How to rebuild small business after COVID-19?
By Admin | 6 Jul, 2020
If you're not sure what your COVID unlock plan should include, this guide can help with getting your business back on track.
Assess the Financial Damage
The first step in developing a rebuilding plan for COVID-19 is determining just how deeply your small business has been affected.
You can then compare them to last year's numbers to see how much your business may be down. It's possible that the damage might not be as bad as you think.
Develop a Time Line for Rebuilding
You may have several things you need or want to do to recover following COVID-19, but doing everything at once may not be realistic. What can help is having a time line to follow that prioritizes your most important actions first.
Take a second look at your business plan
Your business model may have worked completely fine pre-COVID-19, but coming out of it may mean you have to do some fine-tuning. Analyzing how your overall industry has been affected by the coronavirus pandemic also is useful. When looking at your competitors and the industry as a whole, pay attention to the trends and focus on finding the opportunities.
Brainstorm survival strategies
Call a virtual hurdle with your team to brainstorm products, services or strategies your company might employ to get. Once you’ve got a shortlist, find ways to quickly test market appetite for these ideas – such as an email to your database or an online ad.
Offer Remote Services
Consider what kind of remote services you might offer to your clients. This might be especially applicable for 828 companies. Currently the businesses which are still surviving in this pandemic, they mostly work remotely or have completely online process. So this is the high time for you to take your business online if it's not.
Review your marketing spend
In this current climate, it’s easy for a lot of your marketing dollars to be flushed down a black hole. Turn off underperforming or non-essential ads. At the same time, it’s worth noting that you might be able to buy advertising and marketing services at distressed rates – which is fine as long as the short term value as opposed to the conventional lifetime value beats the cost of acquisition.
Inspire Confidence in Your Team
While it's easy to immerse ourselves in nothing but COVID-19 news and tweets, and become incredibly depressed in the process, and project a sense of doom and gloom to your team, you'll want to inspire confidence to ensure that they are motivated to keep doing their part to keep the company on its feet.
The article is inspired by the article published by SteveGlavesk on medium.com as 23 steps to survive COVID-19 by small businesses. You can read the article here.
Author of this article: www.99logos.in
