How to Rebuild Your Business After COVID-19
The COVID-19 pandemic has had an unfathomable impact on the economy, with small businesses taking the hardest hit. The National Federation of Independent Businesses reported that 92 percent of small businesses said they suffered negative effects because of the pandemic. As the dust continues to settle and you adjust to the idea of the new normal, it’s essential to consider what recovery means for your business. Here are a few tips to help you get started.
Assess the Financial Damage
The first step in rebuilding your business is to assess the damage. Similar to how you would evaluate the possible damage done to your property after a natural disaster. We know it’s a hard task to do, but it’s essential to your business’ restoration. After all, before you can begin to create a new business plan, you need to know what your current financial situation looks like.
Go through your financial statements and make sure all of your numbers are up to date. Compare last year’s numbers to this year’s numbers to build a picture of profit loss. While you rebuild is also the best time to cut unneeded costs. Knowing all of these numbers will guide your next steps.
Because so many businesses we affected in some way by the COVID crisis, it’s safe to say that you, like so many other businesses, need assistance to get back on their feet. Don’t fret. There are multiple options available in addition to the government deployed stimulus and loan programs designed to keep smaller businesses from shuttering their doors.
The most popular options include the Paycheck Protection Program (PPP) provides funding for businesses struggling to retain their employees. If you’re searching for financing outside of employee retention, the Economic Injury Disaster Loan may be an option. To increase your chances of receiving funds, check your eligibility, and apply early.
But because of factors such as limited funding and the sheer number of affected businesses needing assistance, we recommend exploring multiple options for support, not just the government’s recent ones. Other resources include:
-Small business loans from banks and credit unions
-Business credit cards
-Business credit lines
-Traditional SBA 7(a) loans and microloans
Create a Timeline for Rebuilding
Despite your eagerness to begin rebuilding your business, it’s important to take your time. Trying to rebuild your business all at once may not be a real effort. Use this time to determine your next steps. The course you take will play a significant factor in whether or not your business sinks or swims.
Start by consulting your findings from your business assessment, then prioritizing what’s most important to accomplish or rebuild first. If you had to let employees go, will you be bringing them back? Will they work remotely? And as you start to rebuild, be sure to ask yourself self-examining questions and keep tabs on your progress to refer back to later on in the process.
Revise Your Business Model
COVID-19 has undoubtedly changed how we do business, whether by force or to retain customers. As you rebuild your business, look for new ways to do business or sell your project. Take into account your business model. Are there aspects of your process that can be done virtually? How will your presence change online or in-person now that the virus has stalled most social gatherings? These are questions to consider as you work with your team to rebuild your brand and your business.
The pandemic likely led to having to let employees go temporarily or permanently. As you begin to rebuild your business after COVID, it’s essential to consider if you’re bringing back any of your old team. Once you’ve mapped out your plan for trickling your employees back in, it’s crucial to communicate the changes to the business model and clue them in on your plans to keep them safe. Keeping them safe includes extending the offer for them to work from home, if possible, and staggering in-office days or shifts if necessary.
Industry experts claim that crafting a unifying vision and sharing it with your employees is vital in your company’s recovery. Having everyone on the same page boosts morale and increases the sense of responsibility they feel to help the business succeed.
Have a Backup Plan… Just in Case
We all know that the pandemic is far from over. This means that many businesses aren’t yet out of the woods. As you recover from the first wave, take the time to create a backup plan for a business if another shutdown occurs. If you don’t have a business insurance policy, now would be the best time to enroll in one. It helps to protect your business’ financial assets, intellectual, and physical property. Use what you know from the first go ‘round to brace yourself for the second possible wave.
An additional reason to have a backup plan is to prepare yourself for any other kind of incident or emergency. Just like the pandemic, these emergencies are seldom unseen and catch many businesses off guard.
Thank Your Customers
Many of your customers suffered losses throughout the pandemic, whether it was a loss of profit in their respective business or a loss of their employment. Just like you did. So, it’s important to thank the customers who have stuck with you during these tumultuous times. Client satisfaction and exceptional customer service lead to them singing your praises to friends and family members. We call this word of mouth marketing, and it is one of the most powerful marketing tools you can have. When customers feel appreciated and share your values, they’re more likely to stick it out with you.
Unfortunately, there’s no surefire way to rebuild your business. While some companies are able to recover right away, others may require more time to regain their success. As a small business ourselves, we at Joseph Studios understand the uphill journey to business recovery. So let us help.
At Joseph Studios, we have the knowledge and the tools you need to rebuild your business’ marketing, content, and web strategies and make them successful.
Together, we’ll analyze your data and build strong relationships with your new and established customers and rebuild a stronger business. Let’s use the new normal as a new opportunity for success!
Ready to get started? Contact our team today!