Tips to Help Small Business Owners Face the Coronavirus Fears

  • March 11, 2020
  • By Sarah Solomon

Are you worried the coronavirus is going to affect your small business?  Research has proven working in a small office may be one of the safest places you can be thus far.  There are fewer workers, fewer personal interactions, and you can notice anyone who is getting sick.  However, from a financial standpoint, there’s not much difference from a larger business.  

We don’t know where this coronavirus outbreak is going to occur next.  We don’t know who it will impact, and the lasting effect it will have on our economy. Therefore, we should be prepared.  We want it to end as soon as possible, with as little human and financial effects as possible. 

Here’s some tips you can do to help your small business in the midst of this outbreak:

Be Open to Change 

Due to the breakout, many corporations are changing the way their business works.  Rather than having employees go into the office, they are allowing employees to work at home.  However, if this doesn’t work for your small business, there are other small changes you can make.  Consider switching to phone calls or skype calls rather than in-person meetings. Keep in touch with customers through social media, and limit as many trips to your office as possible.  Be sure to clean surfaces frequently, and provide more space between each employee’s workspace. 

Limit Travel 

You may need or want to travel.  There are conferences you have to attend, customers you have to meet, or you need to introduce your business to new markets. While travel is not recommended currently, people are still doing it.  Take extra precautions when doing so. Bring antiseptic wipes, some purell, and avoid interacting immensely with others.  

Be Approachable

The truth is if you are nervous about the coronavirus, so are your employees.  It is important as an owner you are responsive and serious about their concerns.  Show you are committed to their well-being. If employees are not comfortable traveling, do not force them too.  If they are feeling sick, take the proper steps to ensure they are healthy/ not a risk to others in your workforce.  Avoid liability issues and an unnecessary spread in your workspace. The more approachable you are, the more comfortable employees will be in telling you their needs/concerns. 

Look into Business Financing or Insurance

Every day businesses are canceling conferences, trips, and flights.  Fewer customers are leaving their houses, leading to a decline in sales everywhere.  Does your business have a safety net to cover such economic losses? Do you have enough cash flow to cover the sales you may not make this month?  If not, it’s time to look into business financing or business insurance. Be prepared, start looking now. REIL Capital is more than willing to help.  

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