This pandemic COVID-19 has caused heavy financial crisis around the world which left many small business owners at a peak point of struggling. Small business suffered a lot negative results and issues due to this pandemic crisis.
As the small business is suffering a lot, it is very important to come back to recovery state when the global and Indian economy becomes stable. Rebuilding your small business after post COVID-19 is very much essential to get back on the track once again.
Here are certain steps that you should need to take for the future growth –post COVID-19. Scroll this article down to know the steps. Have a happy reading ahead.
- Take another second look: Your business plans have really worked in the pre-COVID era but the same thing is not going to work post-COVID era. As we all be stepping into the new normal, your business plans needs to get changed according to the ‘new normal’ situation. You may look at the digital expansion and can promote online shopping for the customers. Give priority to the customers’ demands during this pandemic crisis. Help them to feel that you all are here at any time. Organize free webinar on the products and make the customers aware of it. But you must know remember your SWOT analysis- strength, weakness, opportunities and threats to your business and its plans. Make sure that your business is goal-oriented and that too is realistic considering the current circumstances.
- See the fact that will you be needing funds to recover or not: You may be needing some working capital to start your business after the post COVID era. Financing your small business after the post COVID-era is tough but not impossible. There are certain programmes like Pay check Protection Program, Economic Injury Disaster Loan and many can help you out with the funding. But the issue is funding is very limited. There are other sources of small business funding like- business lines of credit, business credit cards, merchant cash advances, inventory financing, equipment financing and many more.
- Recreate your budget for new spending: First of all you have to recreate your budget plans because the new normal life is not going to become so easy as you may have to spend money rather making money. Clear your new budget plans because you have to look how to make best possible revenue coming in your business. Your goal should be eliminating the monetary gap and use your operating cash flow budget or statement to take the advantage of it.
- Try to develop a time line for your rebuilding: You will needing many things that you might try to re-build after the post COVID era. Do not try to do things at one time as it will create confusion and it may not look realistic in nature. To avoid this issue, create a time line to give priority to your most important actions. When you are taking an individual step towards the recovery of your small business, you are on the track of progress and success. In the initial stage of COVID-19 recovery, you can check the weekly charts to see and check what is working and what is not. But later you can shift this weekly checking to monthly checking of your business finance which things become stable.
Though it is given three, we have tried our best to bring the four steps of how your small business can recover in the post COVID-19 era. Trying these steps will help your business to recover to some extent when the economy becomes stable and we step out to be a ‘new normal’.
Always remember, the more outside the box you think you can do to fight and prepare a worst case business scenario, the better it is.