We won’t argue that business is business-as-usual, or that adapting to the “new normal” is as simple as it sounds. There is no denying that smaller independent businesses have been hit hard. But that doesn’t mean that there are no opportunities to seize.
With recovery in mind, now is the time to be making decisions and taking actions that will carry the business forward.
So, here’s the top 4 things that businesses should do to bounce back better from COVID 19.
Develop a three month financial plan
It’s never a fun thing to do, but financial planning is important. Especially now, you need to be on your A-game!
Consider who you need to pay in the next three months
Find out what options are available to spread costs
Cut any unnecessary costs
Don’t forget to look at your personal finances. Have a realistic discussion with your partner, are there necessary costs or can they be put on hold?
Think strategically about how the pandemic is affecting your customers
So many things have changed. Expecting your customers to behave in the same way is pointless.
To ensure that your small business can bounce back better from COVID, consider how customers will behave moving forward. From there you can reposition your products and services to address the specific pain points that these people are now facing.
You may want to consider how technology could help you reconnect with your customers. If you have a window cleaning business, you probably use cash. Instead of buying an expensive card machine, download Roqqett and start taking contactless payments via the app.It’s simple for you and your customers.
Communicate with the relevant people
Striking a balance between caution, and maintaining a business-as-usual mindset can be tricky. But once you have a COVID appropriate business strategy, what’s next?
Training. Your staff need to feel supported and confident with any changes.
Connect with your customers. Use social media to explain how things have changed. Host a Q+A session on your Instagram story, make sure that everyone is on the same page.
Have a plan B
Planning always saves you from the worst-case scenarios. But it’s always useful to have a Plan B and if possible, a Plan C. That way, if something goes sideways, your business can avoid being hit hard.