My 7 key steps to getting a business back on track after covid-19
We’ve all been thrown a curve ball and it is going to take a while to get back to any sense of normality. At the same time though, with this blow to the world economy, businesses coming out of ‘Lockdown’ need some strategies to get the rebuilding process ignited.
1. Establish communication with the outside world
The first step in the rebuilding process is to make sure you are connected to the outside world and this normally means a working internet connection, telephone, computer and relevant video conferencing software. With social media such as LinkedIn, Twitter and Facebook, there is some incredibly useful information coming through all the time and if you are connected, you can benefit from it.
2. Start small and work your way up
Whenever you find yourself starting to feel overwhelmed about what needs to be done – start on the smaller jobs, one by one, and you will start to get progress.
3. Let your suppliers know what is going on
Keep in mind that if your business is not making money neither are your suppliers, so it is in their best interest to help you get up and running as quickly as possible. Even though it might be a few weeks or months before you are ready for stock, early ordering will put you on their system.
4. Talk to your bank and finance providers
Cash flow is going to be a big issue, particularly in the short term. Make the call early to your bank and to any institution where you have credit and let them know your situation. At this time they will be supportive by deferring repayments.
5. Keep your employees informed along the way
This is a tough time for employees, in particular small businesses. They know that the business owner generally doesn’t have a lot of money and with no customers coming in the front door, their jobs are jeopardy. Be honest and lay it on the line, you might be surprised by the response from your employees.
6. Manage your physical and emotional wellbeing
At the moment the emotional toll if allowed, can be enormous and is something we can easily overlook. This means eat healthy and exercise. You simply have to take care of yourself as this is a marathon event. This is no time to try and carry everything on your shoulders. Once you have finished the rebuilding stage you will need your energy to drive the business forward.
7. Let your customers know what is going on
As soon as you are operating again, even if it is in a reduced capacity, inform them of the progress of your business restoration, by any means possible. It is imperative that you get customers coming back to your business and spending money as quickly as possible.
In this tumultuous time, it’s hard to think that there is an upside. If you look deep enough there is a potential opportunity, specifically to rebuild your business the way you have always wanted it to be.
Life somehow always seems to give us an unexpected positive outcome when faced by misfortune. This is a time to help us think about what we have, not what we have lost and we should be grateful.
