Gina Obert
By Gina Obert on March 16, 2020

Navigating the Coronavirus Pandemic as a Small Business Owner

We’re a small business just like you. With that, we know first-hand that these are difficult times and there are new challenges presenting themselves everyday.

As promised, our team has your back. Do not hesitate to reach out to us with any questions and concerns you have. We’re all in this together!

In the meantime, we have a few suggestions that you might find helpful.

Consider a Cash Advance Program

Our payment processing partners are offering cash advances during this difficult time.

Here’s how it works through Worldpay:

1. Their team provides you a quote based on your business potential

2. Once the quote is agreed upon and approved, you receive funds in your account

3. Payments happen automatically as a predetermined percentage of your customers’ card transactions until your advance is paid off

Funds provided by Worldpay hit your account quickly and you pay one fixed charge (a percentage of the advance you receive). These funds can help you stay afloat while business is slow and the economy is unstable.

Heartland provides cash advances as well. Regardless of who your payment processor is, if you find yourself in need of additional cash flow at this time, don’t hesitate to take advantage of a cash advance program.

Make Inventory and Pricing Adjustments

This pandemic is affecting everyone. With that in mind, think about what your customers really need right now and be willing to adapt.

Small business owners can only take this so far, of course — but as an example, grocers can work to get more non-perishables on their shelves. Maybe your shop can add board games or other indoor activities to its inventory. It’s time to get creative.

Are you offering gift cards? If not, now may be a good time to start. Consumers are supporting small businesses through gift card purchases to help keep them afloat. (Tip: Gift cards are available for purchase in our online shop!)

In times of crisis, cash is king. It may also be worth drastically discounting items if you can sell them and flip your inventory into cash — even if that results in accounting losses. Luckily, your POS system makes discounting items a simple task.

Overall, think of how you can be more flexible with pricing. Keep in mind that consumers are struggling, too, as many are out of work. Any type of discount will go a long way.

Keep Your Customers in the Loop

Every time there’s a change or update to your business, make sure you let your customers know.

Send out emails to frequent shoppers, put signage in your storefront, and blast out social media updates. People are only leaving their homes if absolutely necessary, so it’s important to keep everyone updated.

Lastly, if you made any changes to your business hours, make sure you edit them in your Google My Business listing and your Facebook Business page.

Looking for more resources? Download our Small Business Guide to Dealing with Coronavirus (COVID-19).

Let Us Know How We Can Help

The POS Nation team is working hard to support you and your business. We’re here to answer questions and help you make necessary changes to make it through these difficult times.

Reach out to us by calling 877-727-3548 or emailing sales@posnation.com.

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Published by Gina Obert March 16, 2020
Gina Obert
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