The COVID-19 pandemic has had a monumental impact on the global business landscape. As we’re faced with devastating losses and far-reaching economic implications, many small business owners are left unsure of where they stand. Everyone is now navigating the changes brought about by the coronavirus outbreak, whether that means temporarily closing your business, reopening with social distancing measures, or using creative measures to serve your customers from afar.
To revive the now stagnant economy, representatives at the local, state, and federal levels are providing relief programs to help keep businesses afloat. While these programs, such as the SBA Economic Injury Disaster Loans program, can provide aid to those who need it, the system is overwhelmed. With the pandemic progressing on a daily level, changes are constantly being made to relief programs and resources.
For many business owners, it’s a frustrating and confusing time. The pandemic has impacted some businesses more than others, but we’re all adjusting to a changing world. To help guide business leaders in the face of economic uncertainty, we’ve developed the following tips to keep in mind for the coming weeks and months:
Recognize What You Can Control.
The current economic situation is out of your hands. But, you are still in control of many aspects of your business. In these turbulent times, focus on what you can control. For example, you can control how you react and bounce back from the pandemic, so draw up a flexible plan of action.
Balance Patience and Action.
While it’s important to remain aware, informed, and ready to act, patience is also key. Relief programs are in flux and you likely won’t receive funds as quickly as you would like. So, work on keeping your business adaptable with the changing times.
Do your research and keep an eye out for updates. By staying informed, you can get your applications in early for relief programs and SBA loans. Funds will presumably be limited, so business owners should get their names in as early as possible.
Adapt Your Offerings.
Consumers have different needs in a post-pandemic world. To set your business up for lasting success, it’s important to adapt to those changing needs. Evaluate new business opportunities that have been created by the pandemic – can you pivot your product or service accordingly?
As your business braces for the hardships still to come, remember that these conditions aren’t permanent. For now, focus on maintaining flexibility and positive company morale. With these priorities in check, you can develop strategies for success in the weeks, months, and years to come.
COVID-19 Resources for Florida Businesses
Florida Governor Ron DeSantis Covid-19 updates
- SBA Economic Injury Disaster Loans and Loan Advance
- Families First CoronaVirus Response Act
- Unemployment Information – general
- Florida Department of Economic Opportunity