Recovery after the coronavirus economic slowdown can be slow. However, tackling the recovery phase-by-phase and with a systematic approach will help you deal with the issue, just as if you are up against another typical business problem.
It is important to see economic recovery post-COVID-19 as another problem to be solved. Businesses which panic at this stage risk losing valuable time and money on unnecessary recovery methods.
Here is a list of 6 systematic approaches to maximize your potential for a hasty recovery.
#1. Diversify your income channels
Although it is always a good time to diversify, there is no better time than now. Tough times call for tough measures. Not too long ago, you would see certain opportunities and pass on them. You cannot afford that anymore.
For example, if you have additional space, this is the time to rent it out. If you have additional manpower, it is time to offer a new service. Expand to new areas that you always wanted to explore. Find what symbiotic business operations can be started along with your main business.
#2. Damage assessment to find new opportunities
Assessing the damage your business has suffered is a good starting point to find new opportunities. Once you have thoroughly audited the damage and losses, it will pave way for further improvements and open up new avenues by helping you discover channels that could’ve been optimized for mitigating risk, minimizing loss, or generate secondary profit.
#3. Digital marketing: utilize the power of the internet age
Perhaps the most important of the lot, there has never been a time more right to go fully equipped into the internet arena. Creating the perfect experience for your customers and clients online is pivotal to business success now.
Post-COVID-19 trends include a higher spend on digital marketing.
Samuel Adams, MD of Promo Leads, says, “The age of brick-and-mortar storefronts and offline advertising tactics is arguably the least effective now than ever.”
Empowering the digital presence of your business allows it to transform into an internet brand. And, quite simply, internet brands win, while others lose.
Digital marketing further helps you propagate your branding. Branding, in a nutshell, is what your consumers feel about your product or service. It could be positive or negative. Nudging people gently into the right direction and helping them feel what you want them to feel is the entire point of good branding. Digital marketing is the biggest driving factor in branding right now.
Several service providers are changing the game and helping business owners achieve greater profits with their digital marketing campaigns. Online marketing brand Promo Leads, for example, has already helped several small and medium businesses nearly recover and be on the way to profit after the COVID-19 slowdown.
There are plenty more examples. If your business is not a digital brand, it is losing out.
#4. Update your business plan
Your business plan is in for a long-due overhaul if it has remained the same since the beginning of the pandemic.
It is only natural that you update the core values, short-term aims, and long-term goals of your business to better fit the changing paradigm.
The biggest example of this is businesses which had previously depended on footfall to ensure a consistent revenue stream and are now looking for new opportunities, mostly online.
Similarly, nearly all aspects of your business are likely to have some headroom for adaptation to the new normal.
#5. Approach funding and incentivized government loan schemes
There are several government-funded schemes and loans for businesses to recover from the losses suffered during the pandemic. Your state will have its own set of rules, so it is better to check the official sources.
Many financial support and emergency capital schemes are doing the rounds. These might be compensation, but compensation might be all you need to brace through and get back on track.
Claim these grants, loans, and government funding schemes to kickstart your journey back upwards.
#6. Introducing the rebuilding timeline
The rebuilding timeline is key for all businesses which aim to recover from the economic slowdown in an acceptable timeframe. The rebuilding timeline is hardly anything more than a systematic analysis of the current budget, business plan, and damages. Based on what you find, you will then chart a new course, so to speak. Adjusting milestones, rearranging human resources, the works.
By the end, the aim is to have a detailed and all-encompassing timeline of sorts that will help you rebuild the business.
Making the right choices is critical to business growth now. You can do a large part of it on your own, and for the rest of it, professional service providers and contractors might come in handy (for example, temporary freelancers for handling the work or an agency like the digital campaigning brand Promo Leads we mentioned).