The novel coronavirus, known around the globe officially as COVID-19, has changed people’s lives in ways few thought possible. Sporting events have been postponed or canceled. Schools have shuttered for an indefinite period. Bars, restaurants, movie theaters, and many retailers are temporarily closed. People employed by these businesses face frightening economic uncertainty.
Individuals, families, businesses, and governments are taking extraordinary steps to slow the spread of COVID-19. be PREPARED
During this time, it is important to be a good citizen and smart businessman by following federal, state and local health orders aimed at slowing coronavirus transmission from person to person.
- Have a contingency business funding to secure your future like a merchant cash advance (MCA) might lend a lifeline for many small to medium business owners.
- Use the downtime effectively
1. Merchant Cash Advance:
An MCA is a form business financing in which a lump-sum cash is given to a business for a percentage of future revenues or credit card sales. MCAs usually have shorter payment terms, and payments are often expressed as a percent of daily sales. MCAs are not loans. They are purchases of future processing receivables. Unlike a traditional business loan, Merchant cash advance has:
- No fixed payment amounts
- No hidden fees or upfront costs
- No personal guarantee
2. Use Downtime to Develop Your Business
Likely, coronavirus has impacted your retail operation in major ways. You may be shut down by local disaster declarations. You may have fewer customers because of general economic uncertainty. You are probably worried about how your business will survive the next few months.
Rather than fuss about what may happen in the near term, put your nervous energy to get your “ducks in a row”. Take these actions while business is slow to yield positive results when the economy gets back to normal:
- Learn more about your point-of-sale technology. You may be under utilizing this resource. Before, you may not have had time to learn all the features of your POS system.
- Manage your inventory. If you sell necessity products like bread, milk, toilet paper, hand sanitizer, and diapers, you probably need to adjust your inventory levels and reorder points.
- Review your standard operating procedures. Are you doing things differently now? Are these changes sustainable in the future?
- Investigate new revenue streams. If you don’t have an online store, maybe it’s time to create one. If you aren’t selling necessity products, perhaps it’s time to start.
Members of Congress and the President are negotiating economic stimulus packages to help people through the coronavirus pandemic. Though several ideas have been floated to the media, what that a stimulus package will entail remains unknown. The important things to do right now are strengthening your business and practicing good hygiene.
Practice Good Hygiene
For your health and the wellbeing of others, practice good hygiene at home and at your business. The US Center for Disease Control and Prevention recommends the following practices:
- Avoid close contact with sick people.
- Stay home when you are sick, other than seeking medical care.
- Use a tissue to cover your coughs and sneezes. If a tissue is not available, cough or sneeze into the crook of your elbow.
- Clean frequently touched surfaces and objects daily such as tables, countertops, light switches, doorknobs, and cabinet handles using a regular household detergent and water. If surfaces are dirty, clean them with a detergent and water prior to disinfection. For disinfection, use a product on the Novel Coronavirus (COVID-19) Fighting Products list. Follow each manufacturer’s instructions.
- Wash your hands often with soap and water for at least 20 seconds. If soap and water are not available, use a hand sanitizer containing least 60% alcohol.
As a business owner, make sure you model these behaviors for your employees. Talk to them about the importance of slowing the spread of COVID-19. When everyone takes these simple steps, we all help “flatten the curve” so people can receive the medical care they need. To further educate yourself, review the World Health Organization Coronavirus Myth Busters page and share the information with your employees.