Preparing Your Small Business to Reopen After COVID19

The coronavirus (COVID-19) pandemic has challenged your small business. It’s forced you to shut your doors and have hard conversations with your staff. It’s pushed you to get creative to connect with customers from a distance. It’s driven you to quickly pivot and go virtual to keep your staff working and your clients happy.

Now, you’ll need to start planning for a new normal as you reopen your small business during the coronavirus. And although we can’t tell you when exactly you’ll be able to reopen, we can help you prepare for when the time comes.

Navigating the Reopening Process

1.Think Strategically About Your Business

Things are likely to be different after the mandatory shutdowns and restrictions on businesses are lifted. There may be crowd limits and social distancing practices that continue long after businesses are allowed to reopen. This is the time to think about how you might need to change your business or shift your focus to address the changes that are likely to occur in the wake of COVID-19. Are there other products or services you can offer that would make more sense given the crisis we will be emerging from? Is there a different way to offer your services or get your products to consumers, such as more online or virtual options?

2. Flexible Work From Home Policies

If your business was one of the many that was able to successfully shift employees to remote working, consider whether you can continue to offer this option. For many workers, the importance of having some flexibility with working from home will continue, even after the mandatory business shutdowns have lifted. There will be new challenges like children at home because of school closures or increased caretaking needs for other family members that may make it difficult or impossible for people to return to their regular pre-COVID-19 work schedules.

Allowing some remote working or flexibility with shifts could also help with social distancing by reducing the number of people in your workplace at the same time. Additionally, allowing remote schedules has other benefits, such as boosting morale and productivity in the workplace.

3. Moving in-person events and classes online

There are plenty of ways for you to connect with clients or customers via phone or video call. You can also find platforms that allow you to hold virtual events. You may even consider a YouTube channel, video conferencing, or live streaming. For example, a gym, health club, or yoga studio can hold exercise classes online. Adapt the routines for people working out at home instead of in your facility.

4. Constant Communication with Your Customers

When you’re constantly having to make changes to adapt to an ever-changing situation, it’s imperative that you let your customers know what you’re doing and when. Keep your customers aware of any changes to day-to-day operations. Be sure to include details your customers should know about, like your hours, product availability, and any precautions you’re taking regarding the virus.

5. Update Your Financial Statements

To be able to make the best possible decisions in a difficult environment, you need access to the most up-to-date information on the state of your business finances. Therefore, we recommend you bring your financial statements up to date and keep them up to date. If you need help or don’t know where to start, contact a local CPA or a remote outsourced accounting service.

6.Perform a Financial Health Check on Your Business

Knowledge of the financial health of your business is fundamental to assist you to decide what you can and should do now to place your business in the best possible position to navigate through the crisis. A significant amount of information on the financial health and performance of your business can be gained by analyzing your financial statements through financial ratios. If you have no idea where the financial health of your business stands, it is critical you reach out to a local CPA or a remote accounting team to help you assess the health of your business.

7.  Redo Budgets with New Assumptions

The assumptions you may have used to produce your budget are most likely no longer relevant because of the crisis. Working with your accountant, take the list of possible impacts of COVID-19 you have developed and re-do your budgets. Include a range of possibilities previously unthinkable scenarios, such as a 50 to 80 percent decline in sales over three to six months, or a supplier is unable to supply you a key item for six weeks. Carefully consider how each of those scenarios impacts your cash flow. If you are unsure how to accurately produce new budgets for your business, consult with a local CPA or a remote accountant.

Limitless Investment and Capital Small Business Experts During COVID-19

Limitless Investment & Capital is here to understand your specific circumstances and customize solutions to help you navigate COVID-19. Our CPAs and accountants can help you assess the financial health of your business and give suggestions on how your business can move forward. Additionally, we have an excellent team of bankruptcy and turnaround management advisors that can give your business an entirely new direction. Schedule a FREE consultation with our team TODAY!