“Bounce back” may be a generous term as COVID-19 trends seem to fluctuate. Regardless, Roberto Liccardo from entrepreneur.com gives six great tips on ways small businesses can recover from a shocking, economic downturn - tips that could also be helpful in preparation of the future's unknown.
Don’t Panic: after experiencing a pandemic, something no one was truly prepared for in the first place, Liccardo expresses the importance of staying calm...to the best of your ability. He suggests focusing on a long-term plan that allows your business more time to organize, rather than worrying about short-term losses.
Research Financial Aid: Whether it’s speaking with your bank or your local government, it’s important to research all your options that could help you and your business survive.
Seek Local Resources: Liccardo advises to find local organizations, such as your local chamber of commerce, and discover if there are any community groups or councils that would help support your small business in a time of need.
Stay Slow and Steady: Transitioning back to “reality” or adapting to new ways of life can be a difficult task for you and your employees. Liccardo reminds business owners that everyone, even competitors, are all in the same scenario and that there’s no expectation for everyone to rush back into perfection.
Lower Costs: This may be a given, but it’s important to reiterate. Liccardo suggests, if possible, keeping your staff remote. He also recommends negotiating a reduced rent with your landlord. Yes, these are all merely suggestions, however, they might be worth a shot!
“Upskill” your Staff: Hiring costs are expensive, a topic we covered in last week’s blog post. Therefore, keeping your current staff is important as well as heightening their skills in effort to achieve company growth, without necessarily hiring specialized individuals.
Although Liccardo acknowledges that no one will ever have the perfect answer to every question on how to handle surviving a pandemic, these are some great tips to think about. If you have any more ideas, please comment below, we’d love to have you contribute to the conversation!
Written By: Your Financially Fit Employees Team
No comments:
Post a Comment