With some parts of the world reopening after the devastating effect of the first wave of COVID-19, the chances are that you might be eager to rebuild your business. However, it is crucial to be careful when rebuilding your business as the virus is still spreading globally.
The effect of COVID-19 on the global ease of doing business remains significant. The unemployment rate has never been this high since the Great Depression. Customers are now more conscious about proximity to strangers and public gatherings. We may never witness a return to "normal" in the nearest future, for businesses in restaurants, retail, hospitality, and travel.
In today's blog post, we will take a look at 4 ways to rebuild your business after COVID-19. Without much ado, let's get started.
#1. Assess the Financial Damage
The first step to rebuilding your business is to assess the financial damage. If you've not done your financial statement recently, this is the right time to do that. Once you are done with your financial statement, compare the numbers to last year's number to determine the impact.
#2. Review Your Business Plan
Your business plans may have worked 100% fine during the pre-COVID era, but certainly after COVID-19, it is necessary to fine-tune your business plans to reflect today's reality.
#3. Consider Whether You’ll Need Funding to Recover
It is likely that you would need some forms of funding after COVID-19, unless your business generated enough money going into COVID-19. There are several options to consider when seeking for funding, including:
- Business lines of credit
- Accounts receivable financing
- Merchant cash advances
- Small business loans
- Small business term loans from banks, credit unions and online lenders
- Business credit cards
- Vendor tradelines
Are you currently facing any challenges rebuilding your business? Let us know in the comments and we would like to be of help!