Many businesses around the country continue to feel the ongoing effects of the coronavirus pandemic. Small businesses have been especially impacted by the coronavirus, especially those who were not able to continue working during the lockdown. In response to this, many entrepreneurs have been looking for ways that they can protect their small business from further damage. These are some of the most important tips that entrepreneurs need to consider when determining the next steps.
Create A Detailed Plan
To be as prepared as possible for unforeseen events moving forward, entrepreneurs should put together a detailed emergency plan. If there is already an existing emergency plan, take the time to update it. Having an emergency plan can help small businesses prepare for the long-term financial impact that the coronavirus could potentially have. This can also give a better idea of the initial damage and how to respond accordingly.
Apply For Federal Loans
In response to the overwhelming impact of the coronavirus pandemic on the U.S. economy, the federal government passed legislation that provides emergency relief loans to small businesses. While not every small business will require financial assistance, these and countless others that have been significantly affected and will benefit from emergency assistance.
Allow Employees To Work From Home If Possible
One of the ways that many businesses have continued functioning during lockdown is through working remotely. Providing flexibility within a work-from-home policy can make the transition smoother for employees. Additionally, be flexible with employees as they adjust to working from home, as some people may be doing it for the first time. For businesses that have transitioned to working remotely, make sure to stay engaged with the office, as this can help provide a sense of normalcy.
While it may seem tempting to withhold bad news in order to protect employees, it is important to be transparent with employees about the status of the business. Employees will not only be able to prepare for potential changes, but they will also appreciate the transparency involved.