The coronavirus pandemic has been tough on everyone—businesses and individuals alike. Many businesses have had to close, perhaps permanently as a result of the economic downtrend. Of course, you don’t want your business to be one of those that end up closing its doors. So what can you do to lead your business through the pandemic?
Preserve Cash Flow
Managing and protecting your cash flow is going to be essential if you’re going to come out on top on the other side of the pandemic. You’ll need to carefully balance your accounts payable and your accounts receivable. You may find it beneficial to find ways to encourage customers to pay faster. Make sure you know the point at which you break even. You may find that a cash flow worksheet helps you keep track of this. Build up a cash reserve if you can. This is never a bad idea. All businesses fall on hard times sooner or later, and a healthy cash reserve can really help you get through it.
Protect People on Your Premises
Your employees and patrons will be relying on you to help them stay safe while they are on your premises. It’s worth considering employing policies about wearing PPE for both staff and customers. Wall signs on your business premises serve an important purpose for visitors and employees alike. They can be a helpful reminder to wash and sanitize hands, wear a mask, maintain six feet of distance between people, or just stay home if feeling unwell. Consider placing hand sanitizer near high traffic areas to make it easier for everyone to keep their hands cleaner.
Develop Your Business Online
Many people still feel uncomfortable shopping in person, despite efforts made by businesses to protect them. Instead, they turn to online storefronts to do their shopping. That means that if you don’t have an online storefront you may be missing out on a lot of business. That could potentially mean the difference between your business making it through the pandemic or having to close down. Drive more traffic to your site by optimizing it for SEO, creating insightful content and sharing it on social media, and utilizing other digital marketing strategies.
Leading your business through the pandemic and getting on the other side of it safely is going to be a lot of work. It will take innovation and perseverance. Take steps to protect your cash flow, protect those on your premises, and develop your business’s online presence. This will help your business be in a better position to make it through the pandemic.