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3 Steps to Managing Your Business During Difficult Times

During these highly uncertain times, small business owners and freelancers may be feeling isolated, vulnerable and worried about the survival of their business.

Here are 3 steps that can help you protect your business during uncertain times of hardship.

Tip #1: Keep Your Priorities Straight During Uncertain Times

First things first: Ensure your team is safe. The health of you, your team and your team’s family and loved ones always comes first—your business comes second. This is not the time to be counting sick or PTO days.

As a business owner, be mindful that your employees or team may be confused and even frightened. Stay in touch with your team to keep panic to a minimum. And make sure they know that even if you aren’t seeing each other every day, you still have their back.

Tip #2: Check Your Business Interruption Insurance

Business interruption insurance covers income lost in the event of a disaster-related business closure.

You should always check with your insurance policy provider to see what kinds of disasters or crisis events are covered. When it comes to working from home, don’t assume you’re covered either. Certain homeowner insurance policies provide limited coverage for business property. What’s more: Losses because of certain natural disasters, like floods or earthquakes, may not be covered at all.

Tip #3: Plan Your Back-to-Work Transition

Once the intensity of the hardship winds down, you’ll need to slowly transition back to your regular work routine.

Remember: You and your employees may still be taking care of personal issues following the crisis. Being flexible can help reduce stress, so everyone can be more focused and productive as they ease back into a normal routine.

Moving Forward in Uncertain Times

It’s natural to feel in over your head during a crisis, but you’re not alone. Whatever isolation, fear or anxieties you are experiencing, we’re all in this together.

Have any more questions? Reach out to us at www.freshbooks.com/select to learn more.

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Natasha Zapanta

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