When the global lockdown was announced, people instantly panicked. At the time, it seemed like the end of the world had been declared. Of course, many months later, we have all adapted and tried to carry on despite the radical impact that the shutdown has had on our daily lives. It is important to remember that not everyone has had the same experience during lockdown; while some businesses are booming, others have been hit hard.
There is nothing like a pandemic to show you just how essential your business is. Having an exit strategy in place for after COVID-19 can help you be prepared to hit the ground running and rebuild. If you’re not sure what your coronavirus exit plan should include, this guide can help with getting your business back on track.
Once you’re back in business, you need to be very vocal about it and announce it to the world. Given that you have a social media presence and a blog, you shouldn’t neglect it just because your business is currently down. Just stay in front of your audience’s minds, and you’ll have a much easier job at making a comeback. All in all, exceptional marketing efforts are what make all the difference. It might also be a great idea to dedicate more time to your website and optimize it for more conversions.
Adjust to the ongoing trading environment
Coronavirus rendered large parts of the economy unable to continue due to the lockdown imposed in March and the general social distancing measures brought in, the result being that businesses across the country are now having to adapt to a ‘new normal’ and rebuild where they can.
If you’re a retailer with physical premises but can sell online, for example, it may be worthwhile considering a change in how you operate. Technology has been vital throughout this crisis, and could also hold the key to rebuilding your business.
Calculate the financial damage
If you haven’t updated your financial statements such as profit and loss or cash flow statements recently, it’s helpful to do that now. You can then compare them to last year’s numbers to see how much your business may be down.
Aside from the hard numbers relating to sales, profits and cash flow, consider other ways in which your business has been affected. For example, if you’ve had to lay off some or all of your employees, you’ll need to factor that into your rebuilding plan.
Plan for the future
Leaning into uncertainty is one of the ways leaders can prepare for the next normal. We have a unique opportunity to learn from this pandemic and intentionally design a better future. During the crisis, we’ve already started reinventing how we work, learn, shop, socialize, operate our health systems and even govern through innovative technologies that allow us to operate remotely. Finding solutions to plan a better future with the new norms that the pandemic has laid upon companies is how most major corporations will thrive.
Utilize funding to recover
Unless a small business owner has a hidden treasure at home, the business will likely need some funding to restart its operations. There are several financing options that you can consider for your business. The government has also recently announced relief measures for small and medium enterprises in India.
All of us are going through hard times now. Let’s recover and rebuild our businesses while adapting to the new normal. To learn how to expand your business during this global pandemic or to know more about our services, visit us at www.smmart.co.in