The Second Wave of COVID-19 And Your Small Business

The Second Wave of COVID-19 And Your Small Business
Categorized as COVID-19 Relief Series Tagged ,

We’ve heard Dr. Fauci talk of “waves” of COVID-19 (Coronavirus) since the pandemic made its way to America. While our focus back then was flattening the curve, we still had this notion of another peak wave coming in winter, when the traditional flu normally rises up. Well, we’re now in the middle of that second wave, with things likely to continue to get worse. What does the second wave of COVID-19 mean for your business? 

What Does The Second Wave Of Covid-19 Mean?

According to Lisa Lockerd Maragakis (M.D. at Johns Hopkins), a wave or burst in cases is caused by human behavior. While some states and cities have followed strict guidelines when it comes to travel, masks, and closures, others have not. And we saw a lot of holiday travel starting on Thanksgiving weekend, and that is likely to continue into the December holiday season. Without a consistent plan across the country, we are spreading the virus and bringing on this second wave.

What Does This Mean For Businesses?

Your local and state governments may or may not impose restrictions on businesses. Here in California, we certainly see our share of government intervention. We have also seen the impact on businesses from the pandemic. Here are a couple scary stats:

  • 30 million small business jobs are vulnerable in the coronavirus crisis.
  • There have been significant closures since the pandemic started (63% of Arts & Entertainment businesses; 34% of bars; 28% of Health & Beauty business; etc.)

These numbers are not surprising, as we’ve seen a correlated drop in consumer spending in those industries.

Are you doomed? No. In fact, while this is disproportionately hurting the small business, many are surviving, even thriving. So, what can you do during this second wave of coronavirus?

How To Prepare For The Second Wave

Make some time, right now, to meet with your team and/or your advisors to create a Pandemic Survival Plan. You can make it through this second wave and come out on top. Here are some things to review together:

Read More: Do a Business Review of 2020, Update Your Business Plan for 2021

  • Have a Safety Plan: Continue social distancing, hand washing and sanitizing at your workplace. Train your team on this, so that everybody is working together to stay healthy. Let people know NOT to come to work when they’re feeling ill — no working through it.
  • Set Up Remote Employees: Move your technology to the “cloud” so that everybody can access key data, software, and information. Security is key here, as hackers now have a new way to get to your corporate data — through your connected doorbell or thermostat!
  • Keep Employees Informed: Don’t keep your team in the dark. Things are changing, and so is your business. Keep them in the loop. That will reduce stress and keep morale as high as possible.
  • Tighten Up Finances: Create a contingency budget, or budgets, for different levels of revenue. That’s a plan to make it through tough times, should they come.
  • Strengthen Partnerships: “We’re going to get through this together” was the mantra when this started. It’s still true. Support those in your network, and they’ll be there for you, too.
  • Update Your Customers: Your business is likely to change. That may be in your products, locations, hours of operation, or availability for deliveries, etc. Keep your customers and suppliers updated. They don’t want any more surprises during all of this.
  • Have A Personnel Plan: People are going to get sick and miss work. They may miss time caring for loved ones. Create a personnel plan to make sure you’re covered during those absences. 
  • Stock Up: We’re not talking about clearing Costco out of all its toilet paper. Look at materials you use to generate business and deliver your goods. What, if it went in short supply, could really disrupt your production and productivity? Stock up on it.
  • Analyze and Adjust: So much is changing. Your business may need to change with it. In fact, you may need to pivot during the pandemic. Whether you do that or not, change may be required. Plan for it.

Stay Healthy And Get Help

We’re in the middle of that second wave of COVID-19 that we’ve been fearing and hearing about. But we don’t need to panic. Put together a plan, come up with contingencies, and strengthen your partnerships with your team, your suppliers, and your customers. Then, we truly will get through this together.

Want some help with your COVID contingency planning? Set up a complimentary consultation, and we’ll work through it together.