How to Survive a Pandemic

It’s hard to believe that we’ve been living with the coronavirus for over a year now. Before this time, no business could have foreseen the long-term effects of the pandemic and the consequences to the economy. By adapting to these changing times and thriving in spite of the new obstacles, many small businesses learned how to survive a pandemic.

And you can, too! Making business upgrades, investing in technology, focusing on consumer needs, and cutting costs will help your business survive a pandemic — and even thrive during a pandemic. Many of these strategies you can implement on your own, but others are best outsourced to professionals. Use these actionable tips to point you in the right direction.

Survive a Pandemic by Incorporating Your Business

Many small businesses start out as sole proprietorships or partnerships. While these structures work well for startups, changing markets and customer needs may necessitate a change. For example, forming an LLC is a good idea if your business faces new levels of risk. If someone sues your business — after contracting COVID-19 at your location, for example — an LLC limits your personal liability and protects your personal assets. The includes business debts too.  

When you use an online service like Zenbusiness, not only do they handle every step of the formation process, they take care of tedious tasks like filing annual reports. In California, for example, LLCs and corporations need to regularly file a Statement of Information, also known as an annual report. If you don't file the report, California fines you $250 and it may result in suspension of your business.

Cut Costs to Improve Cash Flow

When running a business, you must manage cash flow in a struggling economy. You will run into problems if you don’t have enough cash on hand to pay the bills. Cutting costs greatly improves your cash flow. Consider giving up your business space and shifting online to cut your operational expenses. You could even swap your employees for freelancers to save money on labor.

Software tools can automate a lot of your behind-the-scenes processes to cut costs even further. For example, payroll software can do away with the need for a full-time accountant, thanks to things like auto tax filing and sending you alerts for approaching tax deadlines. This software can also simplify the process of paying your employees and allow them to access an online portal to view their pay stubs. Similarly, a great inventory tracking system will save you hours of labor costs every month. Streamlining your administrative projects will make your business much more efficient.

Prioritize Your Digital Presence

To survive a pandemic, all of your customers changed to on-line contact. Get your business on-line too! Work with a professional marketing agency to build a modern website that meets the expectations of today’s customers. Get active on social media. Produce meaningful and valuable content that resonates with your audience. Consistent, engaging branding gets you far! If your business lacks a distinctive brand, prioritize creating a brand story. Take some inspiration from thriving companies that got branding right.

Adapt Your Products and Services for the Pandemic

To survive a pandemic, shifting your business online helps you adapt to the changing market. However, you can do more. Get creative and come up with ways to make your products or services valuable to consumers who are bored, stuck indoors, adapting to work-from-home, trying to get healthy, and worried about their financial well-being. For example, Constant Contact describes how one pizza shop started offering DIY pizza kits that customers could take home for a fun night in.

Don’t wait out the pandemic to get your business back up and running. Jump into action today and make updates to your business that enables your company to thrive in the pandemic-era market.