Ways to Rebuild Your Small Business after COVID-19
Jun 20, 2020
The novel Coronavirus has left the Indian economy shattered with a large number of small businesses struggling for survival. It might take a good time for companies to get back to the pre-Coronavirus times and levels of activity.
Even getting close to those levels might be challenging, considering the present situation in India. But, it is high time that small businesses across the country start working on their pandemic exit plans. Some ways that can help small businesses in rebuilding themselves post the COVID-19 outbreak are as follows:
Assessing Financial Damage
This is the very first step that can help small businesses in rebuilding their work potentials. Evaluating the extent of financial damage caused because of idle work conditions for almost two and a half months can help small businesses in taking further steps for revival. The first thing that businesses need to do is get updated with their cash flow and profit and loss statements.
This can help them in making comparisons with the numbers they found last year. So, it gets them the numbers they are down with this year. Also, businesses need to account for the customers that have migrated to the competitors because of cutting marketing and advertising costs.
Using New Ways of Selling Products
The pandemic will bring about significant changes in the buying behaviour of people, and small businesses should have this firmly embedded in their work pattern. Even if the lockdown situation is done with, customers will hesitate from visiting crowded places and busy stores.
Even business individuals will avoid conferences and trade shows. The organizations that were previously utterly dependent on person-to-person communication will now have to look out for alternative methods of selling their products and services. For instance, restaurants might have to depend on takeaway sales while other stores might have to transform into eCommerce portals.
Considering Fund Requirements: Very Important
Even in normal times, small businesses hardly have cash that can help them in handling business operations regularly. So, expecting them to have the cash to get going with this emergency is nothing but foolishness. It is quite likely for small businesses to need unsecured working capital loans for jump-starting their business operations while coming out of the pandemic.
Keeping Customers Informed about Everything
Small businesses should not forget that even though the buying behavior of people might have changed, their old clients will always look forward to relaxations in the restrictions set in the wake of the novel Coronavirus outbreak. Businesses will have to out in good time in recovering customer confidence, but customer spending is likely to bounce back.
Hence, small businesses should ensure that their customers know that they are up and running. Companies should also inform their customers about their post-COVID-19 strategies. Many customers will find it inspiring to support local and small businesses trying to make a comeback.
If small businesses take proper measures even before the economy reopens, it will not only help them in rebuilding their operations but in surviving and gaining success all over again.