Sick Workers and Spooked Customers! (YIKES)
Coronavirus threatens small businesses. In China and Italy, policy measures are already underway to help, and there are calls for similar moves in the U.S. Many businesses will take a hit amid coronavirus fear. However, the big questions is how does a small business stay afloat?
Keeping a small business afloat in difficult times is often challenging. However, since many small businesses also come with very passionate owners, some simple attention to detail can help ensure that a business sails right on through to calmer and more prosperous economic times.
Unfortunately, there is no set playbook to follow. Every small business is different, and each carries unique risks and rewards. These differences make copying another company's turnaround strategy to the letter unrealistic.
I’m no Jeff Bezos, but I created a list below to help small business to start thinking forward;
If you don’t have capital access (for incidents like this or market fluctuations) Or if you don’t have business interruption insurance.
Tighten Up Your Budget
Offer A Sale
Decision Analytics
Get Online and Stay Online
Online Reputation Management
Never Dip Into Business for Personal Expenses.
Renegotiate Debt.
Trim Marketing Fat (But Don’t Overdo It)