The corona outbreak worldwide has made everything uncertain from business to employment. The news updates on lockdown, social distancing, and restrictions in your daily life, all of these adversely affecting your small business. EJ Dalius has seen businesses walking the extra mile to keep their employees and customers safe while ensuring the flow of revenue.
According to an article published on Scrapality, small-sized firms can opt for small business or SBA loans to pay due bills and maintain solvency when they have cash flow problems. Here some of the ways to address cash flow issues in your company:
Image by Gerd Altmann
Eric J Dalius suggests pickup-delivery services at sidewalks
Lockdown and social distancing amid the pandemic have affected restaurants and retail stores. Therefore, depending on the government guidelines in your area, you still have the opportunity to provide roadside pick-delivery services to your customers. Additionally, you can also take food and essentials order on the phone and deliver the items to customers’ doorstep. It will ensure a smooth flow of cash and revenues will keep rolling into your business.
When you solve cash flow problems, you can retain your existing employees, who are delivery persons and clerks helping you to do business-as-usual. Read the guidelines of the US Department of Labor as well as CDC to figure out how you can deliver products, ensuring the safety of your staff and customers.
Work out payment grace period with your vendors, proprietors, suppliers
In business, there are many liabilities such as paying rents to property proprietors and clearing dues of vendors and suppliers. Eric Dalius has a solution to these problems. You can ask your vendors, suppliers, and property owners to extend the payment date and terms, as well as work out a grace period for all payments. You can also ask for some kind of discount on the rent due to the pandemic. These are some of the ways to manage cash flow problems in your business. You need to ask because without asking, people will not know your problems.
Keep in touch with your buyers via social media and email
If you have the email addresses of customers, this is the best time to keep in touch with your customers. When you are already offering pickup and delivery services, shoot emails to your existing buyers to promote your new product offerings. You can also email your customers to market your gift cards with an expiry date. It will help you to resolve cash flow problems quickly, as your customers can use these gift cards online and buy from you amid social distancing and lockdown.
Again, make the most out of your social media platforms such as Facebook, Instagram, Twitter, etc to highlight your brand message without hard-selling your products. You can show empathy to your targeted audience by asking how your customers are managing things amid the pandemic. Then, you can say that your business is offering pickup and delivery services so that customers do not need to visit your store in person.
Conclusion
These are some of the ways to deal with cash flow problems in your business amid the corona crisis. Pickup and delivery services will help you survive at this crisis hour.
