5 ways you can reduce the impact of Covid-19 on your business
/
What strange times we live in. It never occurred to me that I'd need to write a blog post about how to respond to a pandemic. Or how small retailers can come up with a crisis management and contingency plan. I won't go in to details about what a coronavirus is or the particulars of the Covid-19 virus as I'm sure everyone is now aware of it. What I want to do is share some ideas on how to deal with the issues it's causing, both economic and practical.
In many ways this all still seems a bit surreal, like the plot from a too vivid nightmare (or like the start of a zombie or apocalypse movie) but unfortunately it's real and we all need to take steps to mitigate the effects it will have on our lives and businesses.
As small businesses have smaller cash reserves and are less likely to have crisis management plans in place they are likely to suffer the most. Retail is already in a precarious position and a pandemic is the last thing the high street needs right now. With predictions that as many as 1 in 5 employees could be off sick at any one time, independent retailers are particularly vulnerable.
However there are steps you can put into place and ways you can minimise the damage this virus could cause. 'The smartest advice on coronavirus for British employers is simple: stay calm and get on the front foot'. https://natwestbusinesshub.com/content/coronavirus-practical-advice-for-smes-nw
I've spent much of this week working on disaster planning and how to make the best of the situation, both for my own shop and with the clients I've had mentoring sessions with. So I wanted to share with you 5 steps to take now to reduce the impact of Covid-19 on your business.
Keep up to date with current advice. It's much easier to react to the evolving situation if you are up to date with current guidance. The ACAS website has straight forward advice for employers; https://www.acas.org.uk/coronavirus. The government is also updating advice daily; https://www.gov.uk/guidance/coronavirus-covid-19-information-for-the-public https://www.gov.uk/government/publications/guidance-to-employers-and-businesses-about-covid-19
Put out a hygiene statement to reassure customers and ensure your staff adhere to it. Make sure staff are regularly washing their hands and disinfecting surfaces. If you can get hold of hand sanitiser provide this (or antibacterial handwipes if everywhere has sold out like in Nottingham) and tissues for worker and customer use. Don't forget to clean doorhandles, keypads, phones and keyboards regularly. If you serve food or drinks make sure you keep up with industry specific guidelines.
Plan for a reduction in staffing. How would you run with 25% of staff off ill, what about 50%? Formulate a plan for what services or products you can temporarily stop offering. Could you work on reduced hours or only sell online (if you do this you may need to introduce short hour working or layoffs – check your employment contracts and seek legal advice before doing this). Can some of your staff work from home; what would they need providing to do this? The budget announcement means that statutory sick pay will be available from day 1 & will be reclaimable from the government for up to two weeks (for companies with fewer than 250 employees).
Consider how you can operate if you encounter supply issues. Are there alternative suppliers that you can use? Is it worth ordering in more ingredients now for your core products? Can you adapt the products you make to make use of items you already have an abundance of?
Think outside of the box. Are there creative ways you can reach your customers during this time of reduced footfall and social gatherings. Could you offer free or cheap local delivery? Can you teach courses online? Utilise a local drop off point? Is it a good time to close to redecorate? Could you catch up with putting products online? Would now be a good time to plan that new product launch you've been thinking about?
Most importantly don't panic, although obviously easier said than done it's much harder to achieve anything if you're worrying! The government announced a raft of measures to help small businesses in the March 2020 budget; no business rates for 12 months for shops with a rateable value between £12,000 and £51,000, a £3000 grant for those under £12,000. The option to defer tax bills under HMRC's 'Time to Pay' service. A Coronavirus Business Interruption Loan Scheme to provide SMEs with government-backed advances worth as much as £1.2m. Although National Living Wage will rise to £8.72 per hour in April the National Insurance Employment Allowance will rise by £1000 to £4000 in April which will help offset this cost for some.
What can you do to help support your fellow small businesses in these worrying times?
Could you switch one of your purchases to an independent? Need a birthday card – visit a local gift shop or place an online order. Need a gift, groceries, craft activities to keep the family entertained whilst so many things are cancelled?
Think indie shop first and you'll help people keep their shops open and staff paid.
Let me know if you think of other ways we can all support each other.