Ways to Rebuild Your Small Business After COVID-19

  • September 23, 2020
  • Written by : REIL Capital

In the past, most small businesses have relied on day-to-day sales and operations to continuously earn a profit. Nowadays, as these same companies tackle the outcomes of COVID-19, owners are scrambling to find answers and struggling to create a strategic plan to allow their business to stay afloat. 

The National Federation of Independent Business (NFIB) conducted a survey amongst small business owners in March, and discovered that 92% of them had experienced a negative impact from COVID-19.

Despite this financial disaster, small businesses across the United States are continuing to reopen. With this, an influx of motivation, ideas, and dedication to growing has been seen amongst all who continue to fight. 

To help and support your small business, we’ve put together a list of ways to rebuild after COVID-19:

Seek advice from the U.S. Chamber of Commerce

Gain advice from those who have the greatest understanding of the individual effects varying state-by-state with the U.S. Chamber of Commerce. As small businesses gradually reopen their doors, the Chamber will continue to assist and support in many influential ways: a small business tool kit,  free virtual events, and programs intended to educate all of America’s small businesses. 

Dive into your finances

If you haven’t yet, it’s time. Unpack all of your business’s financial history, balance sheets, and bank statements. Doing so will help you see the bigger picture in regards to exactly how COVID-19 has affected your business. Understand how and why you turned a profit, as well as how and why you lost money throughout the entire process. Expand on what worked, and re-strategize what did not. 

Look into funding options

Funding seems to be a go-to option when rebuilding your business. You need working capital now to have the ability to take immediate action. With us at REIL Capital, we will work with you to determine the best possible funding option for your small business. Options may include: quick small business loans, merchant cash advance, revolving line of credit, equipment or invoice financing, and more. 

Rewrite & Reforecast 

You have a detailed, well-formed business plan. But — have you adjusted it to fit the new norm? After disaster hit, many changes took place: e-commerce stores profited, digital marketing skyrocketed, and companies were forced to pivot. To stay up-to-date with these evolutions, you will need to reforecast and form a new strategy, one that compliments changes within your target audience, product or service offerings, and potentially altered market. 

Grow with Google’s G-Suite

Google’s ever-evolving platform includes a full-fledged atmosphere for companies to improve their organization, and work remotely and digitally. Work together with Google’s G-Suite and stay on top of all day-to-day operations. Connect through emails, video conferencing, and calendars, and collaborate in real time on all other files. No in-person meetings or mandatory office days required. 

As you continue to rebuild your business, keep these five helpful ideas in mind.

Whether you choose to get organized on Google’s G-Suite, re-strategize and rewrite your business or financial plan, or seek funding with us at REIL Capital, you are making the next big move for your small business. 

The more you improve and adjust, the faster you will begin to see the successful future of your business. Before you know it, you will be onto the next step: growth. 

 

Leave a Reply