Coronavirus In Minnesota: Businesses Having Tough Conversations About How To Stay Afloat
MINNEAPOLIS (WCCO) -- Businesses that are fortunate enough to still be open are also in uncharted territory. How to do more with less? How to make that dollar stretch?
WCCO's Kim Johnson sat down with a local business consultant, Stephanie Goetz of Goetz Communication, who is advising businesses big and small. She says uncertainty is a big worry. Large companies are having to make adjustments based on what things will be like two years down the road.
She says companies are bringing in employees through webinars and collectively deciding what will be cut first -- for instance, slash in the 401K contribution, or an adjustment in benefits. Or perhaps even a 10% pay cut for employees that are still working.
Mom and pop shops face even a harder battle but are getting creative, according to Goetz. They are thinking outside the box to get their business moved online.
She also recommends small businesses reach out to customers and clients just to update them on their situation. Not everyone can help, but some can and want to support them to make sure they stay open. She said to maybe consider offering a discount or pledge to keep folks on the payroll.
