COVID-19 has been hard for everyone, especially small businesses. Thankfully, small business recovery is on the horizon for many.
As we approach the light at the end of the tunnel, we look at how you can create a strong small business recovery plan. Let’s get started.
How to build your small business recovery plan
1. Focus on creating a safe workplace
As small businesses begin to reopen, your first priority should be health and safety. From limiting the number of people in your store to having masks and hand sanitizer readily available, it’s your responsibility as small business owners to keep your employees and customers safe.
As part of your small business recovery plan, you need to think about what logistical changes are needed for safe business operations. This could include changes such as:
- Increasing sanitization frequency
- Implementing curb-side pick up
- Creating a rotating schedule for in-office employees
- Continuing to let your team work remotely
2. Stay up to date on new regulations
While some states are gradually re-opening, others are still sheltering-in-place, and some never closed at all. Regardless of the status of your area, it’s smart to prepare your small business recovery plan as far in advance as possible.
As you work on your small business recovery plan, it’s important to have your finger on the pulse of any new regulations. Setting up Google alerts or subscribing to updates for your area’s regulations will help you keep you up-to-date on any changes and let you adjust your small business recovery plan as needed.
3. Re-evaluate your finances
COVID-19 has hit small businesses extremely hard financially. So before you get back to business, it’s important to re-evaluate your finances.
As you prepare your small business recovery plan, you need to take a look at:
- Costs you can cut
- Grants you can apply for
- Loans you can have forgiven
- Adjusting your prices
- Any changes to your tax deadlines
Doing so will let you know exactly where your finances stand and what actions you need to take to recover from COVID-19.
4. Take stock of inventory
A crucial part of your recovery journey is ensuring that you have the inventory needed to get back to business. Before you re-open, it’s smart to do a full inventory count, so that you know exactly what you have to offer your customers.
Incorporating inventory management into your small business recovery plan also allows you to:
- Get ahead of reordering your best-selling products
- Ensure you don’t lose sales because of a lack of inventory
- Plan promotions for items you have a surplus of
5. Promote your business
Let’s face it, not every small business made it through COVID-19. You’ve worked hard to stay in the game this long and that’s something to be proud of.
And now is the time to get the word out about your return.
As part of your small business recovery plan, you’ll want to create a promotional strategy around your re-opening. Whether you share your story of resiliency with local news outlets or launch a social media campaign to let people know that you’re back, it’s never too early to create a buzz around your return.
Looking forward to small business recovery
Here’s a recap of what you need to do for small business recovery:
- Create a workplace that’s safe for your employees and customers
- Stay up to date on changes to business regulations
- Take stock of your finances and create a plan that will allow for economic recovery
- Gain an accurate understanding of the inventory you have on hand
- Get the word out to existing and potential customers about your business’ return
In terms of next steps, you’ll want to think about how to handle any follow-up waves of COVID-19 and build a business continuity plan for this situation.
For more tips on small business recovery,
learn how a local landscaper bounced back after the 2008 recession.
Image credit: Kelly Sikkema via Unsplash
