The Coronavirus outbreak has wrecked our lifestyle. The small start-ups or new businesses have been affected massively due to this pandemic. After being shut down for months a large percent of small businesses are on their deathbed. According to the National Federation Of Independent Business(NFIB), as of 30th March, around 92% of small businesses have seen a downfall in their business and only 5% haven’t been affected.
Once the normalcy restores people will find a way to rebuild or resurrect their heavily damaged business during the pandemic. Many people maybe become clueless and out of ideas to rebuild the business.
Here I assembled some ideas and strategies that might help you to get started your dream business once again. Before we start one thing we should keep in mind that this rebuild process may take some time, so patience is the key.
1) Assess The Financial Damage
The first thing one should know before rebuilding a business is where the damage has been done. In most cases, the financial damage becomes the main hindrance. You have to work on different layers of it. The hard numbers are a good place to start with. If you haven’t assessed the amount of loss that the venture suffered due to this pandemic it is not possible to get back on track.
You have to update your financial statements like the loss and profit cash flow. Comparing your gross cash flow with your previous year’s cash flow can give you a more generalized outlook to where things went bad the most. Apart from hard numbers things that affect the finance of the company also need attention.
You can plan some loans or laying off some employees or can cut other corners to achieve economic stability. Another important thing is to identify your financial resources like, the regular customers of yours who have migrated to different companies during this period can be brought back to get a financial rooftop.
2) Making A Revised Business Plan
The step towards a new start must be pre-planned and revised thoroughly. The pandemic has provided us enough time to start rekindle our innovations. One of the pillars to start again stronger than before is to increase manpower. During this period many people lost their jobs, this is the perfect opportunity to hire them at a lower salary.
You can also look for an internship that can be a good short term option to get your business started again. You need to look for ways to expand the business on virtual media. The post-COVID situation demanded the man to change their habits so the strategies to run a business must be changed too. Due to this pandemic, people are leaning toward online transactions more than ever, this the golden opportunity to work on the online portal of the business.
The whole world is suffering from problems so there will be more customers who will reach you out via online media. Analyzing the industry and demands are also important. For example, people are more concerned about their hygiene than ever, it is a sector where you can work on to pull more people towards you.
After planning it all the plan must be revised keeping the current social and financial situation in mind. At first, you’ll find some flaws in your plans you need to get rid of it. After revising several times the plan to revive your business must be good to go.
3) Develop A Marketing Campaign
The news of your business getting revived must be circulated through customers. A digital marketing campaign is the best way to let people know what the venture will bring after the pandemic.
Developing a marketing campaign can be very sensitive work as one has to keep so many aspects in mind while developing a campaign. The first thing that one must do is to study the current market and target a media from where the advertisement campaign can be started. Starting an SEO campaign can potentially pull more people to the web site now. According to the Global Web Index, 70% of people around the world said that they’re on their smartphone more.
This is the perfect stage to put an impetus on the online advertisement campaigning. Apart from social media, TV commercials or radio commercials are a good way to reach more people. Working together is key right now, so try collaborating with some companies who aren’t heavily affected due to the pandemic. They can help you promote your comeback in the market.
Pay Per Click campaigning can be the trump card for your business as a large number of companies is terminating those. Having that by your side will be a great addition to your online marketing arsenal. In short focusing on social media marketing or online campaigning will be the most reliable path while developing a marketing campaign for your business.
4) Bring in revenue and Rebuild sales
Revenue is the main asset when you are rebuilding your business. The sales process must have clarity and well defined.
According to the Harvard Business Review, there’s an 18% difference in revenue growth between businesses that have a defined sales process and those that don’t. SBA can be a good place to start if you are In a massive financial crisis. Getting back the old customers and clients will secure a good amount of constant revenue. Inventory financing, Purchase order financing and equipment financing can be applied while resurrecting the company finance.
The consumer is offered too many choices in the current market and most of the time they don’t know what is best for them. Assuring your product will be the perfect product for them is one of the key strategies to rebuild the business. The market must be studied thoroughly to launch new products which are up to date and useful. A marketing campaign can help with this a lot. A well-marketed product will bring more revenue. Launching new products to attract new customers or launching products targeting a group of people will gain you more customers easily, adding up to the sales at the end of the day.
Arranging events like grand opening can be a great crowd puller but it has some drawbacks. In this pandemic situation, it is not possible to arrange a people gathering so the safe way outs are either you have to shift the event when it’s all normal or you have to make this a virtual event. Including gift cards and offers will be very beneficial. It will help your business to grow too.
5) Developing A Timeline For Rebuilding
Your rebuilding plan may consist of so many changes but let’s be real, it is not possible to do everything at once. Things must be dealt with one at a time. The best way to do it is by planning a timeline.
At first, you need to prioritize the things that need changes. For example, the immediate goals that you have in your mind must be restored at first. You need to plan a whole route map. Start with the small investments first like hiring interns or investing in the marketing campaign. After these things are sorted you can do bigger projects like new launches or buying a new office etc.
While moving forward you must keep the capital in hand always on the mind. Pre-planned spending will save you a lot of money in the long run. Invest in the obvious things at first. Many people tend to spend on something that adds less to none to the business. For example, if you are running low on funds hiring an intern will be much better than hiring a full-time worker. Most importantly abiding by the planned timeline is essential if you want to get your business back on track.
6) Create A Contingency Plan
We all know that prevention is better than cure. We can never be too sure about nature so it’s better to prepare ourselves for the worst. This pandemic has taught us how we can cope up with problems that we are not habituated to have. This experience must be implemented in your business also. We don’t know for sure whether another natural disaster is knocking at our door or not but having a contingency plan can bring you a breath of relief.
For starter, building up some liquid cash is very handy only if you had nothing to set aside from the COVID outbreak. Trimming down non-essential spending or clearing all the debts of the market can be very beneficial. Keeping the most essential resources of your business stacked up is a wise choice indeed.
In cases, you need to make changes in your business model also so it’s smart to have a backup business model only for emergencies. Make an emergency plan by thoroughly discussing with your employees and make some logical protocols that must abide by the employees when another crisis hits mankind.
The best decisions are often made by our instincts. Situational decision making and thinking outside the box is the most effective weapon while we are trapped in a tricky situation. Having plan B or C or D will only benefit you so keeping the mind clear is most important.
“If you really look closely, most overnight successes took a long time.” – Steve Jobs
This pandemic has taught us how helpless we human beings are when nature stands against us. In the worst-case scenario, the best we can do is to stick together and work in harmony. Several small businesses have faced a fatal blow due to the COVID outbreak so you are not alone in this journey. The main differentiating factor between failure and success is determination.
We have fallen and the time has come to pick ourselves up and work for our dreams. It takes lots of zeal and endeavors to make a business to stand and turning around the scenario in this situation needs a lot of will power. So be patient, put your efforts an,d follow these rules and the success will be skyrocketed soon.