The shock to the economy and living standards caused by COVID- 19 has no earlier examples. As the country begins recovering from the pandemic, small businesses are facing tremendous challenges in reopening and adjusting to the new normal.
If you’re in a similar situation, here’s a quick guide to help you rebuild your small business.
Assess Your Finances
With falling revenues, many businesses now need help covering immediate expenses and working capital requirements. Go through your financial statements to figure out the bare minimum you need to open your doors again. Consider the Paycheck Protection Program or Disaster Assistance loans for short-term financing.
Revise Your Game Plan
To survive in the corona era, you may need to make temporary or permanent modifications to your old business model. Keep the convenience of your customers in mind while devising your next strategy. With a higher number of people shopping from home, digital expansion and home delivery services are the needs of the hour.
Follow Safety Protocols
As a business owner, your employees and customers’ health and safety should be your primary concern. Assess your business’ current cleaning and sanitation practices against the CDC’s recently released recommendations. Consider limiting the number of employees in one shift to encourage social distancing.
Stay in Touch With Customers
Reach out to your customers and let them know you’re still there for them. Keep your customers updated with the changes you’ve made in your services and offer advice and information that can help them cope with the pandemic. Use this time to connect emotionally with your customers and build long-term relationships.
Create a Contingency Plan
World Health Organization Director-General says the threat of virus resurgence remains very real. Make yourself alert enough to adapt to any unfavorable circumstances that may arise in the future and have a plan B ready.
These are some helpful ways to rebuild your small business during COVID- 19. Another way to secure your business is by getting the right commercial insurance. Contact the experts at Gant Insurance Agency in McKinney, Texas. We are ready to help you with all your coverage needs today.