The coronavirus outbreak no doubt wreaked business and financial havoc around the world, leaving many small business owners struggling to survive.
While the short-term outlook for small businesses will vary greatly depending on their industry, it’s vital to start taking into consideration what we can all do to recover once the economy begins to return to a state of normalcy.
Take a Second Look at Your Business Plan
Your business model may have worked perfectly pre-Covid, but you may have to do some fine tuning as we come out of it. Your business needs to adjust to the new normal and that may mean pivoting in a completely different direction to what you might expect. For example, if you previously relied on customers coming to a physical location for sales, it might be now that you take a look at expanding digitally and selling your products online.
Revamp Your Budget and Spend
You won’t want to hear this but you’re going to have to spend money first before you can make money. Coming out of the COVID-19 pandemic, you may want to think about hiring and training new employees or rehiring ones you had to lay off. You’ll have an influx of new inventory to purchase. And most importantly, you should rev up your advertising and marketing budget to start building fresh buzz.
Develop a Timeline for Rebuilding
It’s not going to happen straight away but don’t get frustrated. Rebuilding your business after a global pandemic is going to take time and you need to be realistic. Just remember that as you take these individual steps towards recovery, that you need to track your progress. You don’t want to waste time on things that aren’t actually delivering a good return on your investment.
For more business advice, please don’t hesitate to get in touch.
And while you’re here, you might as well follow us on social media too.
Twitter: https://twitter.com/Purpose_Mktg
Facebook: https://www.facebook.com/purposebusinessandmarketing