Tag: coronavirus

New World, New Business: 5 Ways Small Businesses Are Adapting To COVID

Posted on by Franchise Strategist

“The unexpected has forced many to reevaluate plans, practices and procedures,” notes Andrea Forstadt on USChamber.com. “Yet one of the advantages of being a small business is the ability to more easily lean in to, embrace and adapt to change.

New world, new business: 5 ways small businesses are adapting to COVID

BY Brandpoint with permission.

(BPT) – COVID-19 has irrevocably altered the way that we do business. Some small businesses have floundered, while others have completely reinvented themselves.

In a recent survey by SCORE, just 34% of U.S. small business owners now categorize their companies as profitable, compared to 55% in 2019. As a result, they’re working hard to adapt — reconfiguring their offerings to boost revenues and planning such new strategies.

“The unexpected has forced many to reevaluate plans, practices and procedures,” notes Andrea Forstadt on USChamber.com. “Yet one of the advantages of being a small business is the ability to more easily lean in to, embrace and adapt to change. For many, the short-term alternate plans or adjustments are fast becoming the realities of the foreseeable future.”

Here are five trends that have impacted small business this year.

Freelancing has surged. As people rely on contract work to replace lost jobs, the number of freelancers in the U.S. is growing steadily. NPR reports that two million more Americans began freelancing between September of 2019 and September of 2020, boosting the freelance portion of the U.S. workforce to 26%. Studies also show that women lost jobs at a faster rate than men during the past year; and are more likely to pursue full-time freelance careers due to autonomy and flexible schedules.

Cashless commerce is growing. To reduce person-to-person contact, businesses of all kinds are discouraging or completely eliminating cash payment options in favor of card or digital payments. “Ongoing shifts toward e-commerce, digital payments (including contactless), instant payments and cash displacement have all been significantly boosted in the past six months,” confirms an October McKinsey report. In one example, the raw volume of invoices sent on Invoice2go, which saw more than $24 billion in invoicing volume in 2019, has risen from 58 million to 78 million invoices sent per month — a boost of about 30%. As consumers seek efficiency and convenience, Invoice2go also has seen a 50% boost in digital payments via its payment platform — a crucial assist to help small businesses stay competitive.

Demand is up for digital tools. As small businesses lean more on online business functions and/or e-commerce during social isolation, they’re calling for leading-edge tools that can help them navigate the logistics. Women-owned businesses are often primary customers for financial management tools — studies show they’re 43% more likely than male business owners to be concerned that limited access to funds could hurt their businesses. Around 43% of U.S. small businesses plan to expand their businesses through digital and related technology as a response to COVID-19, according to the Verizon Business Survey. In fact, 30% of these businesses have already added ways to deliver products and services digitally. To meet this demand, Invoice2go has recently added “Reviews” and “Profiles” features — prompting a star-based review after each transaction and enabling creation of an auto-generated website to help small businesses get discovered and build credibility. This is especially crucial for solopreneurs (37% of the platform’s users), who can’t always devote valuable time for customer follow-up and encourage the word-of-mouth that generates future business.

Businesses are diversifying. Many small businesses have devised new offerings as previous income streams dwindled. For example, hotels are now offering day-rate rooms for people who need to work remotely, distilleries are producing hand sanitizer in addition to spirits and restaurants are offering better, easier take-out options. “Difficult times often lead to changes in the way the world operates,” says Wade Thomas in Forbes. His advice to business owners is, “Develop products and services that not only solve today’s challenges, but will also thrive in the new, post-difficult-times world.”

Virtual experiences are expanding. Companies have transformed in-person events into digital experiences. From virtual happy hours, to podcast product releases, to YouTube customers videos, everything is going online. “The real opportunity is to somehow provide the experience and connectivity of former live events to a virtual one that actually can sustain itself over time, even after the end of the pandemic,” explains Bernhard Schroeder in Forbes.

