The COVID-19 pandemic is bringing an unprecedented challenge to all of us. It is undeniable that it greatly affected our daily lives and our businesses because of the set limitations and restrictions to contain the virus. Now, we have the challenge of keeping ourselves, our family, and our staff healthy while also keeping the business running as smoothly as possible.
Here are some tips to keep your cash flow going for your small business during this pandemic:
-
Go Virtual!
Many states and cities are now in lockdown restrictions and social distancing guidelines to prevent the spread of the virus. While these limitations are crucial to flatten the curve of the virus, they are having a massive impact on businesses that depends on in-person sales. If your business falls under this category, consider looking into technology solutions that can help you continue serving your customers remotely.
Leverage online shops, email, phone, video conferencing, and conducting webinars to your clients to continuously provide your products and services to them.
-
Offer Pickup And Delivery Services
Depending upon the restrictions in your region, you may still be able to offer pickup and delivery services to your customers. Update your online shop or email your customers to let them know you have these options in place.
If you are considering to do these, don’t forget to review the US Department of Labor and CDC guidelines on how to do these services properly to keep your employees and customers safe.
-
Stay In Touch With Your Customers Via Email And Social Media
Whether your business is continuing to operate remotely or had to temporarily shut down, you should continue to post regularly on your social media accounts. This is an effective way to stay on top of mind of your customers.
Promote your virtual services through these social media channels and you can also maximize your email list. Regularly send your customers important updates about your business and ask how you can help them in other ways. It is a good time to build good communication and loyalty with your customers by keeping in touch with them during this difficult time.
-
Work With Your Landlord, Vendors, And Suppliers
Reach out to your landlord, vendors, and suppliers and work out an agreement to extend your usual payment terms or ask for a temporary payment grace period. Check all your liabilities and make an effort to decrease the cash flow crunch.
-
Check and Apply for Available Financial Assistance Programs
Even if you are able to execute all the tips mentioned above, the chances of finding it difficult to keep cash flow healthy during this time is still huge. Most small businesses will still need extra financial help. Fortunately, there are a number of local, state, and federal assistance programs launching to help small businesses deal with this crisis.
Check our resource center to see the different assistance, tax breaks, and reliefs available at the moment: https://fas-accountingsolutions.com/category/sba-assistance/
Keeping cash flow healthy during this pandemic is challenging, but it is definitely possible. Stay motivated and healthy as we get through this crisis together!
If you need help managing your cash flow, contact us today at admin@fas-accountingsolutions.comr or at 832-437-0385.
