Survival Plan for Small Businesses to Deal with the Coronavirus

Don’t Neglect Taxes
There is a lot of confusing information surrounding this year’s taxes. While many companies have been provided with a tax payment extension until July 15th, you may still be required to file or extend taxes by April 15th. Failure to follow the tax deadlines could result in expensive fines and other penalties. Consult your tax professionals to ensure compliance with the law.  

Get Creative 
Shelter-in-place ordinances vary from city to city. Some restaurants, hotels, theaters and retail stores have closed their doors to keep the spread of the virus at bay. Still, there may be ways to keep funds flowing and employees working, even if they must do so from the comfort and safety of their home. Some food establishments can provide meals through the drive thru or might be able to offer delivery. Boutiques and retail stores can focus their efforts toward online sales. Service based businesses such as electricians and plumbers can take service calls from home and some jobs can be performed on the computer, away from the office. 

Maximize Down Time
Many self-quarantined individuals are spending their extra days at home watching Netflix and taking naps. While such activities may be tempting, business owners can use this time more wisely. Is there a certificate or training program you have wanted to complete? Do you need to make improvements to products, update your décor, analyze important sales data or reorganize your inventory? Make the most of slower sales and tackle that long neglected to-do list. 

Consider Applying for SBA Disaster Assistance of Needed
The US government is providing disaster loans for small businesses that are affected by the coronavirus. The Small Business Administration can offer up to $2 million for companies to cover payroll, debts and daily operation costs. They offer long payment terms and low interest rates. However, not everyone will qualify. If you are struggling to get by, and can afford to make loan payments, then consider applying for SBA Disaster Assistance to cover necessary expenses over the next few months. 

Prioritize Communication with Customers 
You may feel like tucking your head in the sand until things return to normal, but that probably isn’t the best option. Even if you aren’t operational right now, reach out to your customers and let them know you are here for them. Send weekly emails, post frequently on social media, and utilize this time to build trust and develop lasting relationships. 

Follow CDC Guidelines in the Workplace
If your doors remain open during the crisis, be sure to follow local ordinances and CDC guidelines. Keep work areas clean, encourage proper hygiene and maintain social distancing rules. Remind employees to wash their hands as frequently as possible, and to avoid touching people or public surfaces. Allow employees to wear gloves and masks and provide sick leave for those who show symptoms. Failure to align with the common guidelines associated with COVID-19 could put your staff and customers at risk and might possible result in legal actions. 

Do You Need Help with SEO, Web Design or Digital Marketing? Contact iBoost 
Are you looking for ways to improve your online marketing and search engine optimization, without the need to hire new staff and increase overhead expenses? Contact our team today and discover how our services can help you achieve your goals, even during times of uncertainty. We will work one on one, to create a customized solution that best fits your unique needs and budget.