Since coronavirus has become a full-blown pandemic, the unemployment rate has rapidly increased as businesses are forced to close their doors for the sake of public health. It has wreaked financial havoc across the world, leaving many small-business owners struggling in its wake.
No doubt, this is a stressful time mainly for small business entrepreneurs who have smaller coffers to sustain them. While the short-term outlook for start-ups varies as per the industry, it is vital to consider what recovery mode will look like once the economy begins to return to a state of normalcy.
But having an exit strategy after the pandemic will help you to be prepared to hit the ground running and recreate. In case, you are not so sure what your present and exit plan should be during and after COVID-19 situation, here are some ways to sustain and get your business back on the track.
Make a Backup Plan
Present-day, businesses are putting safeguards in place to ensure the security of their companies and employees the major precaution many business owners are taking includes creating an emergency preparedness plan. This plan includes major steps to protect employees, what to do if this outbreak occurs at your company, how your employees can contact you, and what will happen to company function if it is infected.
Communication with Employees
Communication is an important part of doing business. This time, your employees are likely concerned about their health and how they can continue working as more things. Whether you have a small team or a big team, try to be in constant touch with them- via. Email, text, or call.
Connect on a Personal Level
This is a perfect time to encourage your community to follow, like, and share information about your business and to leave reviews on Google and Yelp. Utilize this time to connect on a personal level, so when things get back to normal, they feel that connection and become a lifelong customer.
This period is also great to focus on customer service like handwritten letters, manual and personalized emails instead of automatic flows, and tries to respond to more comments on social media. Anything to help make these customers feel appreciated for still helping you when everyone is struggling.
Stay Prepared for the Next Crisis
While the COVID pandemic may seem like an once-in-a-lifetime event, the reality is that an emergency can come along to disrupt your small businesses at any time. Use what you have learned during this current situation for them to prepare for the next crisis, it would help you to insulate your business from future shocks.
For example, building up liquid savings may be a priority for your business if you had little or nothing aside before the coronavirus begins.
Consider Whether You Need Funding to Recover
Unless you had a large amount of cash on hand going into the pandemic, this is likely that you may need some working capital to start your business operations coming out of it.
When it comes to financing your small business, there are various options to consider. If you are considering financing to help rebuild, keep in mind that borrowing may be competitive, as leaders want some reassurance that loans can be rapid. Review your business and personal credit scores and also your business and personal finances to gauge how likely you are to get approved for funding.
The COVID pandemic has impacted businesses and industries of all sizes. The lessons we are taking from the crisis in the global sense- supporting each other, keeping each other safe, learning new ways to connect, and banding together in a common effort and learning new ways to connect.