With the COVID-19 crisis hitting our community, it is hard to feel in control of anything, let alone your business’s growth trajectory. We are here for you as you stabilize in this unprecedented time. We want to provide as much guidance, advice, and access to resources as we can to help you weather this storm.
Below is a short (but mighty) list of actions you can take immediately to help stabilize your business:
- Negotiate everything you can or request grace periods, especially on debt. Since many small businesses across the country are impacted by COVID-19, many lenders are open to having conversations about making adjustments to their current payment schedules. Local, state, and federal agencies are also easing payment deadlines on business license fees and taxes. Check out our full list of resources here to learn more.
- Calculate how much cash you need to continue to operate or what you will need once your business reopens after the shelter in place. This number is incredibly important if you plan to seek working capital or relief funds. If you’ve temporarily closed your business, determine what your baseline fixed costs are during the closure as well as what you will need to ramp back up.
- Create alternative ways to bring in revenue. If you are a food-based business, many of the delivery apps are waiving commission and delivery fees – you can try out the platforms at little risk. If you are a retail business, offer online sales to the many folks working from home; activate your influencers. Need some help ideating, let us know, we’re here to help!
- Support your staff. In the event that you have to reduce hours, lay-off employees, or temporarily close, be clear and honest with your employees about what is happening. Try your best to connect them with resources.
- Ask for help! The Bay Area’s ecosystem of support is deep – we can get you connected to the resources you need. We are an email away.
Have questions, want to connect directly? Connect with our team.