Prosperous Post COVID-19 Strategies for Small Businesses

Reopening is a much-welcomed feeling after what we’ve all experienced these past few months. But there are serious challenges to overcome for so many small businesses, especially from a financial perspective. Prosperity is possible again with some strategies in place.
 
From beefing up your online presence to planning for any future crises, our Sidekick team has your back with these suggestions:

• Review Your Financial Fallout. Figure out how bad you were impacted financially by taking a hard look at the numbers. Update you profit and loss or cash-flow statements, then compare where you’re at now with where you were a year ago. Next, consider the financial impact of other factors like staff layoffs or nixing your marketing budget.
• Adjust Your Business Plan. Time to look at where you were before COVID-19 and where you’ll need to be going forward. For instance, you may need to adjust your plan to the “new normal” by expanding your e-commerce or carryout options since more people are shopping and dining from home versus in-person.  
• Examine Funding Options. There are fortunately several funding sources you can explore to help you rebuild your small business. Beyond U.S. Small Business Association (SBA) resources, explore crowd-lending platforms such as Kiva, the WEDC Small Business 20/20 Program, or the We're All I Program for Wisconsin-based businesses.
• Rebuild and Ready Yourself. Create a timeline for tasks such as rehiring staff, restocking inventory, and reopening your doors to the public. Assess your progress regularly to make adjustments and omit aspects that aren’t giving you a solid return on your investment. In addition, develop a backup plan for the next crisis. This may include building up your savings, paying down debt, or trimming away some of your business’ non-essential expenses.
• Foster Local Supplier Connections. You’ll be more nimble from an inventory and demand perspective if you tap into local sources whenever possible. Leaning on nearby businesses lets you get the materials you need faster and more reliably during this dynamic time.
• Maintain a Solid Online Presence. Now more than ever customers are looking online for their support of local small businesses. If you relied on your location as your main revenue source, it’s time to rethink of ways customer can still buy your products and services remotely. Having a solid online presence will also help you diversify your income to withstand any future financial challenges.
• Create a Safe, Healthy Space. Your employees and customers want to feel safe at your place of business. From sanitizing surfaces to proper handwashing, the CDC offers detailed guidelines for reopening safely. As more information unfolds about the coronavirus, stay on top of ways you can always promote best business practices.
• Partner with a Financial Professional. Crunching numbers and keeping up with payroll and tax requirements can be tough for small business owners in prosperous times, let alone our current time of uncertainty. That’s why it makes sense to partner with an expert like Sidekick Accounting who can guide you through all aspects of your financial success. Schedule a time to discuss how we can help you now and well into the future—we’re eager to hear from you!