Advice on How to Manage Short and Long Term Effects of Covid-19
LP Smartside, a trusted affiliate of All Around, recently included our very own Kyle Miller in a post about advice on how to stay afloat during Covid-19. Read the full article on their website, or see the highlights below.
In the last few months, the world has been completely upended by COVID-19. Construction and building material suppliers have been named “essential” businesses in many states, but the designation continues to evolve in both definition and implementation. The NAHB has an interactive map with statewide stay-at-home orders and construction exemptions to those orders, but contact your local HBA or regulatory offices for up-to-date or more detailed information. While uncertainties about the future of the building industry loom, there are a number of proactive measures you can take in the interim to help your business during this trying time.
LP Building Solutions reached out to some of our most trusted building partners to learn more about how we can all work to get through this crisis.
Learn from the Experience and Improve Your Long-term Business
For some, this may mean you need to look at bringing in outside help. “Too many business owners in our industry are spread thin and trying to work in the business as much as they work on the business,” said Kyle Miller of Minnesota’s All-Around Construction. “Prepare to hire some qualified help so you can work on growing and scaling your business more, instead of working so much in the daily operations.”
Consider Changes to Client Communication During Coronavirus
Here are some digital communication tools to consider:
Zoom Meetings
Google Meet
Constant Contact email marketing
WordPress blog and website development software
Social media channels (Facebook, LinkedIn, Instagram and Twitter, for example)
Financial Implications and Steps to Consider
An additional step to take is speaking with a financial advisor or qualified business analyst about the future of your business. While you know your own company better than anyone else, getting an outsider’s perspective on financial and larger business impact decisions can help you think about the big picture rather than focusing on the day to day.
Seek financial counsel if you are considering or currently have a small business or construction loan. The U.S. Small Business Administration has resources for small business guidance and loans.
Stay current on how the construction industry is impacted by and responding to COVID-19 with industry-leading updates.
Remember to Care for Yourself
Finally, and most importantly, “Take the extra time you have now, while business is a little slower, and invest it into your family and other relationships that may have taken a backseat to you running the business,” said Miller. The impacts of COVID-19 are and will continue to be far reaching for the future. While focusing on the immediate short-term needs of your business is important, looking at the long-term plan for your business can help you remain competitive moving forward.