Things are looking up as the COVID-19 pandemic curve has been flattened and now comes an important question for small business owners: how do you plan on reopening your business? With restrictions slowly being eased out, there are still some rules and regulations in place with regards to how businesses can resume operations such as limiting the number of customers in their premises and exercising social distancing measures to manage the safety of their employees.
Even with the restrictions being lifted, people are still wary of COVID-19 which means, they might not come back as quickly and easily and businesses will still feel the impact of the COVID-19 virus. Reopening your business at this time requires very careful planning. Check out some of the tips we’ve laid out for you when reopening your business:
Place safety plans and procedures
The COVID-19 curve has flattened however, there are still some strict measures that you have to keep in place to ensure that the curve stays flat and the virus is eventually gone:
- Keep cleanliness protocols in place; provide clarity on what needs disinfecting and how often
- Ensure that your staff are familiar with the protocols that you have put in place
- Provide your staff with proper social distancing training
- Communicate with your employees about possible concerns and how comfortable they are about returning to work
- Consider putting physical barriers in place
- See if you have rooms that you can repurpose temporarily for your staff. An unused conference room can be used as a working area for some staff to ensure social distancing
- Be prepared to adapt to any possible changes and to the needs of your employees and clients
Revisit your business model
Since the effects of the coronavirus, you have had the time to pivot and examine your business model to adapt and adjust to the situation. What measures did you use to keep your business going? What new avenues did you utilise to continue earning a profit? Explore how you can maximise your business by applying those methods to your reopening.
Ask yourself the following questions:
- Is my current business model still viable following the effects of the pandemic?
- If not, can I adjust my business model to fit the current situation and move forward?
- Can I create additional revenue streams using my expertise?
- How can the current trends in the market affect how my business is running?
- Are my competitors adapting to the situation as well? How?
It may be possible for you to use your expertise as a way of earning more revenue by going into consulting. If you own a hospitality-based business, you can consult with other business owners by helping them out with their menu or what they need for their staff. You can also get into hosting online seminars or writing eBooks focused on your field to create a passive income.
There are several other business models you might consider during the pandemic such as having clients pay a monthly fee instead of annually, or adapting your products and services based on the current market trends. Check out how similar businesses are adjusting and apply what you can for your business.
Get access to financial programs and additional funding
Customers may not easily return to your business even with the restrictions eased, so it is still important for you to find out what programs and assistances your business is eligible for. Carbon can help you navigate the government stimulus package so you can access additional funding. If you’ve spent time and money researching a different product line, you may be eligible for the R&D tax refund. We can help you apply for the finance upfront to boost your cash flow.
Restrictions are slowly being lifted and eased out, but it might be a while until things get back to normal. In the meantime, there will be a transition period in which you can make adjustments for your business.
Evaluate what strategies work and what business model you can adapt for the meantime and how you can give your business a boost.
Not sure where to start? Let us give you a hand. Get in touch with us and we’ll work on your cash flow and find out where you can make adjustments based on the money coming in and out of your business.