Help your small commercial clients work to mitigate losses from COVID-19
No doubt your commercial clients – large and small – have already felt the effects of the coronavirus. Just how and to what extent the impact has been and will be depends on several factors: their industry, where they’re located, their client base and more. Negative effects on small businesses most likely fall into two categories: loss of business and sickness. Share these ways to limit the effect of COVID-19 with your commercial clients.
Brick-and-mortar businesses, especially those in areas with high case levels reported, are seeing a decrease in traffic as customers stay home and implement social distancing. Your clients in particular industries such as fitness, entertainment, travel, tourism, events, even certain restaurants and retailers are experiencing business loss more keenly than others such as pharmacies and many services.
Small businesses may be struggling to access supplies and receive shipments from their vendors as the coronavirus continues to spread. The longer the coronavirus lingers, the more uncertainty in the market there will be, affecting the supply of particular products (hand sanitizer, soap, cleaning supplies).
Staffing issues are a prime concern to your commercial clients as well. Besides the risk of sickness, many employees are struggling to homeschool and care for younger children. Others no longer want to use public transportation. Still others are afraid to interact with the public. All lead to staffing problems.
What can businesses do now to limit the effect of COVID-19 in issues they’ve already faced? Fundera offers these suggestions:
- Do everything to keep employees healthy: Follow CDC guidelines for premises cleaning and encourage higher standards of personal hygiene.
- Assess your supply chain. Communicate often with your vendors and search for alternative resources. Develop a contingency plan for substituting products when necessary.
- Evaluate your finances: Consider cash conservation, develop cost-saving measures and contingency plans.
- Communicate regularly with your customers via email, Facebook, GoogleMyBusiness.
Learn more ways small business owners can limit the effect of COVID-19 from this infographic, shared with permission from Fundera.