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Coronavirus

Business survival tips for the COVID-19 crisis

Every business has been impacted in some way by COVID-19. Whatever the impact has been to your business, things will eventually get better. Be resourceful and utilize any downtime you may have to prepare to come back stronger than before. This crisis has taught all of us very valuable lessons. Turn those into positive ways to impact your business. 

Always stay up to date on the latest pandemic news, government updates and industry-specific happenings. Doing so will help you uncover short-term solutions, take care of yourself and keep an eye on the future.

Staying in sync with Inc.'s solution center 

While Inc. has always been a great source of timely, business information, its Essential Business Survival Guide for the Covid-19 Crisis is a great compilation of Coronavirus-related resources. Inc. refers to it as a solutions center, with articles added as frequent as hourly, focused on business continuity to maneuver the pandemic and its many impacts. It’s top-of-mind topics are organized into these sections:   

  • Getting Started includes a number of resources to prepare a post-pandemic plan and reopen.
  • Cash Flow has resources to keep a business running, manage debt and forecast economic recovery.
  • People offers valuable insights to stay efficient, productive and reduce stress while working remotely.
  • Leadership suggests communication and motivation best practices.
  • System/Technology serves up solutions for remote work and cybersecurity.

Uncovering short-term solutions 

As you think about ways to reduce the short-term impacts on your business, it may help in rethinking your business model and operations for the long term, too. Here are some things to consider:

  • Reduce any on-going or extra costs that you can
  • Get rid of any excess inventory
  • Sell any unused assets
  • Identify any customers not affected and focus on selling to them
  • Ask larger suppliers if you can delay any payments or make partial payments
  • Talk to your financial adviser/accountant about cash saving strategies
  • Tap into any industry association/networks for advice or support

Taking care of yourself 

This pandemic is causing stress for everyone. If you feel overwhelmed, seek help where you can. Talking and sharing helps. Take time to connect with your support networks – friends, family, other business owners, banker, accountant, industry association, community groups and mental health specialists.  

Being better next time 

There will be more challenges ahead. Be sure you are using this crisis to make you and your business better for the future. Because some impacts of this crisis have been more indirect, it’s important to document everything you are experiencing now. Take the time to think about the range of risks you have faced, how you’re handling them now and how you will manage them the next time.

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