Since the stay-at-home order, even more businesses have closed their doors. Here’s some advice from a local expert about how to keep the lights on while everybody is at home.
Tiffany Henry is the director of Southwestern Community College’s Small Business Center. Like much of the SCC staff she’s working from home.
“Well working from home is a lot of fun but it also has a lot of challenges,” explains Henry over a Google Meet Up call.
Henry says she has worked with around 50 businessessince the pandemic hit. In part, this means helping them understand the federal programs that are available such as the Paycheck Protection Program and the Small Business Administration loans.
One of her first questions is if businesses will be able to pay back the loans later on: “Cause if they were tight on cash before and now we are going to add on additional debt, does that make sense?”
She says they’ve heard from all types of businesses ranging from farms and restaurants to retail and lodging. Henry says there is different advice for every business, but one thing she doesn’t recommend is crowdfunding.
“I mean I don’t know how effective a campaign like that would be because every small business is struggling and there are lots of resources - financial resources - to support those small businesses,” says Henry.
Instead she says think about diversifying - such as starting an online store or offering products that can be delivered.
“You want to also show the community that you are in it for the right reasons and that you have been able to manage your business well, up to this point,” says Henry.
Advice from the business center is free. It’s also offering online webinars on topics such as social media, loans and how to navigate the current federal stimulus package for employers.
