As shops and offices start opening, there are a few hints to keep it sustainable:
- Rethink your inventory.
Non-essential item sales could continue to stall. Consider what customers will be purchasing.
- If you’re not online, get there!
There are a number of organizations that could help you set up or remodel your website. CNM and the Small Business Development Center can point you in the right direction.
- Diversify your supply chain.
Items from China may continue to dry up or take too long to arrive in the United States. Tariffs could play a part in increasing costs.
- Curbside is King!
45% of top 1000 retail chains figure to have an edge in offering a service like curbside pickup, which could be a significant factor if fear of the coronavirus continues to impact shopper behavior.”
- Keep a cash cushion.
Lending will be scarce. To keep a positive cash flow, stash the cash. Business owners should have a healthy contingency account.