Until recently, the saying “Every day is a new day.” was a positive message that encouraged a fresh start, but in the past year, we’ve discovered that every day brings new surprises, and they haven’t all been fun.
As a small business owner, your pandemic experience has probably been an unusual experience that was all-too-real. You probably had to close down, and even if you didn’t, you felt the effects of having vendors and customers who did. Nobody really saw this level of economic slowdown on the horizon, but it’s here now, and we all have to cope.
BKD, a small business advisory firm, offered a few suggestions we think you might find interesting. As always, we recommend that you do your own research when making financial decisions, but their article offers a good jumping-off point for discussing how small businesses can make it through the pandemic. The following are a few suggestions we found interesting.
Review your subscriptions
Many of the services we now use are based on subscription models where we pay a recurring fee each month. If it’s possible to slow down or even pause the subscription, see if you can work with the vendor to do so.
Open lines of communication
Talk to everyone! This includes your customers, vendors, neighbors, even the competition! Everyone is trying to find a way through, and when you reach out, you’re likely to find someone who can help you or someone you can help. You are your own best advocate, so it’s time for you to start reaching out if only to open those lines of communication. It would help if you were proactive, especially with your creditors. Let them know your situation and see what options are available to you. This leads nicely to our next point.
Investigate all your options
Not only are different companies modifying their accounts payable and receivable practices due to the COVID-19 pandemic, but the federal, state, and local governments have programs to help individuals and businesses affected by the Coronavirus. The SBA’s Disaster Loan Assistance portal is a good place to start, but we recommend that you look into programs at all levels. Don’t assume that you don’t qualify for a specific loan or program. The standards are being generously adjusted to help as many people as possible, and it might include you.
Be Innovative
In today’s business environment, the stigma of trying to reinvent yourself is effectively over. If there’s a new way to reach your customers, now is the time to try. Just remember to keep in contact with your customers, so they know about your new efforts.
Do you still have questions? Don’t hesitate to reach out to Chickasaw Community Bank to see if there’s anything that we can do to help. Our motto is Building Better Lives for Everyone, and during this time of crisis, it feels like everyone could use a little help. Reach out and contact us to see what we can do to help.
Chickasaw Community Bank (CCB) is a financial institution 100-percent owned by the Chickasaw Nation. Founded in 2002 and headquartered in Oklahoma City, CCB is dedicated to Building Better Lives for Everyone by serving customers a wide array of innovative financial products via the latest electronic banking technology. CCB is a market leader in the HUD Section 184 Native American home loan and offers full government-guaranteed commercial loans, including SBA, BIA, and USDA loans.
Chickasaw Community Bank is an Equal Opportunity Lender and a member of the FDIC. NMLS # 449326