As the restrictions due to COVID-19 continue to be set in place, it’s tough for small businesses to turn a profit. Yet there are some ways that business owners can save some money during this time that will help keep everyone going until businesses can reopen fully here in the US.
Ask for deferments
Everyone is aware that businesses, especially those that are not multinationals, are struggling. If you haven’t already, you can check into utility deferments or reductions and loan deferments. Ask suppliers and landlords for cost reductions. They would probably prefer to have something rather than nothing, so you may be able to find some significant cost savings during this time.
Reduce, reuse, recycle
Yes, we’re big fans of sustainability. Now is a great time to think of how to turn what you have into what you need. Rather than buying something new, look around to see if there’s something you already have that can be converted.
For example, with some adjustments you can turn your folding tables into social-distancing barriers to keep your workers safe, or into a sit-stand desk so workers avoid sitting all day, or even a gift-wrapping table for your customers.
What else do you have that you’re not using at the moment that can be magicked into a tool that you need during the pandemic?
Rethink what’s necessary
Do you need as much office space as you’re leasing right now? Even after the pandemic is over, many workers will want to have some work-from-home flexibility and you won’t need as much space. And with your office space, do you need to have it serviced by cleaners and other vendors as often if no one’s using it right now?
Do you need all of your leased equipment such as fleet vehicles? Consider returning what you’re no longer using.
If you commonly had a lot of employee travel in your budget, how much of that is necessary during restrictions and beyond? Most businesses by now have found videoconferencing software that they prefer to use, and you probably don’t need as much employee travel as before.
How many full-time employees are necessary right now, especially if your business has been impacted? Many workers are also caring for children and/or elderly parents and could use some more flexibility. You can save money by taking them part-time instead.
Shift to more operations online
You know many people are in front of their computers all day, so if you haven’t already made the shift to digital marketing now’s a great time to do so. It’s usually cheaper than print or physical presence, and there are plenty of low-cost resources to help you get started.
You can host webinars and online workshops to deliver valuable content to your customers and help retain them. Establish your business as a resource in online groups and forums so you demonstrate your leadership in your field. Help journalists and other members of the media by providing information they need.
It’s critical to stay connected with your customers, via email, social media, or other online resources. They may not be buying right now, but you want to be top of mind when they need your products and services again.
The Small Business Administration (SBA) is an excellent resource for businesses that need to pivot at this time.
Review investment and capital plans
For many businesses, COVID-19 may not be the right time to launch new projects or invest in equipment or real estate. You may not be able to defer everything, given the stipulations in your contracts. However, delay where you can.
On the other hand, if you have the opportunity to move from an older technology to a new one that’s more cost-effective, this may be the time to do it. Look carefully at your financials and the costs of continuing with your current tech to determine whether to make this move.
Interested in reusing your folding tables for different purposes? Check out our store and see what’s possible.