Need a suite of effective digital tools that will help you run your small business smoothly and efficiently? Invoice2go offers user-friendly products that can streamline your day-to-day workflow so you can focus on your business. Functions include estimates, expenses, invoices, payments, appointments, ratings and reviews. It’s going above and beyond for passionate small business owners and freelancers looking to improve and streamline processes in the new year. Learn more at Invoice2go.com.

Workplace Reopening? 5 Ways To Put Employee Safety First

Posted on by Franchise Strategist

Even with shared workstations, having dedicated sets of sanitizing tools is highly effective. Post or share clear instructions on how to sanitize and the necessary frequency. Particularly for shared workstations, it’s advisable for employees to sanitize before and after every shift.

Workplace reopening? 5 ways to put employee safety first

By (BPT) with permission.

Of all the milestones in our nation’s COVID-19 recovery, workplaces reopening is one of the biggest. As millions of people start returning to offices, classrooms and more, the hope of progress is tempered by concerns for safety. Everyone deserves to feel safe at work. How can employers help make that happen?

The key is planning ahead, says Christopher Gill, vice president of EnviroPro Solutions. “Having enough supplies, the right equipment and clear information — all of these are important. They do more than just keep the workplace safe and sanitized. They help employees feel confident about returning.”

Here are 5 easy steps employers can take to help build trust and stay safe.

Pick up plenty of PPE. The bare minimum should include disposable masks and hand sanitizer. Depending on the sanitizing steps your business is taking, gloves and goggles may also be necessary. Designate a clear responsible party who will be in charge of tracking supplies and re-ordering.

Post or share information on the supplies available, where employees can access them and who to report any shortages or concerns to.

Re-assess restrooms. Restrooms should always be well-stocked with soap, hot water and paper towels. Increase the frequency at which restrooms are checked for supplies and sanitized. This is even more important if your facility’s restrooms are open to the public.

For large restrooms, consider closing off some stalls and sinks to limit the areas that require frequent sanitizing. Placing out-of-order signs can help deter use. Post clear instructions for handwashing — it should be done for at least 30 seconds with hot water and soap.

Scale back shared spaces. Shared spaces may mean break rooms, employee kitchens, copy rooms, lobbies, supply closets or more. If any of these spaces aren’t strictly necessary, consider closing them off. This will discourage congregating and limit the areas that need frequent sanitization. For shared spaces that stay open, limit furniture and supplies to the absolute essentials. This may mean reducing seating and tables, or removing communal dishware.

It’s also vital to establish clear expectations for sanitizing shared spaces before and after every use. Prominently post and share sanitizing guidelines with all staff. Include information on where sanitizing equipment will be stored and how it can be accessed and used. To help ensure everyone follows guidelines, look for a sanitizing solution that’s fast and easy-to-use, like electrostatic sprayers from enviroprosolutions.com, made by Victory or Graco.

Sick? Stay home. Wherever possible, encourage employees to stay home or work from home if:

  • They are experiencing any symptoms of illness.
  • They suspect they may have been exposed to someone with COVID-19.
  • They have just returned from traveling.
  • There have been any changes to their household, such as a child returning from college.

The Centers for Disease Control (CDC) provides guidelines for length of self-quarantines and more in their Guidance for Businesses & Employees page.

Provide proper equipment. Empowering employees is the best strategy for building trust. When it comes to sanitization, providing individual sanitizing tools is a terrific way to empower. Some companies offer kits to keep multiple employees in-stock at once, such as the Millennium Q Viral Disinfecting Kit. When every employee has their own set of supplies, they can take full responsibility for the safety of their workspace.

Even with shared workstations, having dedicated sets of sanitizing tools is highly effective. Post or share clear instructions on how to sanitize and the necessary frequency. Particularly for shared workstations, it’s advisable for employees to sanitize before and after every shift.

After more than a year at home for some workers, returning to the workplace is an enormous step. Emotions may be running high, and it’s up to employers to set a positive example and tone. Making your dedication to safety clear and tangible will boost employee confidence, all while keeping your workforce healthy.