Navigating the pandemic has been quite the challenge for many, particularly businesses. Once the virus has run its course, it’ll be time to reopen and get back to business, but it helps to have some idea of what to do to help prepare for that day. Here’s a list of ideas to rebuild your business and help your business get back on its feet.
1. Coordinate with your customers
The current crisis has impacted everyone, and that includes your customers. As a business owner, it’s crucial you take some time to think about how your customer’s needs have changed and how you can continue to meet them. Another thing to consider is maintaining communication, even as early as now. Keeping in close communication is key to maintaining long-term loyalty, which helps make your customers more likely to come back when the virus runs its course. Above all, remember to let your customers know what’s changed for you to help them know that you’re still there for them.
2. Develop a time limit for rebuilding
There’s likely to be plenty of work to do to get your business up and running like before. However, it’s important to do some triage to find out which parts of the business need the most work. Develop a timeline to help guide how you approach the question of rebuilding. If your business needs funding before anything else, focus on securing that first before moving on to other tasks like rehiring or restocking. As you start, track your progress to find out which activities are working best toward helping you get back on your feet. Start with weekly reviews, then move on to monthly as things start to stabilize.
3. Consider whether you’ll need funding to recover
A great many businesses may need a helping hand to kick start the post-pandemic recovery. The first order of business is determining if yours needs some aid to help you get back on your feet. There are some loan options to consider that can help you find the funding you need to rebuild. One thing that can help you be more competitive regarding loans is checking your business and personal credit scores, as well as your business and personal financials.
4. Create new sales channels
One lesson many businesses have learned from the pandemic is the importance of having multiple sales channels. Many businesses are limited to a single business channel (brick and mortar locations are a notable example), which has led to difficulty serving customers. Think about new sales channels, like marketing your business online or creating an e-store, to allow customers to do business from home. As you adapt, it’s also important to let your clients know so they can give you business again.
5. Think about the paradigm shifts
The pandemic will have consequences beyond what we’re experiencing now, and it’s vital you be ready for them. Trends like remote working and online conferencing are here to stay, so take them into consideration when making your post-pandemic plans.
Some changes are inevitable after everything that’s happened, and your business needs to be ready for the changes. Keep the new trends in mind as you use these tips to help prepare your business for the new normal, whatever that may look like.