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Division of Small Business

10 things your small business can do right now to weather the financial crisis

The team at Delaware on Main, the state’s Main Street coordinating program, has been constantly on the lookout for content to help small businesses at this challenging time.

One of Utah’s Small Business Development Centers hosted a webinar recently with helpful suggestions on how small businesses can lead themselves through the current financial crisis.

It boils down to the following steps you need to take now:

  1. Reduce how much money you are spending on the business. Since your rent or mortgage is probably your biggest monthly expense, try to renegotiate your payment with your landlord or lender.
  2. Talk to your suppliers to see if you can renegotiate payment terms.
  3. Eliminate unnecessary expenses.
  4. If you have to reduce payroll, talk to your employees first before laying off people or furloughing them. Maybe some employees might be willing to work fewer hours.
  5. Obtain interim financing, such as an SBA or HELP loan. But first try to reduce your rent, mortgage and other payments. After all, you’ll have to pay back the loan.
  6. Update your website to let people know you’re open, and post it on social media. Mention the things you’re doing to keep your business safe for customers.
  7. Increase your presence on social media by hosting an online event.
  8. If your brick and mortar location is closed, move as much of your business online, as possible. Make it easy for customers to order online. Offer gift cards for sale.
  9. Collaborate with other small businesses if you can.
  10. See if you can pivot your business to make the products that are in demand, like hand sanitzer or face masks.

Click here to watch the webinar.

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