This article will offer advice of the different ways businesses affected by COVID-19 can make a comeback.
Its been a little over a year since the first outbreak of the COVID-19 crisis. A year later, and shocks of this pandemic are still left throughout the rest of the world. It redefined our sense of norm with many people having to work from home and take extra precautions while leaving to go out.
perhaps one of the most devastating effects of the COVID-19 crisis, apart from the high death toll, was the economic downturn. With countries going into lockdown, many businesses affected by COIVD-19 had to shut down.
While a few were able to adapt to this and switch to e-commerce services, many smaller-scale businesses could jump ship so quickly. If you find yourself struggling to stay afloat in these trying times, fret no more! Experts at Makeen Marketing have come up with some surefire ways your business can make a comeback.
Assess the Monetary Damage
The first step to recovering from the rut your business has been put in is to analyze exactly how much water your business is in. Businesses affected by COVID-19 should be aware of the different ways in which financial damage can be assessed. First, you have hard numbers. Work on updating your financial statements— loss margins and cashflows. This is helpful in drawing up a comparison with statements of previous years.
Apart from hard numbers, identify the different ways in which your company has suffered through the COVID-19 crisis. An example of this could be downsizing— something you’ll have to account for while planning your comeback.
Revaluate Your Business Strategy
If you’re looking to recover the health of your firm, it’s time to reevaluate your business strategy. You’ll have to find a way to make your business swivel into this new “normal”.
For example, if you relied on customers coming into your grocery store to pick up items, you might consider digitizing this a little more and offering to deliver to their homes instead. Implementing these little strategy changes can make a huge difference in the grand scheme of things.
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Increase Online Sales
This is probably the most helpful piece of advice anyone can give businesses affected by COVID-19. Think about it— with whole nations under lockdown, none of your customers are able to come and shop in your store. If Jeff Bezos’s case teaches us anything is that online store’s boom under nation-wide crises.
Thus, to remain relevant, many small businesses will have to move their operations online in order to overcome the downturn brought on by the COVID-19 crisis. You can start doing this by looking into different online platforms and picking one that fits the needs of your business.
Be Quick to Improve Your Cashflow
Cash flow refers to the cash that’s being transferred into and out of your business. Having said that, if you’re working on recovering the health of your company, you’ll want to pay special attention to improving your cashflow.
What we have found helpful is preparing, and updating, a cash flow forecast. This will help you see cash flow problems from a mile away. We recommend you update this forecast as often as every week.
Work on a Contingency Plan
No one saw this pandemic coming. And while it seems like it is a once-in-a-lifetime event, we should learn from this and prepare a contingency plan for unforeseen emergencies. We highly recommend businesses affected by COVID-19 learn from their shortcomings and come up with an impermeable plan to keep their business afloat during times of crisis.
An example of this is, if you could go back and predict the COVID-19 crisis, you would have created a liquid cash-saving reserve. You might have also wanted to trim any unnecessary expenses in order to keep your finances in check.
If you’re one of the businesses affected by COVID-19, you might have already learned a few lessons in the art of adaptability. Perhaps one of the most important things is to know how to create a fluid business.