5 Ways for Small Businesses to Survive COVID-19

If you own a small business, chances are business has been anything but usual over the last month. In this trying time, your business can still survive without you working around the clock. We’ll share five ways for you and your business to outlast COVID-19 in this episode.

Highlights:

1. Don’t spend money if you don’t have to.

   • Cancel or postpone open orders.

   • Negotiate longer terms with vendors, temporarily.

   • Discount on hand product.

2. Drop ship or negotiate lower MOQs for replenishment orders.

3. Cut expenses

   • What aren’t you using now that your office is closed, that you have fewer customers or fewer orders?

   • Delay outsourced contracts.

4. Staff Layoffs

   • Figure out your burn rate with existing cash, current sales and current expenses.

5. Automate

   • Simplify mundane tasks so your remaining staff doesn’t end up doing the job of 20 people.

Reach out to us if you have questions or concerns about how to implement these ideas into your specific business:

hello@clutchbusinesses.com

This is a trying time but you don’t have to carry any more weight on your shoulders.

We believe in you and your business.