Reducing the impacts of social distancing on your small business
If you run a small business, you’re likely experiencing the negative effects of social distancing and COVID-19 on your operations. Your storefront is closed, your client list quiet and you might be wondering how to keep everything afloat. It’s natural to feel discouraged or uncertain about your next steps, but you don’t want to give up either! Help mitigate the impacts of the pandemic on your business with the following steps.
Do your research
Whether you’re a one-stop shop or have employees on your payroll, this is undoubtedly a terrifying time to be a business owner. There are weighty decisions to be made on everything from layoffs to logistics. The good news is, the federal government has announced the roll-out of several programs designed to help businesses bridge the gap during this difficult time. Before you make any choices, figure out what your situation is and what options are available to you. Startup Canada has compiled a helpful list of resources here, with guides, webinars, and plain-language summaries to help you navigate your company through this turbulent time.
Stay active online
Is there any aspect of your business that can be transitioned
into an online product or service? Only you know what would
work best for your company, but some ideas include internet consultations, courses that leverage your expertise or even just going all-in on e-commerce, at least for the time being. This would help keep you busy and give you some of the cash flow you need to keep going. But what if your services can’t be easily converted into a virtual offering? The photographers, bakers and estheticians among us (to name a few) are feeling that pain. If your business was primarily conducted in person, given the current economic climate, it’s unlikely that online services (whether you offer them or not) will be able to significantly make up your lost revenue at this time. In this situation,
do your best to place yourself in a position to succeed
when this is all over. Continue to promote yourself across
social media, ask for reviews from prior clients and make
gift cards available for anyone who’s interested.
Find your village
One is the loneliest number. You may be self-isolating, but there’s no need to feel alone. The reality is, with social distancing regulations in place from coast to coast, almost everyone is experiencing the challenges of being cut off from their friends, family, and work. Many entrepreneurs have a network of like-minded peers, mentors, or acquaintances that operate in the same field - reach out to them! It’s very likely that they’re going through the same issues that you are. Brainstorm strategies, discuss your options, and spend this time building each other up or even commiserating if it helps you feel better - it’s a tough time!
Although it’s easier said than done, regardless of your situation, aim to stay organized, productive, and positive, as much as you possibly can. Minima Basics offers a line of versatile acrylic desk organizers that are perfect for your current work from home reality. Take things one step at a time and try to focus only on the factors you can control...and don’t forget to wash your hands!