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Nearly every business across the country is affected by the COVID-19 shutdown. Now that many parts of the U.S. are starting to slowly re-open, you may find that you need to quickly and smartly pivot and rethink your business operations, customer service process, and how to generate revenue.<\/p>\n
If you\u2019re gearing up to reopen, there are numerous financial and logistical considerations you\u2019ll need to account for. These considerations will help you get back to business in our new \u201cnormal\u2019:<\/p>\n
1. Start Planning Your Strategic \u201cRe-Opening\u201d Now<\/strong> 2. Update Product Offerings<\/strong> 3. Regain Lost Revenue<\/strong> 4. Rebuild the Connection with Existing Customers<\/strong> 5. Adjust Your Service Offerings<\/strong> 6. Negotiate with Your Landlord, Vendors, and Suppliers<\/strong> 7. Look Into Available Financial Assistance Programs<\/strong> 8. Revamp Your Budget<\/strong> 9. Develop a Re-Planning Strategy<\/strong>
\nAs we start to get a sense of what re-opening will look like, now is the time to anticipate and address critical questions about how business\u00a0 will resume. To get ahead of this, prioritize re-engagement with customers, vendors, and employees. Communicating with these individuals will show them they are not forgotten and what your plan is to resume business. Also, consider proactively reaching out to all of your customers, especially your most loyal. Figure out a plan to continue working or meeting with customers and clients remotely. How will you start your operations up\u2014slowly, safely and smartly? Put together a 1- to 3-month plan that can be resilient as new changes emerge.<\/p>\n
\nYour company can revamp its offerings to better meet customer needs or to provide something new as we enter the recovery stages. This strategy can be combined with raising prices to introduce another aspect of differentiation or to position the company\u2019s offering as a premium product. Competition and crisis are cornerstones of innovation in the business world. Coming up with new or updated product offerings can work in the short-term, but if a company cannot keep innovating and generating new and novel products that consumers will demand in the future, it will be difficult to stay afloat.<\/p>\n
\nAnticipate a backlog of customers, orders, and projects needing your attention as we re-open. Don\u2019t under or overestimate what that will look like. You don\u2019t want to disappoint your customers, but be sure to communicate your eagerness to get back to business. Focus on your most profitable customers who have shown loyalty in your high-value service lines. Offer discounts, incentives, and other brand-boosting strategies to start recovering lost revenue.<\/p>\n
\nIf your business operations are currently affected, it is not the time to focus on acquiring new customers.\u00a0 Use your email list to open a line of communication, keeping your brand at the top of your customers\u2019 minds. Offer free services, consultative discussions or other promotions\u00a0 that will keep them engaged with you and your brand. Be sure you communicate that you are putting your employees\u2019 and customers\u2019 well-being first. Consider what your customers could most use right now, whether it\u2019s relevant and timely information or a discount on essential products or services. Connect with your audience in real time.\u00a0 Update your website with daily information important to customers, stay engaged through social media channels, and even do something to support your community.<\/p>\n
\nThis outbreak shouldn\u2019t limit the value you provide to your customers. Many small businesses are moving their services online by connecting with customers through video conferencing. Prioritize how you can immediately provide connection and value to keep customers from canceling services. Hold online conference calls, identify the most important aspect of your business and dial in on that. Retail, travel and luxury services will be the most impacted, so see how you can pivot your offerings to an online experience, with deep discounts, and sales.<\/p>\n
\nAssess your liabilities, such as your accounts payable, to see where you can possibly create a deal to manage your cash flow shortage. For example, many businesses likely work with a few suppliers and vendors where they regularly purchase their inventory and other supplies. Reach out to your vendors and see if you can extend your usual payment terms, or if your vendor can offer a temporary payment grace period. If you lease your business location, you may also want to speak with your landlord to see if they are able to offer some sort of payment grace period or discount on rent.<\/p>\n
\nFortunately, there are several local, state, and federal assistance programs launching to help small businesses deal with the fallout from the COVID-19 outbreak. The recently passed CARES Act includes a number of provisions to help support small businesses impacted by COVID-19, as well as the newly created SBA Paycheck Protection Program (PPP). SBA PPP loans are designed to provide financial assistance to small businesses to help them keep employees on their payrolls. A B2B CFO\u00ae can help answer critical and timely questions regarding your application process and other requirements.<\/p>\n
\nNot all businesses are fortunate enough to have 3 to 6 months of cash reserves on hand. Coming out of the COVID-19 pandemic, you may have to spend money on hiring and training new employees or rehiring ones you had to lay off. Inventory may need to be purchased, and you might have to bolster your advertising budget again to start building a fresh brand. As part of your coronavirus recovery, you should have a clear idea of what you need to be budgeting for and what you can cut to make the most of the revenue you do have flowing in.<\/p>\n
\nYou may have several things you need or want to do to recover following COVID-19, but doing everything at once may not be realistic. What can help is having a time line to follow that prioritizes your most important actions first. Your 2020 plans have been derailed so you need a new, forward-thinking strategy. Now more than ever, your customers will seek value, and this comes from meeting their needs. When you prioritize value in the post-COVID-19 world, revenue will follow.<\/p>\n