Can my business reopen / continue to survive in the pandemic?
One of the greatest questions every business owner is asking themselves is whether their business will survive this pandemic. At one point or another, all businesses have experienced this stressful question. Finding ways to resuscitate your business and keep it growing is not an easy task by any means (here in 2020), but there are many variables that can be used to propel your business forward instead of holding it back. Being able to identify your obstacles is the first line of defense against letting them keep your business from building back up.
Financing
The biggest obstacle most businesses are facing as they plan to reopen is financing. Even businesses that have remained partially open during the crisis have likely seen a hit to their revenue, and many now need help covering basic expenses like rent and utilities before they can ramp back up.
Look at your numbers and figure out the bare minimum you need to get things going again. If you can’t do this all yourself, hire a financial consultant until you can afford bringing on a full time accounting staff. As for the source of the funding, consider whether you have access to any of the assistance from federal aid or the U.S. Small Business Administration. If you are one of the businesses who do not have those options left, or need more assistance than they are able to provide, that is where we can help you to navigate.
Initial Staffing Requirements
If you’re one of the many businesses that had to lay off or furlough employees during the crisis, you may not be able to bring them all back at their full capacity right away. Consider whether you can offer limited hours to the majority of your pre-pandemic staff, or whether it makes more sense to have a few key individuals on for their regular hours, while slowly re-expanding your employee base as business picks up again.
Safety Concerns from Team
If you are a small business, your staff will be a critical part of your recovery, so it’s important to let them know you will take their safety seriously when you reopen. Clearly communicate all plans and policies you develop regarding PPE and employee health monitoring and take the time to answer any questions and concerns from your staff.
Anticipating Custom Needs / Demands
Your customers’ lives have all been impacted by COVID-19, and they may need different things from your business right now. Their disposable income is likely limited right now, so get creative and think of how you can help solve the challenges they’re facing at this point in time. This may be as simple as changing your marketing messaging, but some businesses may need to reposition or update their core offerings to fill the needs of their market. Either way, Salesforce recommends rapidly innovating your products and services to better meet immediate customer needs.
Business Concept
If you find that your business concept is just not making the list of things (products or services) that consumers / clients are looking for right now, find a way to pivot. You can do a partial pivot, which would be to evolve the concept of your brand to incorporate products or services that consumers and clients are willing to pay for, or you can change direction completely, finding a way to use everything you have going for you already (staff, location, software, etc). This is a time to repurpose and reinvent.
Thinking of Starting a Remote Business?
Of course there are more options, which we will share on our next blog, but the key is to start exploring now. Don’t just sit at home watching Netflix and letting this opportunity go by. If you have the dream, we can help you get the funding to take the next step.
It’s becoming all the rage now, with people looking for opportunities and creating new business ideas. If you are one of the bright new entrepreneurs looking to weather this storm by building a strong boat, we can help you find funding options that are right for you. Why wait another moment?
Financial restraints have been a complaint for many of the dreamers, limiting themselves to their immediate funds. There is an alternative. If you have the dreams and decent credit, Small Business Loans and No Doc Loans are available to you. Our goal is to provide you with the knowledge you need and the resources available to make your dream a reality. Give us a call – we have the education and the perspective to help you obtain the loans you need for your small business. Visit our website or give us a call to find out what financial backing is available to make your business soar!
Unsecured Finances has over 10 years in the consulting business! We specialized in educating and assisting clients on acquiring Unsecured Business Loans and Start-Up Business Specialty Loans including; Unsecured No Documentation (No-Doc Stated Income) Loans, Unsecured Business Loans, and Unsecured Start-Up Business Loans and Lines of Credit from $10,000 to $500,000 without Assets.
Apply on our website to find out if you qualify, or call today for a free consultation: 1-888-294-2584
