These are difficult times personally and professionally for many of us. With doors being forced to closed and many dollars lost in the short time we’ve been living in the pandemic. Many businesses are looking for help and support in trying to make the transition to the COVID-19 closures. How can you stay safe and afloat in these trying times? Here are some suggestions to help you keep everyone safe and still bring in the money you need to get you through.
Staying safe and afloat during the pandemic
Protect yourself and your employees
This is, of course, is mission-critical. It’s your best interest as a small business to protect yourself and your employees. This includes financial security, health and benefits protections, and mental health. All of these different aspects can be done by taking the closures seriously and by abiding by the social distancing regulations regardless of whether your business is essential or non-essential.
In general, turn as many positions to remotely operated as possible. Even if you know you can maintain the distance required, do it anyway. It’ll ease everyone’s minds and protect their health.
Your business can’t survive without you or your employees, so it’s important not to overlook taking care of everyone’s physical needs, health needs and mental health needs.
If you are staying open, in place or working from home, and employees are worried about staff meetings due to possible spread and contact, ease their minds and switch to phone- or video-based ones. Yes, even if you are all in the office, stay in your own cubicle or office and meet from a distance.
If you have employees, your safety and there is of paramount because without them, you would have another problem, of finding new employees and keeping up with the workload.
Use state and federal funding
There are already some great options for both state and federal funding out there specifically for local businesses. These include those offered by Galveston County Texas Economic Development and the Houston SBA small businesses benefit, amongst others. Check daily to see what financial aids are out there to help protect your business capital as well as the salaries of your employees so that you can keep the money flowing. After all, these funding policies and breaks are in place specifically to help keep businesses afloat, so you may as well use them. Here is the main SBA Corona Virus Resources site.
Similarly, keep an eye on any kind of developments when it comes to the tax season. Due to the pandemic, the tax deadline has already been pushed until July 15. So everything that would have been due April 15, as of now is now due July 15. This is a constantly evolving situation, so you’ll need to keep up to date on any formal adjustments.
Make sure your policies are as money-tight as possible
Another element to focus on for your business is the insurance policies that you have in place. Check-in with your insurance agent as far as the insurance policy you have in place for your business and make sure that you have everything bundled together to give you the most cost savings possible. Also, consider checking to see if your agent can offer a similar or cheaper rate with another provider - like a business insurance review. There is no need to wait until the renewal season to do this. It could be the ideal place to start for cost savings.
Businesses can survive the pandemic by taking proper care of themselves and their employees in everything from finances to insurances to health. It’s simply about focusing on the right details.
On that same note, suggest to your employees that they contact their insurance agent to see if there are ways they can save on their personal insurance needs. If they don't have an agent they are working with, a personal relationship with an agent is always a plus. You can't and won't get the same customer service from a 1-800# than you do from a small business insurance agency like Harbour Insurance Services. Plus, shop local - we are local! Contact us to help you or your employees.
This is a horrible situation for small businesses, entrepreneurs, workers, students and the list goes on.. everyone is affected in one way or another. We can and will get through this. So just do your best to keep calm and do your part to stay safe.