Small Business Owners and COVID: How to Keep Your Doors Open
Owning a small business is challenging enough, but with the added stress of a pandemic, it can feel impossible to succeed. People who are trying to keep the doors open during these trying times can find ways to work around the disaster to stay afloat. For many, adding to the business’s legitimacy by forming a legal operational structure (i.e., LLC, partnership, etc.) is a smart strategy, and detailed instructions for doing so can easily be found online. Upgrading your tech or physical store may also be necessary investments to help keep your business open.
Read on for more tips from DeDominic and Associates.
Tech Upgrades and Physical Changes
Many entrepreneurs may feel that investing in tech at a time like this is impractical. But even if it’s a tough time to be a business owner, you can do so without breaking the bank. Women entrepreneurs may qualify for grants to cover tech expenses and other needs — for instance, the National Association for the Self Employed (NASE) offers grants from $5,000 to $20,000.
Now may be a good time to update your website and offer additional services to your repertoire. Upgrading business equipment may be a practical move, such as video equipment and cameras for conferencing and photoshoots of your products. In fact, it is never a waste of funds to upgrade business tech, whether it is purchasing a better quality printer, a faster computer, or necessary software. Payroll and scheduling programs, for instance, will make it far simpler to run your business, and may even reduce the number of hours you spend in front of the computer.
Your business space may also benefit from an upgrade. If you have a storefront or physical place of business, consider relatively inexpensive changes such as repainting and updating furnishings. During COVID, SpeedPro suggests it’s also wise to rearrange your layout to accommodate social distancing.
Payroll Strategies and Scheduling Resources
Again, investing in intuitive payroll services is a wise choice. Ideally, look to platforms or services that easily integrate with time tracking and HR systems that you already have (if any), or one that easily lets you set up a system from scratch.
It will help to find software solutions for automating your workflow as well. There is software that can simplify managing expenses, invoicing, and project management so you can maintain profitability and manage costs.
DIY or Outsource?
Investing in the right tech tools can be a game-changer, as well as developing a solid marketing plan. You do not have to take on this task (and many others) alone, though — nor do you have to hope for the best. Outsourcing to the right professionals will be crucial in this case. In fact, as Trade Trans notes, entrepreneurs frequently outsource tasks beyond their skillset as it can prevent burnout and help you maintain a better work-life balance.
Create a to-do list that is divided into two sections: to do and to delegate. Bear in mind, though, that changes that relate to your services or brand will require your close involvement.
Your small business can survive and thrive, despite global circumstances. As you make improvements to your business to better ride out the pandemic, you’ll be able to keep your business’s doors open.
Image credit: Pixabay
If your company or entrepreneurial-minded organization has at least 10 employees and generates $20M+ in sales (or has the ambition to get there), DeDominic and Associates can provide strong wings for your business dreams. We love helping achievers soar to new heights!
Contact us today for a complimentary 30-minute sample coaching session! 805-697-7971