If you or someone you know is a business owner during these unprecedented months of the COVID-19 pandemic, then you know just how hard it has been for many owners, who have had to make drastic adjustments to fit the current times we are living in. If you are a business owner who has been struggling during this time and has had trouble deciding which course of action to take, then this article will be of tremendous help. Regardless of your current situation, this article will seek to inform you of the different options that many businesses have been using successfully during the pandemic to make things work financially and otherwise.
If you have been struggling, then hopefully these concrete tips and strategies will be able to point you in the right direction. Don’t get in a habit of guessing which is the next step you should take. Take control of your business now.
One way that many businesses have been coping with the recent COVID-19 pandemic is by reducing their hours of operation. This can help cut back on the costs of operating your business, while still ensuring that anyone who would be coming to your business can come during your adjusted hours of operation. Similarly, many businesses have been giving priority access to frontline healthcare workers, in addition to providing designated hours for immunocompromised people and elderly customers.
File for Bankruptcy
If your business was struggling in the times before the coronavirus pandemic, or you have been thinking about closing up for a while due to financial troubles, then you may want to consider filing for bankruptcy depending on how bad the situation is. Filing for bankruptcy can seem intimidating, but in some cases, it can actually leave you more financially stable. In many cases, filing for bankruptcy is unavoidable, but there are still many things you can do as a business owner to make sure you come out on top. If your business is located in Canada and you have never filed for bankruptcy before then the process can be confusing and intimidating. Luckily, many services can help you to make sure that everything goes as it should. If you are looking to learn more then you can check out the site to get all the details. This online resource can help you with consultation and many debt management services, with a no-commitment guarantee. Many similar services can offer this but you must commit to using their service before getting a consultation. Don’t get stuck in a bad deal. Use this online service to ensure that your bankruptcy claim goes through properly.
Rethink Your Sale Options
If your business has been struggling to make the number of necessary sales from the conventional things you normally sell, then you could try selling things that people need during the pandemic as well. Some examples of these items could be toilet paper, masks, gloves, hand sanitiser, and many other possible products. Brainstorm with your employees to come up with new and inventive ways to restructure your sales department to help people in need.
If you are a food-based business, then having a takeout option can be a great way to make sure that you are still able to provide your food to your repeat customers. This will ensure a small amount of guaranteed income. You could also look into listing your business on food delivery apps such as uber eats, skip the dishes, food, and many others.
Another option for business owners is to temporarily close their business and take advantage of mortgages being paused. This will help you reduce your operating costs while your business is not generating any income. There is also the fact that by laying your employees off, they should be able to qualify for government relief (CERB).
Hopefully, this article has been helpful and informative regarding the different ways in which businesses have been actively coping with the recent coronavirus pandemic. If you are a new business owner or even an experienced veteran, it can still be difficult to know what to do in these unprecedented times. If you are feeling confused regarding the next steps that you should take as a business, then hopefully this article can help provide some concrete tips that will actually make a difference to your business. Don’t make your next steps based on bad information or purely guessing what will work best. These strategies are proven to have noticeable results that will help your business out in the long run and save your hard-earned money.