Staying Afloat During a Worldwide Pandemic

COVID-19 is officially in all 50 of the United States and Governors are shutting down more and more non-essential businesses in an effort to slow the spread of this novel disease. 

But we probably didn’t have to tell you that.

As a small business owner, you’re likely following the latest news updates and worrying about the effect it will have on both your business and personal finances. 

We get it. We’re a small business, too.

But instead of commiserating, we figured we would send you a couple ideas we have to help you stay afloat:

Offer Value in New Ways

You know those emails that we’ve all been bombarded with in the last week, re: coronavirus? 

Yeah, the ones you’re probably sending straight to your trash can because they’re all the same.

Don’t send those out. 

(If you already did, that’s okay.)

Instead, host a brainstorming session with your team (virtually, of course) to discuss new ways in which your business can offer value to your existing customer base, and maybe even to a new audience, as well.

If you are a service-based business, how can you offer your talents virtually? What new services could be offered virtually?

If you are a product-based business, how can you adapt those products to the current situation? Or, how can you create and deliver those products while limiting (or eliminating) contact between employees and between employees and customers?

Offer “Bonds”

You’ve probably seen the social media posts encouraging everyone to purchase gift cards from local businesses to keep them afloat during these trying times. We even discussed it on our blog.

Take this idea a step further by offering “bonds” to your existing and/or new clients.

For example, offer $100 gift cards for $75 that are able to be used 60-90 days from now (or once life has gone back to normal).

Or, if you are a service-based business, offer packages of hours at a discounted rate and/or specific services for a flat fee. 

It is important to write out clear rules for redeeming these offers that are valuable to your clients, but that also won’t hurt your bottom line a few months from now. If all of your clients redeem their bonds in June and you’re too busy to take on additional work that month, you won’t make money. So, carefully consider the terms you place on these bonds so that both parties benefit now and in the long run. 

With a little ingenuity, we’ll all get through this.

Life will go back to normal.

The economy will come back.

Hang in there.