Here are 7 ways small businesses can avoid bankruptcy during the coronavirus outbreak. investinyou (In partnership with acorns.)
As painful as it is, you have to reduce your staff as much as possible, either through layoffs or furloughs, Prosen said.That's something Karas had to do. He laid off one part-time bartender and a full-time bar back.5. Increase productivityRight now you'll be better off working longer hours with a smaller group than less hours with a larger group, Prosen suggested.Prior to the pandemic, many companies hadn't made the move because they didn't necessarily trust it, Prosen noted.
"For those current customers, you are going to provide exceptional service. More than you have ever provided before," Prosen said. Communicate the status of your business and offer helpful hints. You can also ask those consumers for referrals. Karas has embraced this idea by providing a free 2-oz bottle of hand sanitizer along with the purchase of spirits from the distiller. The business has also taken to social media to get the word out that they are still open and selling their products for curbside pickup.The good news is that at some point, business will resume, Mills said. It's just unknown when that will happen.
"The critical thing is to make sure that you can reduce expenses, reduce the cash outflows, work with all your suppliers and creditors, and see if you can maintain a solvent business, because if we don't have our small businesses, our economy will be much harder to restart," she said.
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