How Businesses Are Surviving COVID-19

Photo by Anastasiia Chepinska on Unsplash

In April, a business survey revealed that more than 35 percent of companies could close if quarantine lasted another three months. The survey was conducted when Tony Evers put in an order before the Wisconsin Supreme Court that all residents must stay home to maintain public safety.  

This voluntary survey by Madison Region Economic Partnership and eight other organizations in Wisconsin was developed to help the state recognize businesses most in need of financial aid. It’s a method to make decisions on properly allocating financial aid to businesses that will suffer the most during the lockdown.

There are also other strategies Wisconsin has put into place to survive the COVID-19 pandemic. Let’s look at what’s happening on the state level.

Entrepreneurial Business Development

The Rock County Entrepreneurial Business Development (RCEBD) program is an expanding organization that offers opportunities to people with small businesses.

For start-up businesses, The RCEBD will evaluate your sales and marketing needs as well as your concepts to see how they can make your company grow. This organization helps you develop a sustainable business that’s able to thrive even in a pandemic situation.

If you’re a start-up business and your company is located in Rock County, then you can fill out an application.

Small businesses must have the proper training on how to manage a team during a pandemic. And if lockdown persists, you must have the means to make check stubs, communicate with your staff, and ensure you can give them work to do at home. 

Workforce Training Grants

A new poll at the beginning of April 2020 stated that one out of 10 Wisconsinites have lost their jobs due to COVID-19. Many people will be seeking jobs, which may be a huge advantage for businesses looking for strong candidates for their companies.

Some organizations, such as the Wisconsin Economic Development Corporation, are offering workforce training grants. The purpose of these grants is to fund new or growing businesses to attract, develop, and retain talented candidates in the state of Wisconsin. This grant will support the following pillars:

• Business retention
• Expanding businesses 
• Business development

The workforce training grant can help businesses upgrade the job-related skills of new and existing employees. Now businesses have an opportunity to strengthen their workforce during this time. That way, they can be a stronghold in their industries. 

Working Safe and Smart During COVID-19

Many companies have structured their entire business around the COVID-19 lockdown and restrictions. Some businesses can work from home using online platforms. However, other companies that provide services and goods will require other strategies to stay afloat.

Here’s how your business can survive the pandemic:

• Opt for organizations that will offer financial aid
• Look into community investments
• Opt for Wisconsin Trust Fund Loan program
• Programs that will assist you in your industry 

Final Thoughts

There are Wisconsin programs that have been developed for companies in every industry. Don’t allow your business to close down. If your company is struggling financially during this time, search for an organization that can assist you.