Written By: Matt Burgess, Edited By: Turia Averett
COVID-19 has changed the “new normal” for communication. Business owners are either in panic mode or taking the time to figure out what their business will look like in a post COVID-19 world. Unfortunately, the majority of business owners are in the former category. Business owners are panicking. But how do business owners get into that latter situation? The situation where they use this time to reevaluate their businesses strengths and weaknesses?
The following is a list of several tips to generally follow in your business. Then I discuss specific ways to rebuild and become stronger than ever in the Post-COVID-19 world.
There is an old saying, keep a boiler fund. For those of us too young or unfamiliar with this saying – it simply means that you should keep $1000 bucks aside at home for when your boiler goes out. This saying translates to business. Most business’s operate check to check. This is dangerous.
Business owners need to stop “getting by” and start saving an emergency fund. The fund should have a 30-day cash supply. If a business can really push and be extra smart, then their goal should be to have a full business quarter worth of cash supply. Not only will this help you in the case of an inevitable emergency, it will also help you if a huge opportunity comes up for your business and you need the extra cash. Be prepared and get your oiler fund in place.
Rebuilding During this Time
While COVID-19 is a trial, it can most certainly become a blessing. First, disrupt everything you can within your business. Has anything been bothering you for a while? Change it. This is a time to build into the character of your company not the comfort. For example, one of the most dangerous things to a business is a complacent employee. This might be the opportunity to make a needed change for the sake of your business. A few areas you should consider disrupting: restructuring your current employees, tailoring your workforce to better fit your customer’s needs, clean up your budget and your capital plan, and, review your marketing presence. If you are not sure how to restructure, watch your competitors find inspiration in what’s working and what’s not . Watch what they do and learn from it. See the advantages of their restructuring and make those changes within your own company.
To restructure your employees, find the new normal within your company. There are two different ways to view restructuring. You can choose to cut people or you can choose to reposition people within the company. Look and see if your customers have certain needs. Then reposition the employee to fit that customer’s specific needs. This will create a more proficient organization overall, where every employee is fulfilling a need in the business.
Create a budget moving forward. Look at your budget. Where are the shortfalls? Cut or add to your budget and readjust the numbers to fit your needs and financial capabilities. Don’t be afraid to get it started knowing all this will change and form into your custom budget over time. Create a capital plan. Every company, at one time or another, will lack capital. Know the steps you will take to get that capital. What consultants will you work with? What investors? Create a plan to keep your finances in line.
Review your online marketing presence. The days of dependence on the yellow pages are over. Likely, door to door will no longer be an option. Do you as the business owner, not fully understand social media marketing? You are not alone. Ask yourself how you can get this help. Do you have a younger family member who can show you the ropes? Or maybe your business is too large and you can seek out a professional. Either way, rebrand and move forward with a strategic marketing plan. Gear this towards people on their phones so that your business can stay competitive within your market.
At Blue Sky Business Resources, we are here to help you in anyway custom fit a plan. Our team can help with almost any need business related. We are here to help feel free to reach out for any business needs.