The Great Pandemic of 2020 shut down much of the United States, killing thousands and infecting millions more. What does your business need to re-open? This guide will help you to identify the physical and financial needs your business will need in order to reopen after the 2020 pandemic has passed. It’s important to have a plan so that you can quickly open again once the pandemic ends and you’re able to get back to work in your community again!
Step 1: Assess Costs
The first step in reopening your business is to assess what your new costs will be. This includes things like rent, utilities, inventory, and wages. You’ll also need to factor in changes in customer behavior, such as a decrease in foot traffic or a shift to online shopping.
Step 2: Assess Resources
The next step is understanding what your business will need in order to reopen. This includes both physical and financial resources. Do you have enough inventory to meet customer demand? Do you have the money to cover expenses like rent or utilities? Answering these questions will help you create a plan for reopening your business. You may decide to start by opening a smaller location, such as your home office if it doesn’t make sense financially to open at full capacity.
Step 3: Assess Your Business’ Most Important Metrics
The pandemic has forced many businesses to close their doors, but now it’s time to start thinking about reopening. Before you can do that, you need to assess your business’s most important metrics. This includes things like your customer base, your inventory, your financial situation, and your employees. Once you have a good understanding of where your business stands, you can begin to make a plan for reopening.
Step 4: Invest in Boosters
Due to the Pandemic, many businesses have been put on hold, but that doesn’t mean you can’t start planning for your post-pandemic future. One of the first things you’ll need to do is invest in boosters. These are things that will help get your business up and running again after a long hiatus. Here are a few boosters you should consider:
1. A strong social media presence – use this time to build your social media accounts and engage with your audience.
2. Improved website – now is the time to make sure your website is up-to-date and user-friendly.
3. Improved customer service – take this time to assess your customer service procedures and make sure they’re as good as they can be.
4. Communication plans – plan what you want to communicate with customers during the reopening process and how often it needs to happen, so there’s no confusion or concern.
5. Marketing materials – Create new marketing materials (such as brochures) before reopening so customers know what your company does, who you are, and how to contact you!
Step 5: Revamp Old Products
If you plan on reopening your business after the pandemic, you’ll need to assess what products and services you offer. Take a close look at your product line and see if there are any changes you can make. For example, if you sell clothes, maybe you can add a new line of athleisure wear. If you have a restaurant, maybe you can create a new menu with healthier options. Whatever changes you make, be sure that they’re in line with your brand and will appeal to your target market. Also, think about how you can position these changes as something good because of the pandemic. People might be afraid to try new things, but they also want items that remind them of old times.
The key is going into this process with an open mind and not being afraid to take risks. It’s time for entrepreneurs to get creative!
Step 6: Prioritize For Survival
The first step is acknowledging that things have changed and that you may need to change with them. Take a good hard look at your business and ask yourself what needs to stay the same and what can be different. What do you need to do in order to keep your doors open? This is your survival plan. You need to know how long you will be closed for, how much inventory you’ll need, how much staff will be needed, etc. You should also take this time to review insurance policies and potentially talk about compensation for employees who are out of work for an extended period of time.
Step 7: Reinvent Cash Cows
After the pandemic, it will be especially important to take a close look at your business’s cash cows and make sure they are still relevant. This may mean reinventing them for the new world we live in. A cash cow is a consistently profitable business, property, or product whose profits are used to finance a company’s investments in other areas.
Here are seven steps to help you do just that:
1. Define what a cash cow is for your business.
2. Take inventory of your current cash cows.
3. Determine if your cash cows are still relevant.
4. If they’re not, brainstorm ways to make them relevant again.
5. Come up with a plan to implement those changes.
6. Execute that plan, and monitor your results closely.
Step 8: Reframe Negative Experiences
The COVID-19 pandemic has forced many businesses to shut down temporarily. This can be a very difficult and stressful time for business owners. However, it is important to try to reframe negative experiences and use them as learning opportunities. Doing so will help you move forward more quickly and with a positive attitude.
Step 9: Make Plans for Government Assistance
The U.S. Small Business Administration (SBA) is offering low-interest federal disaster loans for working capital to small businesses suffering substantial economic injury as a result of the Coronavirus (COVID-19). If your business is located in a declared disaster area, you can apply for an SBA Economic Injury Disaster Loan (EIDL). These loans can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing.
Step 10: Prepare For Success Post-Pandemic
Now that you have a plan and you know what your business needs to reopen, it’s time to start putting things into action. Here are a few final tips to help you prepare for success:
1. Get organized and set some goals. What do you want to achieve in the next month, six months, and year?
2. Set up a system for tracking progress and milestones. This will help you stay on track and make adjustments as needed.
3. Make sure you have the financial resources to support your reopening plans. This may include loans, lines of credit, or other forms of financing.
4. Review your insurance coverage and make sure it is up to date and adequate for your needs.
Partner with United Funding Group
In these uncertain times, it’s more important than ever to have a reliable partner you can count on for funding, especially with a Startup business. United Funding Group has a long history of helping small businesses weather tough times. We offer a variety of funding options that can be tailored to your specific needs. So if you’re worried about how inflation will impact your business, give us a call. We’re here to help.
Contact UFG, Today!
United Funding Group provides funding for all types of businesses, regardless of industry. We provide merchant cash advances for many industries, including retail, service, restaurant, and real estate investment. Whether expanding your business or opening a new one, we can get you funded quickly and easily. Contact us today to learn more about merchant cash advances from ufgfunding.com.