Ask your creditor or landlord if you can pay at a later date, or in installments.
Most MSMEs have loans, pay property rent, mortgages, suppliers or utilities of some kind for their business. There are cases emerging where landlords have chosen to support their tenants and offer short-term relief such as deferred rent for a period of time or allowing them to pay in smaller installments. In other instances, many banks are offering flexible packages for businesses and households to manage mortgage and other loans. It doesn’t hurt to ask what support they may be able to offer you.
Build or modify your existing website or social media site to shift the focus to online sales or remote services.
Most SMEs have a website either through social media (e.g. Facebook) or a dedicated webpage to advertise their business and build customers. Look at modifying your existing social media site, website, or create a temporary one to start selling your product or services online. For example, some small businesses have shown creativity such as now providing education and exercise classes online, and restaurants focusing on taking orders online and delivering food. It’s not too late!
Contact your local business associations to mobilize the local community to support small businesses in your area.
Your LGU is not only a good resource for information but also to mobilize and bring together local communities to support local MSMEs. Some LGUs are organizing communities to support their residents with local livelihoods.
Disaster support and government assistance packages - Contact government agencies to find out about income support and loans for your employees to maintain their income.
More and more governments around the world are understanding the importance of supporting the local and national economy from the adverse effects of COVID-19, and that supporting small businesses now will help communities recover more quickly. Governments are creating a range of financial support packages for small businesses that include financial support often through low interest disaster loans to help cover payroll,make debt payments, and pay other bills. Packages can often also include a delay in tax payments and support for employees such as support to help pay their wages for a short time.
Explore joining forces with other small businesses in your area to share information and offer mutual support.
While the business next door may be your competitor, it is worth reaching out to other businesses like yours directly or through your LGU to explore how others are managing the crisis and come up with ideas on how together you may be able to be more resilient.
Social media is also a very effective way to build connections with other businesses. Online communities, such as Bounce Back PH, is a platform for businesses, consumers, and freelancers to encourage each other to thrive during this crisis, and as well as an online shop to show their products and services.
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