Small business owners need every bit of support they can get, and these initiatives are helping them out. Since the recession, many states have come up with innovative programs to help them grow their companies. You can learn about them from the Small Business Administration. But before you do that, consider these three important ideas. These will help you increase your security posture and protect your business. Then, implement these ideas into your own business. The benefits will be great for your bottom line!
Small businesses survive long
While the economy has experienced several ups and downs in recent years, a number of small business owners have been able to weather the storm. In the case of the coronavirus, a study by the University of Michigan examined the impact on small businesses. It found that in a recent survey, a majority of businesses were already closed, with mass layoffs already occurring just a few weeks into the crisis. Although this may seem like a good idea, most small businesses are vulnerable and are unlikely to survive long. In the end, a median of ten thousand dollars in monthly expenses had only two weeks of cash on hand, which is hardly adequate to cover even the short term.
Must be given priority
A plan for COVID-19 should be in place for small businesses, especially those in high-risk areas. The plan should make the health and well-being of employees a priority. Moreover, it should consider maximizing the home office communication for its employees. The FTC recommends that small business owners offer work-from-home options to employees who can’t travel. Finally, it is important to take steps to minimize the risk of virus transmission while at work. These measures include social distancing, splitting shifts, and offering work-from-home options.
Research is to identify
The Small Business Majority surveyed California’s small business owners to identify the most critical issues. It suggested a human infrastructure package that would strengthen small businesses during the recovery process. In addition, it recommended expanding access to capital, leveling the playing field, and ensuring a more competitive environment for entrepreneurs and innovators. In addition to these, the organization also outlined some possible legislation that would protect small businesses. If you haven’t heard about them yet, subscribe to their Business Blog.
Small business owners have a lot on their plate. It is difficult to spare time for security and network threats. They can’t afford to lose customers’ data or their money. By following these suggestions, the FTC will keep your business and your customers’ data safe. The FTC also offers other helpful resources to small business owners. You can subscribe to their Business Blog to stay informed of their latest updates and actions. The Smallest Business Association is a nonprofit organization and supports the rights of small business.