As restrictions begin to lift across the country, every small business owner is thinking the same thing. How do I re-open? While each industry varies, here are some things to consider when creating your reopening plan.
Start from scratch… sort of. No it isn’t necessary or practical to start from scratch, but realize this is an opportunity for you to have a fresh start. Before businesses began shutting down, you may have been too busy to make changes that you knew would improve your business; well the time is now. As you begin the slow process of reopening, use this time to evaluate employees and procedures. You may find that what you were doing before was not efficient or maybe one of your employees was better suited for a different role. Do not approach this with the mindset that everything needs to change; it doesn’t. What was previously successful will likely continue to be in “life after COVID-19”, but as an owner, maximize this time to ensure your business is running as efficiently as it can.
Give Yourself a Pep Talk
Remember that you have been here before. As a small business owner, you hold one tremendous advantage over large corporations and perhaps some of your competitors. Whether it was recently or decades ago, you remember what it was like when your business first started. You know the hardships you will inevitably go through only this time you know what worked and didn’t work when you first opened. Take time to reflect on this and discuss it with your staff who also might have been there from the beginning. Together you can create a plan to maximize the successes you experienced when you originally first opened your business.
Reevaluate your budget
It is naive to think that your business will return to the same, or even close to, the revenue you were making before the lockdowns just now as restrictions are being lifted. Be frugal about your spending or the conditions of funding or loans you may be seeking. Understand that you will, in all likelihood, be operating on a reduced budget and reduced revenue. The key here is the long haul; ensure you can make it to the time where business and customers are back to normal. Looking back on the previous point, remember what it was like when you first opened. Revenue is initially going to be slow and you need to have that built into your budget.
Put your head together with other small business owners. If you are in the service or hospitality industry, look to partners in your immediate area where you can team up to create events, share marketing avenues or package deals together to bring customers in. For owners with product or service based businesses, seek non-competitors within your industry, potentially outside your area, to collaborate on best practices. Everyone is in the same boat and will be eager to share their successes if they too can learn from yours.
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.
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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!
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