With limited resources or staff, not all small business owners facing the threat of the coronavirus (COVID-19), will be able to implement full-scale contingencies.
Below is a list of actions a small business can implement for their businesses, customers and their employees.
01 – Protecting your employees
Letting them know their safety is your number one concern.
Communicate with your employees your plans around remote working, workplace hygiene, and any interim customer delivery processes
Can you help prevent the spread of COVID-19 to/from visitors to your workplace? Inform your employees of what to do if a visitor shows symptoms of COVID-19 or has had potential exposure to the virus. Consider options for reducing in-person traffic.
02 – Protect your customers
Outline all single points of failure (resource or system), and then devise a contingency
Do you have enough products and supplies on hand? Talk to your suppliers, understand what actions they are taking to mitigate your risk. Find out if you are a priority to them. Do you need an alternate supplier?
Send a letter/email to your customers clarifying your intentions and putting them at ease.
03 – Sales & Marketing
Evaluate your sales plan, if your salespeople cannot travel or meet face to face, look to leverage digital marketing and e-commerce to create demand and sell online, at a time when salespeople might be immobile.
Explore new products or services that can be delivered remotely or that is not at risk of COVID-19 stopping its manufacture or delivery.
04 – Financial
Strengthen your balance sheet and cash position. In times of chaos, cash is king. This is not a time to have customers with outstanding receivables longer than 30 days.
Manage your fixed costs. During a period of declining demand, keep fixed costs low by outsourcing functions that are not integral to your operations.