Preparing to get back to business after temporary shutdowns and extended lockdowns? Your business has made it through unprecedented times of economic crisis—but things aren’t back to normal just yet. However, there are steps you can take to effectively ramp things up in your small business.
A lot has changed and your business may face some unique challenges after reopening. It’s important to be aware of how the coronavirus pandemic will affect your future and develop a plan accordingly.
Take a look at some of the top business strategies to help you make an impact once you’re back to business.
The world has changed dramatically over the past few months. If you haven’t already, be sure to revisit your marketing strategy after COVID-19, as well as brand messaging, to ensure everything is still relevant. You’ll especially want to let the public know which safety precautions your business is following at this time.
It’s also a good idea to fine-tune your website and focus on maintaining your digital presence. Consider updating your homepage, blog, product pages, or even images on your site.
Posting on your Facebook page, Instagram account, Pinterest, or other social media platforms can be another inexpensive way that small businesses can reach consumers and let them know they’re back in business.
You probably focused on cutting costs during the height of the Covid-19 pandemic. Once you’re back to business, it’s crucial to continue finding ways to reduce your expenses as much as possible.
If you haven’t already, start by negotiating your financial obligations and bills. Creditors, utility companies, and landlords may be willing to give you a lower rate in order to secure your business. You should also look into consolidating your debt into a single, more manageable payment.
Now is also a good time to explore new automation technologies to help you streamline and simplify your business. For example, introducing chatbots on your website can be an effective way to deliver quality customer service at a fraction of the cost of a full-time employee salary.
Diversifying your revenue streams ensures your business is better protected in case one income source is threatened. Multiple revenue streams also provide additional financial security – especially during a recession.
Restaurant owners should start exploring take-out and delivery options. You can also start selling branded food products, such as house sauces or ingredients, at your location or even online.
As a construction business, consider expanding your client base to include multiple different industries. You may also want to introduce new project types or service work. Small maintenance projects can be a straightforward and lucrative way to boost revenue.
No matter what industry you’re in, there’s probably more than one opportunity for new revenue streams.
Optimizing your cash flow can help you reach your short-term business goals and maintain long-term financial strength, despite setbacks due to COVID-19. If you haven’t already, reducing expenses and exploring new revenue streams are a great place to start.
Business owners can also also take advantage of extra financing opportunities by applying for a grant program, business loan, or line of credit.
A second round of Paycheck Protection Program (PPP) funding has been introduced and includes $284 billion for small businesses. While the first round was passed through the CARES Act, the second round was passed through the Economic Aid Act. Even if you’ve already received funding in the first round, you may still qualify for cash if your business meets certain requirements.
While PPP can be a practical, cost-effective way to keep your cash flow healthy as you make plans to reopen, know that you’ll need additional funding from a flexible source like a line of credit if you’re planning on investing in larger, long-term initiatives.
During the height of COVID-19 lockdowns, small business owners that had enough savings to cover at least 3 months of business expenses were in a much stronger financial position. In the event of another crisis, an emergency fund can help your business stay afloat.
If you don’t have enough cash on hand for an emergency fund, try to cut down on unnecessary expenses. Developing new streams of revenue will also give you some room to build savings.
Another good option is to open up a business line of credit. A line of credit allows you to borrow cash up until your limit and only pay interest on what you’ve borrowed. It’s essentially a safety net you can tap into for extra cash when you need it.
Whether your business was closed for the majority of the lockdowns or your employees switched to remote work, you may have made personnel changes. Either way, as you return to work, you’ll need to bring employees back or hire new ones.
Make an effort to communicate clearly with your employees about which safety procedures they should follow. You should also clearly communicate your policies about personal protection equipment, social distancing, COVID-19 testing, and more.
Continue to develop new policies for your employees to follow as needed. You may also want to consider cross-training employees to prepare for emergencies or absences. Remember to continue utilizing technology for communication and streamlining tasks.
If you made a number of layoffs during the height of the coronavirus pandemic, there’s no need to rush your hiring efforts as soon as you get back to business. Instead, start by bringing back the most essential employees first, such as managers and employees capable of wearing multiple hats.
Afterwards, you can focus on gradually building out a team according to your revenue streams. If you’re unable to hire full-time staff, consider outsourcing work to contractors or freelancers.
The coronavirus pandemic has brought about many changes that are likely to stick around, even after the virus subsides. It’s important to evaluate which business strategies kept you afloat during lockdowns and focus on maintaining those efforts.
If you believe your business benefited from a work from home policy, consider ways to permanently adapt remote work in a way that works for you. If you found your online sales performed well when your retail location was closed, keep investing in eCommerce.
Regardless of your situation, there are always opportunities to take things to the next level and drive revenue further. The team at National is here to help you get the funding you need to capitalize on those new opportunities.
Eligibility requirements don’t hinge on credit score, and you can qualify with challenged credit. You can put the cash toward anything you need to return to work, including operating costs, payroll, and anything else.
A business loan or line of credit offers the cash you need to pursue long-term goals and new trajectories.
National makes it easy to secure financing that’ll help you get back to business and reach new heights. Rather than considering just one option, we can help you find multiple options through our marketplace. Our knowledgeable Business Financing Advisors will answer your questions and help you select the right option for your business.
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National Business Capital & Services is the #1 FinTech marketplace offering small business loans and services. Harnessing the power of smart technology and even smarter people, we’ve streamlined the approval process to secure over $1 billion in financing for small business owners to date.
Our expert Business Financing Advisors work within our 75+ Lender Marketplace in real time to give you easy access to the best low-interest SBA loans, short and long-term loans and business lines of credit, as well as a full suite of revenue-driving business services.
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Matt Carrigan is the Content Writer at National Business Capital & Services. He loves spending every day creating content to educate business owners across every industry about business growth strategies, and how they can access the funding they need!