03 Aug How to Help Your Small Business Recover from COVID-19 Setbacks
The global pandemic has been a disaster for many small businesses. Various surveys have already predicted that millions of small businesses will close forever as a result of the pandemic, but some industries will face more significant setbacks than others. Projections like these paint a grim picture, but there’s still hope. As a small business owner, there are still a variety of things you can do to rebound from the impact of the pandemic. Find out what steps you can take to start recovering below.
Identify What’s Working
No one could have anticipated just how quickly the pandemic would change consumer behavior, and many small businesses have been struggling simply because they aren’t equipped to keep up. However, some business owners have been able to change their approach practically overnight. It’s not always possible to follow suit, but it is helpful to look at what other businesses are doing to stay afloat right now.
For example, some restaurants have managed to stay in business by switching to an online ordering and curbside pickup model. Some gyms have kept member numbers up by offering online classes. And certain companies have gotten creative by switching their product line to start churning out essential products.
Not all types of businesses can change their strategy so quickly, but it’s worth thinking about what may be feasible for your operation. Pivoting is nothing new, and many of today’s most successful businesses have done this in their early days as well. For example, do you remember when Amazon was just an online bookstore?
Offering in-demand products or services that people need now and in the future can help you stay afloat. Just keep in mind that because consumers are relying on online shopping more than ever, you may want to spend some time revamping your website or adding features that will make it easier for them to get what they need. For instance, redoing your website with a simpler design may make it more attractive and user-friendly.
Keep Your Momentum Up
When you face a business setback, it’s all too easy to get discouraged and stop trying. However, the Small Business Administration (SBA) explains that in order to recover from a major setback, business owners have to be willing to put their emotions aside to focus on the task at hand.
Dwelling on setbacks makes you lose valuable time that could be put towards finding solutions. It also may cause you to stop putting energy into the aspects of your business that are working, which can set you back even farther.
For example, if your company’s website currently ranks well on Google, you are doing yourself a disservice if you put your marketing efforts on hold. Pausing a successful marketing campaign can quickly cause you to lose rankings to competitors, making it even harder to maintain customers and web traffic.
Get Financial Relief
Even if you have great ideas and want to invest in all the areas of your business that are working, it won’t be possible if the pandemic has decimated your finances. Thankfully, under the CARES Act, a number of government programs were put in place to help small businesses survive. For example, Disaster Loan Assistance is available from the SBA for businesses affected by the pandemic.
Aside from federal programs, you may also qualify for loans or other types of funding from your state or city. Many local governments and private organizations offer grants and loans to small businesses.
Every business suffers setbacks, but the way you respond can determine whether you succeed or fail. Identifying what changes you can make to get through the pandemic might be hard, but there are a number of resources available to help you succeed once you determine the best way to start recovering.