19 Mar Take These 4 Steps Now to Protect Your Business From COVID-19
In just a few weeks, the Coronavirus (COVID-19) has changed the way Americans do business. In some parts of the nation, mandatory shelter-in-place orders have all businesses that aren’t considered “essential” closing their doors. We know this pandemic will end eventually, but we’re not sure when that will be. What we do know is things are changing quickly, and it’s vital that you take action to protect your business. This is the time to adapt and survive.
Here are 4 steps business owners should take now to ensure that, when all this is over, they’ll be even stronger than before:
1. Assess expenses
Millions of Americans have lost their jobs and spending is down. That means businesses hoping to withstand the COVID-19 pandemic must tighten their belts.
Go through all your expenses with a fine-toothed comb and determine which ones are essential. If an expense is not essential, cut it. Many businesses will need to plan for labor reductions. If this ends up being the case for your business, do everything you can to preserve cash flow while also preserving employee goodwill. Share resources with employees on how to file for unemployment and look into your state’s work-share options. Where available, work-share programs empower employees to reduce hours and save money without laying employees off.
You should try to reduce necessary expenses as well. A great example of this is rent. Considering the circumstances, your landlord or property management company might be willing to negotiate with you.
2. Take advantage of government resources
In response to the economic damage COVID-19 continues to cause, the U.S. Small Business Administration has announced that small business owners in all U.S. states and territories are eligible to apply for a low-interest loan. Click here for more details.
The United States Senate just approved a $2 trillion relief package to address the impact COVID-19 is having on the economy. One intention of this relief package is to help struggling small businesses. While we’re not yet sure what form this assistance will take, it’s an encouraging development.
3. Consider how your business is “essential”
More and more counties and states are rolling out mandatory stay-at-home orders. In most cases, these orders specify “essential” industries and require all businesses not within those industries to close. However, if you can logically frame your business as “essential,” you’re in a good position to continue operating, even with reduced staff. Here’s an example: even if printing is not listed as an essential industry, a print company that creates ad materials for essential package food businesses or companies in the healthcare industry might be considered “essential” under some mandates.
Give this some thought. If you feel that calling your business “essential” is bending the rules, it probably is. When in doubt, consult a legal professional.
4. Protect your revenue
Don’t fall prey to “paralysis by analysis.” This is a complicated and stressful situation, and many will be tempted to ruminate on questions like, “What’s going to happen” and “When will things go back to normal?” But you need to focus on the now and take action to protect your business. Innovation is more important than ever.
If you’re a B2B organization, reach out to the top 20% of your clients to touch base about their accounts and discuss how you can continue providing value. You can also learn more about operating remotely and transitioning your receivables into the digital realm, by reading COVID-19 Impacting Your B2B Operations? Here’s How to Move Your Receivables Online.
Every day that passes without action will make it more difficult for your business to endure the changes brought on by COVID-19. If your business is experiencing challenges due to this pandemic, please reach out to us or visit our COVID-19 Business Resources page. These are difficult times, but we’ll get through them together.
BASYS Processing as a business partner
Does your current processor understand the unique struggles of your industry? Do they provide great rates and excellent customer service? Are they offering solutions to grow your business and being pro-active about helping you reduce risk and increase your savings? Contact BASYS today to learn more about innovative payment solutions that will save you time and money. We make accepting debit cards and credit cards convenient, safe & affordable.
BASYS Processing features:
– Live operator when you call support – no automated voice systems
– Dedicated Relationship Manager for questions and concerns
– Quick response time for your questions and concerns; you are a priority
– Family owned since our founding in 2002
– A+ BBB rating
– 90% + Customer Retention Rate
– Proactive contact with every merchant to walk through the annual PCI process
– In-house PCI Team to assist with questions and concerns
– Solutions including terminals, virtual terminals, e-commerce, mobile, and point of sale
– EMV compliant products
– Reporting for customer, sales, and inventory management
– Gift and loyalty card programs
– Easy-to-read statements
– Transparent pricing
– Tremendous savings
About BASYS Processing
BASYS Processing provides credit card and debit card processing services, and solutions that include terminals, virtual terminals, e-commerce, mobile, and point-of-sale, customized to fit any need. Banks, associations, and software partners depend on us to strengthen their reputations and relationships with their customers by providing remarkable service paired with ultimate flexibility and pricing. Merchants depend on us to make accepting credit cards and debit cards convenient, safe & affordable. BASYS was founded in 2002 on one philosophy: to take care of our merchants, partners, and employees so they never want to leave. We are dedicated to working one-on-one with our customers to design the perfect solution. BASYS is Personalized Payment Processing.
Learn more at basyspro.com, and connect with us online at: