Challenges Small Businesses are Facing After COVID-19

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While people are staying at home to socially distance themselves and are taking part in quarantine to stay safe, small business owners are using this time to try and figure out how to keep their doors open after the restrictions end. Small business owners are facing many challenges like the ones below.

 

Decision Making

It is difficult to make an educated decision when there is so much uncertainty. Business owners are second-guessing important questions like, “When is it safe to reopen?” or “How soon do I need to reopen to financially recover?” When there are many unresolved problems, it is difficult to make a decision. Until there are more definite answers about the state of the virus, it is important for business owners to break down what needs to be done into what can and cannot be handled yet. After isolating what can be accomplished, prioritize what the most pressing issues are. Doing this daily will help everything feel less overwhelming, and also help put confidence in decision making.

 

Mental Health

There are many factors causing fear and anxiety in everyone during this unprecedented circumstance. There is extra pressure on business owners because not only are they dealing with their own mental health, but they are also trying to work hard for their employees. Regulation is very important to manage during the quarantine. Owners who work too hard will experience burnout and exhaustion. This overextension is dangerous because it can lead to irrational decision making and an unhealthy mental state. It is important for a business owner to take time for themself while trying to get their business back to normal.

 

Legislation

If you are a business owner who is having trouble keeping up with all of the new regulations, you are not alone! With all of the new legislation being passed almost daily, it is difficult to keep track of what is current. Continuing to monitor the news and government websites are helpful ways to stay informed and up to date. The usa.gov website lists all of the most recent information that can be of use to small businesses and is a great source to utilize. On the website, you can learn about the federal response to COVID-19, grants and loans, as well as other important information like consumer issues.

 

Money

With the highest unemployment rate in the nation’s history, money is at the front of everyone’s mind. Getting creative to raise money is necessary to stay afloat. Some ideas are selling merchandise and asking the public to help by purchasing, having a donation link on the website or even applying for a small business loan. There are many grants and loans that have become available in light of the COVID-19 situation. Visit usa.gov to see federal assistance and utilize search engines to discover grants that may be available for your industry.

 

In these difficult times, it’s important to continue to support each other. Check in with neighbors, friends and family. Take the time to help local small businesses. We are all in this together and we will get through this together.

 

Coastal Human Resource Group, Inc. is a Human Resource Outsourcer (HRO). We serve as a full-service human resources department for small and medium-sized businesses throughout the Southeast which provides compliance screening as well as background checks. Visit www.Coastal-HR.com or call us toll-free at 1-888-757-7444. We’re here to help ensure that all your human resources needs are met.