It’s not that unheard of for small businesses to be hit the hardest during the recession. However, since they tend to have more flexibility, it’s also quite likely that they will restart as soon as the dust settles. By that, we don’t necessarily mean the end of the recession or, in this particular scenario, the epidemic. All that it takes is for the situation to slightly improve and you will be well on your way to rebuild your small business from scratch. With that in mind and without further ado, here are the top ten methods you can use to rebuild your small business after COVID-19.
1. Prepare Your Comeback
If you’re planning a comeback, why not ensure that you leave on the right foot. Don’t burn any bridges and announce to all your regulars that you will be back. If you’re still in the business and it’s going slow, make sure to mention it in advance. Tell them that your company is struggling like everyone else and assure them that you will soon be up to full speed. Even if you do lose clients, try not to lose your reputation. It’s easier to reclaim customers than rebuild your name within the industry.
2. Stay In Touch With Your Team
Some of your team members will move on to find employment elsewhere, however, hiring and training new people is an exhausting process. Having an employee handbook template on hand will be easier to onboard your new team members. Also, if you had to make any layoffs, make sure to do so as politely and humanely as possible. Give them a nice letter of recommendation and a decent severance fee. This will increase the chance of them returning when you are in need of a team once more. Stay in touch with them and, every now and then, ask them how they’re doing. In any industry, veterans (especially loyal veterans) are simply invaluable.
3. Customers And Salespeople
When it comes to profit, which is crucial for your comeback, there are two key statistics that you should focus on. First, you need to be aware of the fact that only 8 percent of all your customers make up for 40 percent of your profit We’re talking about regulars, of course. Other than this, you need to understand that 80 percent of all your sales are made by 20 percent of your salespeople. All in all, not every customer and not every former employee is as important. When it comes to prioritizing, you’ll know exactly what you should focus on.
4. Focus On The Core Task
Another thing you need to understand is that you need to focus on your core tasks. More often than not, we’re talking about networking and sales. The simplest way to put yourself in a scenario where you can properly focus is by outsourcing all non-essential (and even some essential) tasks. For instance, some agencies specialize in 3PL (third-party logistics), which means that you can focus on money-making and regaining trust.
5. Do Some Improvements
Even though it’s tough all over, there are some small businesses that have managed to make it even though the crisis. So, try examining what was it that they did so right that everyone else has done wrong. This way, you can make adjustments that will make your business more appealing to customers and your services more essential (or essential-looking). Most importantly, you will make your business easier to adapt and more resilient to change.
6. Set A Timeline
The next thing you need to do is ensure that you know exactly the direction that you’re heading in. You need some long-term goals but you also need short-term milestones. How long from now (if things go according to plan), do you expect to find yourself back on the track? How long will it take you to get to the point where you were before the epidemic? How long will it take you to become more profitable than ever? Having an exact timeline is something that will help you know whether you’re on the right track.
7. Go Strong On Your Marketing
Once you’re back in business, you need to be very vocal about it and announce it to the world. Provided that you have a social media presence and a blog, you shouldn’t neglect it just because your business is currently down. Just stay in front of your audience’s minds and you’ll have a much easier job at making a comeback. All in all, great marketing efforts are what make all the difference. It might also be a great idea to dedicate more time to your website and optimize it for more conversions.
8. Tell A Story
Everyone loves a comeback story, so, why not turn this into an advantage. Think about it, if you make your comeback marketing campaign about all the challenges that your company has managed to overcome, you can either inspire your market or make them identify with you. What also matters is your ability to maintain perspective. Remember, when narrating a story, you need to introduce an average customer as a key component, employee.
9. It Won’t Be Easy
Another thing you need to manage is your expectations. Don’t look back to what you had before the disaster. Instead, focus on what lies ahead. It’s like starting anew, only this time you’re not starting from zero. You have the experience and in-depth knowledge of the industry. There are also more than a few industry-relevant contacts in your phonebook. All in all, while it definitely won’t be easy, just remember that, not so long ago, you’ve had it worse.
The last thing you need to keep in mind is that just because one crisis is over, this doesn’t mean that your troubles are at an end. You see, the next big crisis might be around the corner. This time, it caught you off-guard without a contingency plan. Next time, you can’t allow being so reckless. Therefore, make sure to use these problems as a learning experience. This way, you will avoid similar problems in the future.