June 12, 2020

Tips for Small Business Survival in the time of COVID-19

Up until very recently, the saying “Every day is a new day” was a positive message that encouraged a fresh start, but in these last few months, we’ve discovered that every day brings new surprises, and they haven’t all been fun. 

As a small business owner, your pandemic experience has probably been an unusual experience that was all-too real. You probably had to close down, and even if you didn’t, you felt the effects of having vendors and customers who did. Nobody really saw this level of economic slowdown on the horizon, but it’s here now and we all have to cope.

BKD, a small business advisory firm, offered a few common-sense suggestions that we thought you might find interesting. As always, we recommend that you do your own research when making financial decisions, but their article offers a good jumping off point for discussing how small business can make it through the pandemic. The following are a few suggestions we found interesting.

Review your subscriptions

A lot of the services we now use are based on subscription models where we pay a recurring fee each month. If it’s possible to slow down or even pause the subscription, see if you can work with the vendor to do so. 

Communicate

Talk to everyone! This includes your customers, vendors, neighbors, even the competition! Everyone is trying to find a way through, and when you reach out you’re likely to find someone who can help you, or someone that you can help. You are your own best advocate, so it’s time for you to start reaching out, if only to open those lines of communication. You need to be proactive, especially with your creditors. Let them know your situation, and see what options are available to you. This leads nicely into our next point.

Investigate all your options

Not only are different companies modifying their accounts payable and receivable practices due to the COVID-19 pandemic, but the federal, state, and local governments all have programs in place to help individuals and businesses affected by the Coronavirus. The SBA’s Disaster Loan Assistance portal is a good place to start, but we recommend that you look into programs at all levels. Don’t assume that you don’t qualify for a specific loan or program. The standards are being generously adjusted to help as many people as possible, and this very well might include you.

Be Innovative

In today’s business environment, the stigma on trying to reinvent yourself is effectively over. If there’s a new way to reach your customers, now is the time to try. Just remember to keep in contact with your customers so they know about your new efforts.


Still have questions? Don’t hesitate to reach out to Chickasaw Community Bank to see if there’s anything that we can do to help. Our motto is Building Better Lives for Everyone, and during this time of crisis, it feels like everyone could use a little help. Reach out and talk to Chickasaw Community Bank to see what we can do to help.

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