No one has been hit harder by the COVID-19 pandemic than small businesses. In New York, 55% of small businesses here shut down and employment fell by 40%. Many big businesses have closed down as well, but the outlook for small businesses is grimmer because they have fewer resources than large corporations.
Talks of economic collapse may put a damper on your prospects to rebuild your business once the pandemic abates. But you can take this time to prepare for the next normal and address challenges. Here are a few tips to help rebuild your small business after the worst of the COVID-19 pandemic is over.
Assess the financial impacts to your business
Did the pandemic wreak havoc on your financial statements? Now’s the perfect time to assess the damages.
Start by examining your financial statements and evaluating the financial impacts of the crisis. Healthy cash flow is important to business operations, and reorganizing funds can help in the short term and keep you resilient in the event of another crisis. Should the market stabilize in the future, a well-managed and optimized cash flow can help you decide which inessential expenses to cut and explore ways to regain revenue. And if you’re looking for new revenue streams, it will be important to implement measures to maintain liquidity.
As you consider options to obtain funding in restructuring your business, take into account factors associated with costs from slashed budgets, reduced resources, laid-off employees (if any), and lost clientele. This will give you a complete picture of how this crisis has affected your business as you recover.
Consider small business financing programs
Look into available small business financing options to rebuild your business post-pandemic. The US Small Business Administration (SBA), for instance, offers a Paycheck Protection Program, which aids small enterprises in paying staff salaries. Note, however, that funding under these programs may be limited. You may need to look into several small business financing options, including small business loans from banks, business lines of credit, and other SBA loan assistance programs.
In revising your new normal business plan, develop a strategy that involves strengthening your online presence. If you already have a digital presence, expand your capabilities to accommodate more customers who are staying home, browsing products, and buying online.
Experiment with online advertising, build an email list, be more active on social media — the possibilities are limitless. Check what your competitors are doing and what’s working for your industry. Do away with practices that would no longer work and adopt ones that bring you closer to your customers.
Incorporate a remote work policy going forward
The implementation of state-wide lockdowns has crippled many offices and changed the way we work. Whereas remote working used to be a privilege, it has become the new norm seemingly overnight. Unfortunately, not all businesses had a remote work system in place when the pandemic struck.
This is why businesses should develop a telecommuting system that ensures staff can work efficiently at home. A managed IT services provider like Healthy IT can help your business in New York better manage a remote workforce. If you need further information on how to effectively manage business technology from home, download our free eBook, 5 Steps to Better Business Management Technology For Your Remote Workforce.
Reestablish trust in customers and staff
Business leaders must also take a new approach in dealing with customers and staff. This approach should involve realistic scenarios like addressing customers’ concerns about safety while visiting a store. Similarly, companies must take into consideration their staff’s safety and well-being as they report for work.
Not everyone will feel the same way about going back to normal, so take the time to solicit feedback on how you can operate your business given the new circumstances. Being compassionate and sensitive to people’s expectations and emotions as they ease into their new life will go a long way.
With the right strategy, you can navigate today’s challenges and rebuild your business. As a business owner in New York, you have plenty to concern yourself with, and technology shouldn’t have to be one of them. Healthy IT’s technology experts can take the burden of IT off your shoulders. Call us at 631-224-9450 to inquire or schedule a free consultation.