In 2020, the COVID-19 pandemic swept the world and forced society, and humanity as a whole, to rethink the way it lived. This included redefining how we did business and how certain industries would move forward in the ‘new normal’ of social distancing and quarantines.
Perhaps most affected by this are small business owners who were forced to shutter up for the first few months of the outbreak. As quarantine restrictions have started easing around the world, many of these small companies – already at the brink of bankruptcy because of the forced months-long shut down they endured – struggle to find their footing in a post-pandemic business space.
But all is not lost, of course; there are still many ways small business owners can recover after this global crisis, but it does take a huge shift in mindset to get your business up, running, and thriving once again.
Slow Down, Take Stock and Keep Calm
For many small business owners, their business is their lifeblood: it’s what pays the bills, puts food on the table, and more. With statewide quarantine restrictions being put in place at the onset of the outbreak, a lot of small business owners were left pretty much in the dark. Suddenly, money stopped coming in, and while rent control protected many of you leasing your business spaces, overhead, including employee benefits and salaries, had to continue.
It’s understandable if, months later, as the world starts opening up again, your company isn’t in the financial position you wanted it to be in. But now is not the time to panic and make bad decisions. You need to slow down, take stock of what you have now (in terms of physical assets like a modest house or whatever finances you have left in the bank), and make decisions to move forward in the calmest, most rational way possible. Normally, this type of mindset would be a given, but in times like these, a gentle reminder is necessary.
Use Whatever Help That You Can
The Federal Government, through the U.S. Small Business Administration, has been helping owners of small-to-medium enterprises through the COVID-19 crisis with a series of bailouts and loans. Check with your local chamber of commerce and city hall about what financial options are available for you and your company because, right now, you need all the help you can get.
Other than that, try to leverage your digital presence and social media platforms to ask for support from your loyal customers in whatever way possible. You’d be surprised at the community spirit that your loyal customers will show when they find their favorite brand in trouble.
Rethink Your Business Model
In 2020, your business should already have a strong digital presence that is geared towards providing your products and services through an online delivery system. Try to limit the supply chain and delivery process to as few steps as possible to minimize the risk of contamination. This means rethinking how your business operates and shifting your priorities towards ensuring customer safety. It’s the responsible thing to do and it’s a great way to show your customers that you’re in this crisis with them and that you’re doing your part.