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Recover Your Small Business after COVID-19 Featured

The coronavirus pandemic has wrecked many industries across the globe, leaving many companies and individuals struggling to survive. Although almost all businesses, both big and small, have been affected by the pandemic, small ones have encountered the most damage. According to a report filed by the National Federation of Independent Business (NFIB), as early as March 30th, that was early in the crisis, 92% of small businesses had already suffered significantly from the effects of the pandemic. Only 5% of small business owners had not experienced the challenges yet. Nine months into the pandemic, most of the small businesses that had not been affected are now counting losses with others having to shut down completely.

Here are some ways in that you can adopt to emerge from the pandemic:

  1. Assess the level of damage from the pandemic

The first approach you must take as you seek to emerge from the pandemic is to determine how deep your organization has been impacted. You can do this using different methods. However, it is best if you start by updating your financial statements such as the company’s profit and loss accounts or the recent cash flow statements. Compare the current income with last year’s to see the losses you have incurred from the pandemic. After considering the hard numbers, consider other areas that might have been impacted by the pandemic. These areas can be human resources and budget cuts. These are the areas that need to be clearly understood before reopening.

  1. Relook your operating models and business plans

Although the current business plan and operating models might have worked well before the pandemic, many things have been changed significantly by COVID-19. You may need to assess the changes in the environment and think of how your business plan can be tweaked to match the new normal and succeed. For example, if you have been running a brick-and-mortar store that depends on foot traffic to sell, you may need to move your operations online to tap into the online marketplace, that is gaining fame.

  1. Look for funds to help your business recover from the damage

Unless you have massive savings from your past sales of goods or services, you will likely need some money to restart your operations. There are many ways and financing methods that can be considered depending on the type of business you operate. A perfect starting point is to apply for the government relief that is meant for small and medium-sized businesses. Other alternatives include short-term business loans, bank loans, or grants from other lenders. All these financing options can help you start smoothly.

  1. Strategize on how to rebuild

While there are several things that you need to do to recover following the pandemic, doing everything once without a specific order might cause many problems than it can solve. This can be avoided by setting up timelines and prioritizing the most critical tasks first. Always design a guide to help you follow set steps in the process and track your progress. This will save you the little money borrowed from financial institutions or other sources.

  1. Prepare for potential challenges and crisis

The pandemic has been a wakeup call for all businesses, whether small or large. Although the pandemic may take long to occur again, the reality is that businesses should always be prepared for future unpredicted disasters that may affect operations. As a small business owner, always have a contingency plan and funds that can sustain your operations and allow you to move forward.

Now is the right time to think outside the box and prepare for the hardest restart. Design a plan that will help you improve your survival odds and lead you to thrive again.

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Scott Koegler

Scott Koegler is Executive Editor for PMG360. He is a technology writer and editor with 20+ years experience delivering high value content to readers and publishers. 

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