Did you know that nearly 100,000 businesses that shut down temporarily in the pandemic are now out of business?
There is no surprise in seeing the number of businesses running out of the game based on the impact that COVID-19 has on our lives. The shutdown was no less than a punch to the gut for business owners, from salons and daycare to tattoo parlors. Whatever the kind or niche of a small business was, their owners were the ones to take the economic bullet to their chest.
No matter how established a business was, or how far it had made from its starting point, the blow was severe for every business. Many multinational companies struggled, but they soon adapted and arranged resources to operate from home.
Businesses hung by a thread, keeping their financial wheels turning during the lockdown. Several weeks after its onset, the pandemic caused a massive dislocation for businesses. Entrepreneurs who had just started to understand their budding businesses suddenly went underwater due to sudden lockdown and uncertain period of its imposition.
Many had to lay off their employees to manage the costs, while some had to face the loss of demand and supply. Don’t lose hope if your business had suffered during the pandemic. The following tips and strategies can help you revive it.
Revisit Your Business Plan
Suppose that you set up your business when the pandemic was not in sight, and it did pretty well, but the pandemic knocked it down. Coming out of the pandemic and reviving your business post-pandemic means that you may need to fine-tune some of your business aspects.
Your first concern after assessing your finances is to assess how your business can pivot to adjust to the new normal post-pandemic. Pre-COVID, if your business was not relying much on digital expansion, it could now make the most of digital expansion after the pandemic as the industry has shifted to online resources.
Revisiting your business plan is vital in reviving it. Gather the right resources; recruit someone with relevant education like someone who has a masters in business online. They will analyze your business from a professional perspective and help you fix the damaged areas. Examine every step of your business model and determine room for changes, keeping the post-pandemic factors in mind. Doing so will help you understand what operation you need to remove or add or modify.
Evaluate The Financial Damage
The first step in reviving your business is to know where you stand financially. Do you have enough finances to restart some mandatory operations to give your dying business a reboot? Financial understanding and assessing your business are vital to gauge your business’s impact due to the pandemic.
By comparing your current profit, loss, and cash flow to last year’s records, you will understand how deep the economic blow is and what you should plan next.
If you had to lay off some or all of your employees, you would need to consider this factor while rebuilding your business. Comparing the marketing and advertising budget you have at present and the situation of your clientele, you can identify the financial status and plan accordingly.
Groom Your Online Presence
While surviving the pandemic, the whole world relied on digital platforms for their basic needs, and e-commerce has flourished enormously during a pandemic.
It has now become impossible for businesses to survive without an online presence. The consumer experience and business authenticity all rely on your online presence. While revisiting your business plans, or assessing other aspects, consider revamping your online presence while planning to lift your business once again.
If you already have a website, it is time to tweak or maximize your online presence by making necessary yet effective changes. Enhancing the page navigation to uploading relevant content on your website can help extensively change its outlook.
Connect With Your Customers
With however many customers have stayed with you throughout the pandemic, you can learn well by knowing their perspective. The pandemic has changed how businesses operate, but it has also impacted a customer’s preference.
Understanding what pain points your customer has or the solutions they are looking for, you can plan your revival effectively. Your business revival depends largely on your consumer base. It will only succeed if you are addressing all the pain points they have post-pandemic.
Revamping Your Budget
While reviving your business post-pandemic, you may have to revamp your budget to account for new expenditures before you can make money.
A business analyst with an on-campus or online master’s in analytics can help in mitigating the business risks. Having a detailed business analysis will help in creating robust revival strategies, including your budget.
When rebuilding your business, you will need sufficient finances to cater to the rising needs, such as allocating money for training and hiring new employees or having a new inventory.
The pandemic has affected every aspect of our lives. It has also taught us how having the flexibility to adapt to changes can help us survive. Keeping a fluid business strategy can help you brave the strongest storms.
Having a contingency plan can save your business. Reviving your business might not take too much effort if you already had your feet firm in the field, but one should always have a backup plan if there is another wave or lockdown.
While rebooting your business strategy, the more outside-the-box your thinking is, the better are the chances of revival and getting back in the game.