COVID-19 dealt a hard blow to the economy. Businesses of all sizes and in all sectors are in a tight spot, but small businesses and independent contractors are the hardest hit. They don’t have the hefty emergency fund to dip into to help sustain them while there’s no cash coming in. So how do you make sure your business survives a global pandemic? Here are a few guiding principles that can be applied to any type of business.

1. Keep Calm

These are stressful and anxious times, but keep a sober and discerning mind, practice empathy, and take care of yourself and your people. No good decision was ever made in panic. Slow down, tune out unreliable sources, and don’t rush into any decision. Make sure you have all the information you need, deliberate, consult experts and stakeholders, and then start strategizing the next steps for your business.

Take some comfort in the fact that the challenges you and your business are going through are not unique. The entire world is grappling with the effects of the COVID-19 pandemic. Your creditors, employees, customers, and your community have a pretty good idea of the challenges your business is facing. You’d be surprised at how many of them are sympathetic and willing to lend a helping hand.

2. Curb Spending

Take a long, hard look at your business’ expenditure and spending pattern. Identify all the ways you can reduce expenses. Do you need to downsize? Do you need to let go of an office space? You can also speak to landlords and creditors to negotiate more lenient payment options. Do what is painful yet necessary in order to survive now, worry about rebuilding and recouping later. Even if the pandemic ends tomorrow, it will take a while for the economy to bounce back. The key to your business’ survival is to make sure it has enough cash.

3. Look for Additional Revenue Streams

Now is also a good time to diversify and to consider revenue streams that might not have occurred to you pre-COVID. In fact, the challenges caused by the lockdown have been the driving force for many innovative pivots that opened up new markets and ventures. For instance, some businesses have fully shifted to e-commerce while their brick-and-mortar locations remain shuttered. Some restaurants that are unable to open for dine-in have resorted to selling their perishable inventory as ready-to-cook products. Transform or tweak your business model as needed.

4. Don’t Stop Marketing

Even if your business is closed, stay relevant and top of mind to your customer base by keeping in touch. You want them to still be there for you when you’re finally back in business. A good chunk of them are probably self-isolating and glued to their gadgets. Create helpful and relevant content, send newsletters, share something meaningful on social media, or simply reach out to ask how they are doing. Most importantly, reassure and inform them of all the steps your business will be taking to ensure customer health and safety once your business is fully operational.

5. Seek Financing Help

A quick injection of capital could make all the difference. It can buy the business some time, fund projects that will generate income, and pay off financial obligations like bills, debts, and salaries. Find a financing partner that understands the urgency of your needs and will genuinely work with you to help your business get through this season.

Eventually, things will return to normal, but COVID-19 will no doubt permanently change the way we do business. Some of these changes will even be for the better!

Make sure your business has all the support it needs to give it a fighting chance while it weathers this storm. Reach out to Payment Pilot and let’s talk about how we can help.