Many small business owners are facing uncertain times due to the COVID-19 outbreak in the U.S. The mandatory closure of all dining and entertainment locations is forcing small businesses to spotlight new services and adapt on the fly.in order to stay afloat amidst this crisis.
Infinity Insurance, a Kemper company, is committed to helping small business owners find ways to operate and fight through this incredibly tough situation. The following article provides a short list of important considerations that many small business owners are thinking about and acting upon right now to try to alleviate some of the crippling impact COVID-19 is having on their operations and the economy as a whole.
1. Adapt and expand on the controllable aspects of your business
Provide take-out services to your customers while the closure is in place. You can also reach out to your customers through your website, e-newsletter and/or social media. Stay in touch with them and offer gift cards to encourage them to visit your business once the crisis is over.
Our Knowledge Center has several articles to help you reframe the nature of your business:
- 7 effective ways to drive customers to your website
- 7 content marketing tips for small business owners
- The ultimate guide to social media for small businesses
2. Request a loan for your business
The US Government recently approved a $350 billion loan program for small businesses as part of its CARES Act. In some cases, the loan could be converted to grants helping business owners survive through this Coronavirus outbreak by not having to pay the loan back.
These loans will be issued by private banks and, according to the Small Business Administration (SBA), they will be distributed by a network of 800 lenders across the country.
3. Research deductions when filing your taxes
The tax deadline has been pushed back to July 15, 2020, allowing taxpayers more time to get their taxes in order. This extension also applies for small business owners. In addition, be sure and check out our article on 7 Tax Deductions for Small Business Owners to assist you with your deductions.
4. Get involved with your local business & economic development organizations
After the crisis is over, reach out to your local business & economic development organizations in order to connect with other business leaders and professionals in your community. This can be a great way to find a group of people committed to learning, leadership and professional development providing you with a support network of like-minded, driven individuals to bounce questions off of. Who knows, you could even discover new and lasting partnerships and collaboration opportunities to grow your business by making connections with other group members. It is very possible that you will find another business owner in one of these groups who offer a product or service that compliments your own.
- Rotary Club
- Kiwanis International – Kid focus
- Local Chambers of Commerce
- Community Development Associations
State Agencies: