8 Areas Where Small Businesses Should Anticipate Disruption
For more than six decades, the U.S. Small Business Administration (SBA) has been a resource for small business owners and entrepreneurs in the U.S. In response to the COVID-19 pandemic, the bureau created a resource page dedicated to helping small businesses learn to establish safe, secure, and healthy practices in the face of the outbreak.
The SBA enumerates areas in which small business owners should anticipate encountering difficulties during this time:
- Capital ‚Äì Dealing with the COVID-19 outbreak will put a financial strain on small businesses. Shifting demand will have a big impact on revenue, inventory, and payroll. Business owners should strive to get out ahead by exploring various options for accessing capital.¬†
- Workforce ‚Äì The workforce will be impacted by both illness and business closures (both temporary and permanent). Workplace safety will be key for businesses that remain open.
- Inventory and Supply Chain ‚Äì Rapidly changing demand will be difficult to meet. Suppliers‚Äô inability to meet demand may impact your ability to keep inventory in stock.
- Cleanliness ‚Äì In order to protect customers and employees alike, small businesses will need to implement new COVID-19 remediation and cleaning practices.
- Insurance Coverage ‚Äì Businesses should review their insurance policies to determine coverage.
- Ability to Operate ‚Äì It is possible that restrictions preventing some small businesses from operating will be imposed.
- Communication ‚Äì Keeping open lines of communication with customers and clients is key during times of disaster.
- Preparedness – Small business owners should create contingency plans for dealing with the various possible scenarios.
For more details, visit the SBA website to view the list in full.¬†