Running a business on normal days is tough, let alone amid a pandemic like the COVID-19. There is no doubt that it has become even harder to grow the business, increase revenue, and stay afloat. The National Federation of Independent Business (NFIB) reported that 92% of small businesses were experiencing business hardships following the outbreak that has brought the world to a standstill. The pandemic’s impact could be challenging, especially for your small business due to limited resources, resulting in slow growth. But, do you know that there are steps you can still take to jumpstart your business? Let us explore them below.
Take a second glance at your business
A business plan comes in handy when making critical decisions for your business. After experiencing a business crisis, it is crucial that you revise your business plan to try to fit to the new road that you are taking. For example, if you had planned that you were to expand your business in two months, then you have to revise that. That means that you will need to make the necessary adjustments to be clear with your business goals. It is time to adapt to the situation and make hard business decisions!
Assess your financial situation
The immediate step into rebuilding your business is to determine how deeply your company has been impacted. It would be best if you considered poring over your financial statements to see where the profits and losses stand, in comparison to previous years. In addition to studying the hard numbers, look at other aspects of your business, such as the workforce, and see how you have been affected. Did you have to lay off your staff at some point? Did you cut your advertising fees? Have some of your customers migrated to your competitors? Finding answers to these questions will guide you on the right decisions to make while rebuilding.
Streamline your IT department
Technology is now vital in helping you jumpstart your business. For example, you might need to go remote as a way to adapt to the situation. This will increase help cushion your revenue and make room for your business to grow. Now, this is where your IT comes in handy.
For example, you need to have functional computers that are running smoothly. Imagine having to wait for minutes for your business computer to open a document? Slow computers are inefficient and can cost your business. One way to streamline this is to do regular maintenance to avoid running into issues.
It could be as simple as ensuring your computers have the right amount of disk space at all times. In case your computer space is almost full, you can delete files, move some to other storage devices/locations, clean junk to free up space, etc. You can compare the tools for cleaning your computer and choose the best and most cost-effective for your business. Ultimately, this will help speed up your business processes, plus it will serve your customers and staff better. You should also invest in the right tech tools for your business needs.
Invest in digital media
In the modern era of technology, it is almost possible to compete in business without leverage on digital media. In this case, take advantage of things like social media to sell your products and services. You should also invest in a good website to help interact with your clients and sell your products virtually. A business website will have a significant impact on your business in several ways:
- You will reach a broader demographic of customers
- It will increase the credibility of your business
- You will increase your sales it will be exposed to many people
- You will be able to create customer convenience at minimum cost and time.
Tip: You should also try out using SEO strategies to grow your business
Any business has its lows and highs. Sometimes, it can be caused by external factors such as a pandemic that is beyond your control. However, there is always room to bounce back and jump-start your venture!