4 Tips to Help You Rebuild Your Small Business After COVID-19
Small businesses have been heavily affected by the COVID-19 pandemic; and mostly not for the better. Each industry is having its own challenges but with Hawaii so heavily reliant on tourism, the economy is suffering greatly because of the shutdown. As small business attempt to weather the storm, it is time to think about how businesses will recover and rebuild post COVID-19; and whether they should plan for a new normal.
4 tips to help you rebuild your small business after COVID-19
1. Assess the damage
Before you can remake your business, you must first assess the damage that the shutdowns and stalled economy have had on it. How much revenue have you lost (or gained)? How have your business expenses changed? Are you still marketing your business? (If not, did your competitors continue their marketing efforts during this time)? Did you lay off long-time employees that you hope to re-hire? Are you keeping your business afloat during this time or are you sinking fast? What do you think it will take to get your sales back up to pre-COVID levels?
2. Identify ways you can adjust to the new normal
The COVID-19 pandemic has had a huge impact on consumer behavior and considering that it isn’t likely to be over any time soon, there is plenty of time for people to start and solidify new shopping habits. If your business is going to thrive post COVID-19, then you need to identify the new ways that consumers are purchasing the goods or services in your industry or the expectations that they now have for a business like yours. Look for opportunities and be open to change and new ideas because it will help you to retain or even grow your share of the market.
3. Identify your financial needs
Your business may have been humming along pre-coronavirus, but most businesses have been affected by the shutdowns and restrictions put in place to protect public health. Take a look at your cash flow, your operating expenses and your sales projections. They all may need to be adjusted under new realities. You may also need to spend money to purchase inventory or re-hire employees to get the business going again. Another thing to consider is whether you will need a grant or loan to keep your small business solvent or to get your business up and running again when you can get back to normal operations. Apart from the EIDL program, small businesses may want to look at other ideas, including a business line of credit and small business term loans from banks or credit unions.
4. Create a timeline to rebuild
After you have assessed the damage, identified ways you can adapt to a new reality, and identified your financial needs; it’s time to create a timeline for rebuilding. Start with your most important needs and go from there. For example, if you will need to hire or re-hire employees but lack capital to do so, you will want to put securing financing as the first item on your timeline and hiring as your second item. From there you may need to purchase inventory and re-start your marketing campaign.
Don’t forget that PEOs are here to support small businesses as they reopen. When you partner with Makai HR you can get on with the business you are trying to grow while we take care of your employee needs from payroll to taxes, health insurance/benefits and worker’s compensation. You also gain peace of mind that you are in compliance with all of Hawaii’s employer laws (if you’ve ever looked you know that the list is very long). When choosing a PEO to partner with, there are many things to consider including cost, services and technology solutions.
Our plans are priced competitively and include value-added services like time-in/time-out systems. Our three tiers of PEO service plans are tailored to the size of your business and specific needs. We offer a 100% paperless solution which means that your employees can manage their needs through a computer, tablet or phone. We can truly improve your employees work benefits while freeing you up to run your business.
What are you waiting for? Companies that partner with a PEO benefit from 7-9% faster growth, 10-14% lower employee turnover; and they are 50% less likely to go out of business. Contact us today to get started!