No doubt, the Coronavirus pandemic has left many businesses struggling to find their feet globally. Small businesses have had a hard time returning to the status quo before the virus struck. The loss of income during the compulsory lockdown period and the worldwide recession that ensued are 2 factors that can be blamed. Despite the setbacks, here are steps you can take to get your business up and running after the Covid-19 pandemic.
1. Carefully analyze how much your business has lost
In order to draw up an effective recovery plan for your business, you need to carefully go through all aspects of your business to determine how much damage has occurred. You can choose to start with your finances. Note all you’ve lost in cash, the amount you’ve gained as profits, your expenses and your debts. This is definitely not all that needs to be done. You should do some proper customer research as well. Covid-19 has affected the purchasing power of people, so many are cutting their expenses. This could involve being unable to patronise you if you don’t make some smart changes. Study how your customers have been affected, how you can still hold on to them and even attract new customers while making profit.
2. Build a new business strategy
After analysing the damage your business has suffered, the next step is to build a new strategy. Using the information you’ve garnered, you can build a new plan that’ll specify the new way your business will run. You have to consider how much the world has changed and adapted to the pandemic. Staying relevant depends on your ability to note these changes and tailor your business plan to fit them appropriately. The needs of customers have changed. Since a business thrives on satisfying its customers, you shouldn’t run a rigid business. Customers now have new expectations of businesses they want to patronise. Many people now prefer to shop online. If your business is one that is heavy on physical stores, it may be time to put more work into building an online store. Another example is people preferring to order takeout rather than sitting to eat in restaurants.
3. Find funds to restart your business
Restarting your business will require some funds. There are a good number of ways to get funds for your business. You can apply for protection programs the Federal government. You can also apply for loans from banks, online lenders, credit unions and so on. Make sure that you do not over borrow so you don’t run into greater debts as this will affect your business adversely. It’s best you borrow just the amount you need and be faithful to paying back so it doesn’t compound.
4. Involve your staff while restructuring your business
If you have staff, then it’s best that you do not exclude them from the restructuring table. It’s possible that they have some information that are unknown to you about your customers. This information may be the difference between making an ineffective plan and an effective one. You can also talk about new working conditions that’ll benefit both you and your employees. For instance, some employees may prefer to work from home. This reduces the amount of working space you’ll need. Thus, you can decide to move to a smaller space which will reduce the cost of running a physical office.
5. Prepare for another crisis
Covid-19 took the world by surprise. What we thought was just a common cold virus made many countries shut their borders and halt economic processes. Schools closed down and people could only be as close as 6 feet apart. This should teach owners of businesses to always be prepared for crisis so as not to suffer too much setback. The lessons learnt should not be discarded immediately after the business bounces back because you never know when another crisis will come knocking.