COVID-19 made small businesses disappear by the thousands. The pandemic initially marked 140,104 as temporarily closed, according to Yelp.com’s Local Economic Impact Report, but had fallen to 65,769 by August.
More than 97,966 businesses closed permanently during the pandemic, according to Yelp.
64 percent of small business owners believe they can continue to work for more than a year under current conditions, up from 34 percent three months ago. This is according to a CNBC / SurveyMonkey survey of small business owners.
Tips on how to get back on your feet
Here’s how to get back on your feet after the pandemic.
Tip 1: take care of your people.
The important things first. Your employees are your most valuable asset. Always keep that in mind first and foremost. If you continue to treat your employees well, it will affect your long-term success. Check out a few things you can do to take care of your employees:
Did you have to leave your employees on leave? You may not realize how concerned you are. You may be wondering about your future in the company. Do your best to reassure your employees – honestly – and let them know what to expect. Put yourself in their shoes a little and respond to their needs.
Other employees who have worked remotely may worry about working in an office with other people again – and the germs that come with it. You need to make them as comfortable as possible, including social distancing and hygiene implementations.
Ask about their concerns if you’re not sure what your employees are concerned about. Your honesty is necessary and your clarity about everything is so important.
Tip 2: revise your marketing strategy.
Are your recent communications in a great position to weather a post-COVID-19 world?
For example, your marketing materials seem completely unaffected by the economic and social climate. The last thing you want is a marketing funnel that seems naive and insensitive.
Go for messages that communicate that your company is there to help – keep everything you communicate to meet your customers where they are. You want to communicate succinctly with the deepest needs of your customers. Don’t keep your great offers a secret, either. Tell your customers how proactive you are and how you will actively help them during this time.
Tip 3: analyze the before and after.
Take the next step after communicating “I’m here for you!” Find out how your customers’ lives have changed. In truth, their life can never be the same! You can never interact with your company in the same way!
Online experiences are the way forward.
Customers want and long for entertainment, comfort, and hope.
Many of your customers are poorer because of the pandemic.
They can leave permanent scars due to contagious diseases.
Don’t assume that you know their fears and problems. Find out how their lives have changed and how you can give your customers what they need. Ask them what they are looking forward to and keep them warm when they are not buying from you. They want them to buy from you again.
Tip 4: examine your books.
Did you do a good job maintaining your income during the pandemic? If not, you will likely have to make some tough decisions.
The most important thing to know is to know exactly what cash flow availability you have both during and after the pandemic. Then ask:
How does this affect your fixed costs?
How can you cut exampenses?
Where can you be flexible with your expenses?
Can you delay some expenses?
Can you use public support and other opportunities to fill this gap as they become available?
Search your books daily to make sure you know exactly what to do to make sure you can get your business going.
Tip 5: Help your business by running online background checks with TransUnion ShareAble for Hires.
Are you hiring? During this time, you need to make sure that you are hiring the absolutely right people for the job – this is essential during a pandemic.
You want to know as much as possible about your next potential hire. TransUnion ShareAble for Hires offers credit and criminal background checks and offers:
Pay per use, no setup or hidden fees or subscriptions
Everything online and mobile-friendly
TransUnion credit check
Criminal background report covering nearly all jurisdictions
An integrated verification of the applicant’s identity
Immediate screening
Why Should You Check An Applicant’s Credit Report? You can:
Review this candidate’s financial habits
Financial responsibility
Ability to manage budgets
Get more information to help you assess your risk
Of course, you won’t be basing your hiring decision on more than a credit profile. However, without a thorough background check, you will not know whether the applicant is financially responsible or has a relevant criminal background.
Tip 6: Be honest with yourself about your best chance of winning.
What are your most valuable products? Are you an online yoga company and your beginner’s introductory yoga class is far more popular than your advanced yoga class? Drop the advanced class and focus on what you’re making money right now.
What do your loyal and profitable customers prefer? Ask her! They will tell you what they need and want. Focus on the parts of your business that have broad appeal.
Tip 7: keep bringing business.
If you keep the theme of the things that have broad appeal, your focus is on getting more business. Once you have clarity about what your customers want, manage your cash flow and sail further into your business.
Tip 8: hoard cash if you can.
Once you’ve figured out where to get flexible, there’s no need to cut back on your spending – corporate credit cards, travel, 401 (k) employee contributions, raises, bonuses, or overtime pay.
Store as much cash as possible so that you can keep your business alive as well as possible.
How to strategize with Shareable
Ready to find out how to get the best people on your team? Here’s how to use ShareAble.
Step 1: Send your request to your applicant.
ShareAble for Hires sends a review request to your applicant via email.
Step 2: Your setting goes through the ID verification.
The applicant enters their personal information and their identity is authenticated.
Step 3: reports delivered.
The reports will be sent to you.
Get ShareAble and get back on your feet
Opportunities and Risks: It’s important to hire those who fit your culture and those who you can trust with sensitive business information. You also need to be sure that your new hire can interact with your customers.
This is where ShareAble for Hires comes in. Small business owners can make better hiring decisions by enabling a web-based self-service background check for employees, which enables fast, reliable, and easy-to-perform background checks for employees.
ShareAble’s technology provides comprehensive employment background checks – a solution specifically for small business owners who need accurate work background checks quickly.
© 2021 Benzinga.com. Benzinga does not offer investment advice. All rights reserved.
