are open for business. Consider expanding your marketing strategy and working with local organizations or businesses to get exposure for your brand in the digital realm.
Use EveryIncome to Boost Your Team’s Financial Proficiency
EveryIncome is dedicated to providing our clients with career and finance management tools to help them create a stable financial future. Whether you are an individual, a small business owner, or part of a multinational corporation, our system of tools and guided learning is tailored to fit your specific needs. Our solutions for businesses allow employers to give their staff the financial planning tools that they need to stay in control of their finances. Contact the team at EveryIncome online or give us a call at (571)370-5400 to learn more about our offerings. For more valuable tips for business owners, follow EveryIncome on Facebook, Twitter, and LinkedIn.