When it comes to helping you navigate your retail gift shop through these uncertain times, it makes sense to stop, think and strategize.
COVID-19 is a challenge most of us have never faced before. However, strategies can be put in place to minimize the impact and in some instances, position your company for a more rapid return to profitability. Here are 10 ways to help you steer your business in the right direction.
1. Communicate openly with your workers. Ask them for their ideas and suggestions, and for their flexibility as you work together through these trying times. If you have to cut their wages, cut yours too; this will demonstrate that you’re willing to make some of the same sacrifices you’re asking them to make. If you must lay off staffers, do it gently and tactfully. Remember, you want them to return when business picks up again.
2. Go over your financials and see what emergency funds might be available. Put together a strategy that will allow you to pay for the essentials. Cancel all nonessential expenditures, even if they were planned well in advance.
3. If you are due a refund, file your income taxes now. The IRS has granted a three-month extension, but filing now will get you your refund more quickly.
4. Be assertive. Contact your landlord or creditors and ask them about establishing a grace period or payment plan that you can live with.
5. Renegotiate. Contact your lender and try to renegotiate the terms of your loan for more reasonable payments.
6. Look for assistance. Check on any federal or state government assistance available for small businesses.
7. Beef up your online store — or create one. It’s an investment that could get you through this difficult time and pay off handsomely in the long term.
8. Note positive changes. After this “testing time” has passed, make note of any positive changes that have occurred in your life or with your business.
9. If you don’t already have one, resolve to create a six- to 12-month emergency fund. As the saying goes, the best time to plant a tree is 20 years ago — but the next best time is now. You can start by opening a subaccount at your bank or credit union and putting in just $10 to start. Contribute to it regularly, and it will help you sleep better at night.
10. Take care of yourself. Don’t neglect your personal development. Each day, take some time to decompress. Write a “thank goodness” list, noting everything you’re grateful to have. Reengage in those old hobbies you never seemed to have the time for. Exercise regularly, eat healthy and get plenty of sleep. Connect with other positive business owners. ■
Tom Borg is a retail consultant, speaker and author of “Making Service Count.” Reach him at 734-404-5909, tom@tomborg.com or visit www.tomborgconsulting.com.
