How to Plan to Rebuild Your Small Business

The COVID-19 pandemic has devastated the global economy and left many small businesses struggling to survive. While the outlook for small businesses varies greatly by industry, it’s important to consider what recovery mode will look like once the economy begins to return to a state of normalcy—or establishes a new normal.

1. Take Stock of the Damage - The first step to rebuilding is to assess the damage, understanding where your priorities lie.

2. Rewrite Your Business Plans - After taking stock of the impact from COVID-19, it is time to put together a new financial forecast, outlining your steps to not only reopening, but also six to twelve months in the future.

3. Seek Alternative Sales Methods - If your business can no longer survive brick and mortar, it might be time to consider selling your goods or services online or through alternative means.

4. Create a Safe Working Environment - One of your first priorities should be the health and safety of your employees. Before getting everyone back to work, refer to the CDC reopening guidelines.

5. Keep Customers Informed - Social media and email marketing are two beneficial ways of communicating with customers, keeping them updating on your reopening status, new hours of operation, or alternative guidelines for shopping.

6. Assess Your Financial Needs - After you've created your business plan, you might realize you need financial assistance. That's where we come in! Lendtek is available to help small business owners assess their financial options and get them the financing they need to succeed. Download the Lendtek mobile app on the Google Play or Apple app stores to get started.

Not only can your business survive the COVID-19 crisis, but it can also return stronger and more successful!