How Small Business Can Remain Afloat During the COVID-19 Crisis

Many small businesses are on the verge of collapse following the rapid economic downturn caused by COVID-19 outbreak. A study by JPMorgan Chase Institute found that companies with less than 500 employees have less than a month’s cashflow in their reserves.

What’s more, many other businesses have come to a halt to curb the spread of the disease. It only echoes the gravity of the situation and the need for companies to change trajectory.

Calls for the federal government to provide SBA loans to small businesses quickly by eliminating the long and complex local certification processes are necessary. However, given the unprecedented lockdown, small businesses need help beyond what the SBA can offer.

First, they need to analyze the immediate risks the pandemic poses, then prepare for post-crisis as it poses different challenges. The following excerpt explores ways small businesses can remain afloat amid the ongoing COVID-19 crisis:

Analyze Critical Workflows

In the wake of new rules like social distancing, small businesses need to reassess their workflow processes to keep high-performing teams productive. Companies need to leverage automated workflow platforms to guide members through each step of the process.

With such platforms, CEOs don’t have to worry about who is responsible for each task because the system sends notifications to individual persons to inform them about their assigned duties. They only need to check up on the employees to ensure they are performing the assigned tasks and escalate the notification if the items are overdue.

Consider Directory Submission

One critical aspect that has been affected by the recent pandemic is online traffic. As such, business owners operating small e-commerce companies should consider deploying strong digital strategies to keep their online audience loyal.

Even with effective on-page and off-page SEO marketing practices, your website may still experience reduced traffic amid the ongoing crisis. Thus, you need to use other digital marketing technique like directory submission.

The method not only improves a brand’s popularity but is also an effective off-page SEO technique to increase high-quality backlinks to your website. It involves submitting your website to a website directory (a compilation of high PR sites listed in different categories and sub-categories). For digital marketing, businesses owners can use one of these three types of directory submission methods:

Paid Web Listing: With this method, your website is likely to get an instant approval for listing. Some Directory Submit listing sites offer life-time or yearly packages

Free Web Listing: This method is specially designed for SEO marketing initiatives. Submission to the web directory is free. Attracting traffic using this method may take longer due to the prolonged approval process involved

Reciprocal Web Listing: The submission involves adding a link to the directory on your website. When the web directory link is activated, the web directory also approves the website listing. The approval period is relatively short in comparison with the other two methods

Set Up Virtual Systems

If your business has been using traditional payment systems, it’s time to set up virtual payment methods. The systems enable companies to sell their products and services online to supplement in-store sales losses caused by lockdowns.

With virtual terminals, you can generate online invoices and set up billing solutions to enable the business to accept online payments. Additionally, the company can create and send payment links to its customers using SMS or email.

The intuitive web-based payment portals allow companies to copy and paste a functional HTML code to activate a clickable payment button. An online store also enables the business owner to update the inventory using eye-catching videos and images and create discount codes, digital coupons and provide digital gift cards on the dashboard.

Negotiate a Short-term Relief from Lenders

Business owners should consider renegotiating their loan terms with lenders in the form of extended credit line or deferred payments. State government agencies are launching relief programs to make it easy for lenders to initiate those conversations with small businesses.

As such, small businesses should be proactive in taking advantage of such programs before the situation escalates to a bigger financial problem. The National Federation of Independent Business is one such platform that will help small businesses keep abreast of emerging regulations and any relief the government may be offering.

Leverage on Free Virtual Resources

If the business has made arrangements for employees to work remotely, it can leverage free virtual resources to enhance productivity and cohesiveness. Such resources include:

Slack: The app enables employees to collaborate and CEOs to manage their remote teams more efficiently. It has some handy features like voice chat, and it can be integrated into other platforms

Zoom: It is an essential remote conferencing application with reliable access to the cloud platform. The app keeps the team connected during business hours via video conferencing, chat, online meetings and mobile collaborations

GoToMeeting: It has become an essential tool for teleconferencing, making sales demonstrations and online meetings. The application is similar to ZOOM, but it is more flexible in that it can be used from any browser or mobile device with or without a camera

Teamwork, When I Work, ProofHub: Project managers will find these tools particularly useful as they help manage their teams remotely. When I Work, for example, enables managers to assign work to employees and track work time. ProofHub, on the other hand, helps plan the project, assign roles, create workflow and track time

Plan for Continuity After the Crisis

Create protocols your employees, systems and teams need to follow after the crisis. Simulate scenarios and work through them with the business planning, technical and PR teams to determine how might respond. The simulations should factor in external factors like customer communication and internal ones like workflow adjustments.

The best way to ensure your business remains productive is to stay calm and make logical plans. Avoid giving into fear and focus your energies on exploring options to rise above the crisis, e.g., setting up virtual payment systems, adjusting current workflows, educating employees on how to use free virtual resources. Also, plan for the future by finding ways to position your business better.

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