Small business owners across the country are feeling the pain of the economic turmoil caused by the COVID-19 pandemic. The companies that are staying afloat are doing so by making adjustments. However, it’s possible to do more than survive in these difficult times. By going all-in on necessary changes, your small business can grow and flourish.
Evaluating Your Finances
Take a look at your finances to see if or what kind of damage has been done, consider how you can make adjustments, and determine whether you need funding to get back on your feet.
- Reviewing your financial statements (e.g., sales, profits, cash flow, etc.) and comparing them to last year will give you an idea of where your finances have taken a hit.
- Once you know where you stand financially, you can begin to revamp your budget.
- If you find that you need financial relief or assistance, there are plenty of options for that (including grants and government programs).
Allowing Remote Work
Revisit your business plan to see if you can fit remote work into your operations.
- Although it’s been on the rise for years, the pandemic has highlighted the benefits of permitting your employees to work remotely.
- Working as a remote team is all about effective communication and collaboration.
- As a business owner, it’s essential to find effective project management apps and tools that work best for your entire team.
- And it’s also important to set your team up with the best collaboration tools.
Consider how you can adjust your marketing strategies and campaigns to expand and/or reach your audience in the COVID-19 era.
- With more consumers hitting the web for their shopping, now would be a great time to update and expand your company’s website.
- Email marketing can be an invaluable tool right now, so learn how to use it effectively.
- With so many businesses cutting back on their marketing efforts, take advantage of the void by ramping your’s up.
- Finally, listen to your customers during this time. Their voices can provide the best guidance for any changes you need to make.
If you’re willing and committed to making significant changes as a small business owner, you can keep growing through these uncertain times. Look over your finances, start transitioning to remote work, and revamp your marketing strategy. And don’t be surprised if your business becomes all the stronger for it as a result.