The COVID-19 outbreak has hurt businesses around the nation, both large and small. As the restrictions ease, many business owners are wondering how best to get back on their feet. While the short-term outlook for small businesses varies greatly by industry, it’s important to consider recovery practices are best. Take a look at these tips on how to rebuild your company after COVID-19.
Assess the financial damage
First, find out how deeply your small business has been affected. If you haven’t updated your financial statements – such as profit and loss or cash flow statements – then it’s wise to do that now.
Review your business plan
What worked for your business pre-COVID-19 might not work for it post-COVID-19. We are entering into a new normal, and your business needs to adapt if it wants to survive. For example, if you previously relied on foot traffic for sales, you may need to look at digital expansion to accommodate the higher numbers of people who are shopping from home.
Develop a timeline for rebuilding
Following COVID-19, you may have several things you need or want to do to recover. However, doing everything at once may not be realistic or productive. What can help is having a timeline to follow that prioritizes your most important actions first.
Create a contingency plan
While the coronavirus pandemic may seem like a once-in-a-lifetime event, the reality is that an emergency can strike at any minute and bring your business to its knees. Using what you’ve learned in this pandemic will help you to prepare for the next crisis so your business is better protected all round.
These are some tips that can help your business navigate COVID-19. When looking to protect your business, be sure to talk to our team at Abbate Insurance about how insurance policies can help during this time.