HELP YOUR BUSINESS BOUNCE BACK IN THE NEW YEAR WITH THESE TIPS.
Businesses of all sizes across the country are asking themselves the same questions: when and how will we bounce back from COVID-19 and the resulting economic challenges? The one thing experts agree on is that it’s too soon to tell when life will go back to “normal” — and normal may look different for everyone.
The good news is there are things a business can start doing right now to bounce back financially after COVID-19, including:
- Embrace uncertainty
- Gauge financial damage
- Prepare a roadmap
- Eliminate unnecessary spending
- Assess your space
- Consider outside funding
- Think about a pivot
Keep reading to learn more about these ways to bounce back financially after COVID-19.
EMBRACE UNCERTAINTY
Determining when to open your doors to customers and clients or when to bring your employees back to the office if they’ve been working remotely is a balancing act that depends on many factors, from where you operate to the availability of vaccines. That means the best you can do is prepare for the unexpected and be willing to adapt as needed for the foreseeable future. In these times, agility and flexibility are major assets to protecting your bottom line.
GAUGE FINANCIAL DAMAGE
You need to look back to look ahead. One of the first steps in rebuilding is to understand exactly how coronavirus has impacted your business. This includes the hard numbers — financial statements, profit and loss, unexpected expenses — but may also include things such as layoffs, advertising budgets, or customers lost to competitors.
PREPARE A ROADMAP
As you design or update your business recovery and resilience plan, define your goals and objectives and what success will look like for the next year or two, even if it looks slightly different from usual. This includes contingency plans if there are detours on the road to recovery (see step one above). Establish and prioritize specific milestones and deadlines such as restocking inventory, rehiring contractors, and securing outside funding to keep you on track toward progress. Clearly communicate these with employees and track your progress to keep an eye on what’s working and what’s not.
ELIMINATE UNNECESSARY SPENDING
Turn a critical eye to your budget and identify cost-saving opportunities. This might include short-term savings, such as scaling back on marketing spending, or longer-term solutions including an overhaul to your purchasing or vendor selection process. (For more tips, check out our blog on How to Stop Business Overspending.)
ASSESS YOUR SPACE
Now is a great time to evaluate your physical office space. Consider the following as part of your financial recovery and reopening strategy:
- Whether some or all your employees are currently working from home, will that continue after the pandemic?
- If so, are there cost-saving measures — such as leasing or selling space — to account for no longer needing as many desks or meeting areas?
- Is your communication equipment and technology efficient and up-to-date?
- Do you need to implement any additional safety procedures (e.g., social distancing or new air filtration systems)?
CONSIDER OUTSIDE FUNDING
While some government assistance has been available to qualified businesses, funding is intermittent and limited. However, there are other financial recovery options to explore, such as these recommendations from Forbes:
- Traditional SBA 7(a) loans and microloans
- Small business term loans from banks, credit unions, and online lenders
- Business lines of credit
- Business credit cards
- Vendor tradelines
- Accounts receivable financing
- Merchant cash advances
- Inventory financing
- Purchase order financing
- Equipment financing
THINK ABOUT A PIVOT
“Business as usual” will likely look at least a little different from now on. Evaluate your business strategy and consider whether consumer behavior changes have sparked new opportunities to grow or shift your business model.
Businesses must think creatively and strategically to bounce back financially after COVID-19. For more business, sustainability, and productivity tips, explore our blog.
EZ Office Products is your trusted supplier for everything your business needs to operate successfully. Shop our online catalog or call our local customer concierge to set up your business account at (608) 310-4300 today.