The past few months have been a pure nightmare for small business owners across the state. Non-essential businesses were forced to temporarily close in April while qualifying essential establishments had to make changes to staffing and customer service to reduce the risk of spreading the novel coronavirus. While larger brands have been able to weather the storm, smaller businesses have been hanging on by a thread (if not, shut down for good).
Millions of Floridians found themselves unemployed while others struggled to get by which prompted many consumers to cut back on their spending. Shelter in place orders and social distancing measures also meant that people remained close to home and avoided unnecessary travel. These changes led to a financial disaster for many small business owners as they struggled to stay afloat.
The Calm Before the Storm
Though the Florida government decided to start reopening the state, recent reports of record-breaking spikes in coronavirus cases leave many small business owners wondering if the worst is yet to come. Should the state of Florida have to shut down again or scale back their plans to reopen, where does that leave small businesses that were barely getting by?
Weathering The Storm
Though it can be scary to think about having to once again let go of valuable employees and temporarily close your doors, it’s a potential reality you can’t afford to overlook. Now is the time to begin putting safeguards in place to keep your business afloat amid rising coronavirus cases in Florida.
Financial Assistance Programs
The first thing you want to do is look into options for disaster relief assistance Florida. There are grants and loans for eligible businesses that have been financially impacted by COVID-19 that are funded by the federal and local governments as well as private corporations. There are rules and eligibility requirements you want to review in order to obtain the funds.
Review Current Finances
Managing company finances is crucial to survival during hard times. Review your business finances to see where you presently stand. How much do you spend every month? How much debt have you accumulated? How much are you presently bringing in? What is the value of your savings and assets? Based on this information, will you be able to survive financially if the current pandemic gets worse? If so, for how long?
Cut Back On Spending
To stretch your business’s budget further, it will be necessary for you to reduce spending as much as you can. With your budget in hand, review where your money is going. Are there expenses that you could do without or dramatically reduce?
You might find that you’re overstocked on certain inventory, you could opt to have certain employees work remotely, switch to free or affordable software, or cut back on business travel. What you cut back on needs to be a decision based on the needs of your business as eliminating things you need could end up costing you more in the end.
Create a Plan
You’ve applied for opportunities to receive funding for your small business, you’ve assessed your current financial status, and you’ve made significant cuts to your spending. The only thing left to do is create a plan that aligns with your budget and sustains your business throughout the pandemic.
If your small business is required to shut down again, could you take your business to the internet? If this is an option for you, begin creating a strategy to transition to an eCommerce site. It will be equally important to ensure you have the necessary software and technology necessary for you and your team to operate remotely.
On the other hand, if your small business qualifies as essential and can remain open, what measures will you take to ensure the safety of your staff and customers? The safer everyone feels in your establishment, the more inclined they are to want to do business with you which is what you want if you’re going to keep generating revenue.
Running a small business amid a pandemic has not been easy by any means. Though Florida has started to take steps to reopen, the recent reports of increased communal spread may result in another shutdown. Realizing that this is only the calm before the storm (and not the end), small businesses are strongly encouraged to begin developing a strategy to remain afloat. The above-referenced tips could essentially be the difference between weathering the storm and going under.
