The climate of the world has shifted, and it’s no surprise that this means that businesses are struggling to adapt. The landscape of most SMB operations has changed drastically over the past month, making it difficult for businesses to figure out how they fit into the equation. We should be prepared for several more weeks of increased regulations regarding health policy, employment regulations, and federal mandates. Owning a business is challenging in any economic climate, and start-ups and SMBs are the most vulnerable during a recession. Now is the time for creating a strategy for how your SMB will handle this.
POS Portal has been around for 20 years, and in this time, we have seen a lot of big changes in the business world. We have the unique experience necessary to help you and your business navigate this crisis and get connected with the resources you need to succeed. We’ve put together a Partner Resource Guide with ScanSource – here you will find answers to many of your most pressing questions.
Starting with this guidebook should provide you a basic understanding of the next steps you need to take – but, we understand that that’s easier said than done. Many programs have been created to try to help SMBs sustain their business through the COVID-19 crisis we’ve highlighted several that we think are worth checking out first:
- Small Business Loans – In response to the COVID-19 pandemic, small business owners in all U.S. states, Washington D.C., and territories are eligible to apply for loans ranging from a few thousand dollars up to $10 million.
- Interim Guidance for Businesses to Plan and Respond to COVID-19 – The CDC has prepared a plan to help businesses prevent workplace exposures to COVID-19 in non-healthcare settings and provide planning considerations for community spread of COVID-19.
You can find access to more of these resources from the Retail Solutions Providers Association (RSPA) on topics from finance and government, legal and human resources, and health and safety. This list should become an integral part of your response plan and strategy.
Businesses that are willing to adapt and make creative business decisions through this process will come out much stronger. Developing a strategy and structure that enables employers and their staff to continue to be successful can be a huge factor to this. We want to help you to be as prepared as possible for any shifts to your current business model.