Review Your Small Business Strategy During COVID-19

By Michelle Loredo

Across the nation, states have started to reopen their non-essential business sectors. In the state of Texas, businesses began to reopen May 1 - Phase 1 of Gov. Abbott strike force to open Texas.

Now more than ever, it’s important for small businesses to review their business strategies and start planning for the “new normal” that the COVID-19 pandemic has put in place. Here are three ideas to help you move forward with the reopening process of your business.

Revisit Your Business Plan and Finances

If you have not already, revisit your business plan and see what needs to be adjusted now that businesses are reopening. See if there’s new way to expand your business online. For example, can customers customize or order online without having to come in to buy the product.

It’s also crucial that you revisit your finances to see what has been lost, and evaluate the new way that the budget is going to work in this “new normal.” If you’re able to, work on an updated cash flow statement that reflects the current state of your business. For your budget, you need to take into consideration the costs related to the pandemic that includes loss of profits and the price of laying off employees to work on a plan that eliminates non-essential spending.

Raise Awareness of Brand
Businesses are reopening but people are still staying home due to the ongoing pandemic. While being home, we are all spending more and more time online. That doesn’t mean that we’re more inclined on buying what we see online. Keep engaging with customers online and continue to raise brand awareness. This can be done by:

Providing Online Webinars in Replacement of Scheduled In-Person Events (Zoom, Facebook Live, Instagram Live, etc.)

Promoting How Your Business is Helping in the Pandemic
Engagingwith Customers by Providing Employee Testimonials
Keeping Google Postings Updated and Have Social Media Channel Links Active on Posting

Create Rebuilding Timeline

With the “new normal,” a new business timeline needs to be outlined that prioritizes important key factors in the well being of the small business. Securing funding is at the top of the list and depending on your business’s situation, it could be followed by rehiring, doing business with new providers and buying materials that follow health regulations.

If you need assistance applying for SBA COVID-19 funding or tips on maximizing PPP funds, tune in to a free, live webinar.