6 Ways To Rebuild Your Small Business After COVID-19
The impact of the global pandemic on small businesses was greater than in any other business sector, and especially the ones relating to tourism and entertainment. Numerous stores have been closed for months, because people were forbidden to, or simply afraid of human contact.
Ways To Rebuild Your Small Business After COVID-19
So if your small business didn’t have the option of online shopping with deliveries, your revenue losses are probably tremendous. Even if it did, chances are great that you’ve suffered as well. Period to follow is likely to determine the future of your small business, so you should carefully and thoroughly plan your next steps.
Calculate the exact damage
Before you dive into the process of recovering your financial and customer relation aspects, you need to assess and calculate the exact damage. Create a chart where you can include numerous factors affected, and track the changes on a weekly basis. Furthermore, you should compare this period with the same one from last year, if applicable.
Another factor is whether or not you had to lay off some of your employees. Perhaps you’ve been investing in digital marketing more than you usually do, so put that into the equation as well! Have you lost any loyal customers due to your competitors offering free deliveries? Everything counts since to fix a problem, you need to get to the bottom of it first.
Evaluate your response
Numerous companies have been stuck in panic mode when the pandemic occurred. Surely, the situation was unprecedented for a small business, but you should understand that the image of your brand will be associated with how you managed to handle the situation.
There were no rules to follow, so you needed to be flexible and adapt your operation hours, delivery methods etc. Some small businesses had to close because of their inability to import valuable goods. If you provided any solutions to your customers, stayed in touch with them in virtual life, they will know to appreciate it, be sure of that!
Spend money to earn money
Some companies have used this period to improve their online presence, invested in SEO or fixed some issues with their website, which was definitely one of the hidden opportunities. Mindsets of people are changing according to the situation they find themselves in, and after the pandemic, many want to continue with the e-commerce trend.
Shopping from home and getting the delivery can truly be seen as a convenience, which some people have experienced for the first time now. So if you still don’t have this option on your website, now is the time!
Not only e-commerce but other aspects of virtual connections as well. Engaging people is always a great way to attract new audiences, and if you do so online, the whole globe is your potential market.
By using services such as Redback Connect brand offers, you can reach potential clientele all over the world, in order to expand. And by expanding your market, you can not only make up for these losses but also create a continuous profit for the future!
Consider funding opportunities
We are aware that there are numerous businesses simply not able to recover by themselves. Before leaving your long-time dream job, consider some outside funding opportunities from your government and other local sponsorship programs.
Small businesses are often in the focus of grants, so you will avoid investing in your personal assets. Ask around and search the engines, look for any financing grants or, the worst-case scenario, consider small business bank loans. This will help you handle the losses, and be sure you can make payroll.
Adapt your business plan and operation in general
Even though there was nothing positive about the pandemic, we can’t say we didn’t receive some valuable lessons. For example, in theory, every business should have a dedicated account with a certain percentage of profits for emergencies.
But in reality, we haven’t heard of many examples where the owner was well-prepared to be closed for months without any devastating consequences. Adapting your business plan so you include such aspects is highly recommended, as well as focusing on virtual reality and social media more. Situations such as an earthquake happening do not seem so improbable anymore!
Create a strategy for future reference
Your small business will need some time to completely recover, but the only thing that matters is that you are following the necessary steps. One at a time. Your customers will have understanding, as long as you get back at your feet eventually.
Don’t forget to measure the progress while reopening, rehiring, restocking etc. As soon as you pay out your debts (if there are any) and get back to normal revenues, establish a rule for the emergency account.
Organize a brainstorming session with your team, and try to outline several catastrophic scenarios which are not impossible to happen. Create a contingency plan for each, as well as several general rules to follow in case of any emergency happening. By following the principle better safe than sorry, you will be able to prevent many potentially damaging situations.
Owning a small business can be challenging in the same way it can be rewarding. If you want to continue being your own boss and having flexible working hours, you need to be flexible in general.
Your employees and your customers can rely on your small business only if you are supportive in the worst of circumstances. Bear in mind those governmental aids and other grant opportunities, as this situation happened on a global level. The economy will be nurtured if your business stays viable, and if any institution can help you, use it!