Getting back on our feet after coronavirus is going to require some careful planning.
With some businesses having their doors shuttered as nonessential, while others have adopted new practices to continue serving customers, what we’ve defined as normal is now shifting.
For most entrepreneurs, this means putting together a recovery plan to discover the quickest way to get back to normal, as well as what new opportunities might have arisen from the changing times.
To help you find some starting points for developing your recovery plan, we’ve outlined a few solid points to help you go in with a much clearer picture. Take a gander at the highlights below:
For how the coronavirus rocked our economic stability, the list of federal programs has been growing substantially. Although the PPP loans were a debacle for most small businesses, Congress has been trying to pass more legislation that aids in getting more funds directly into the hands of small to mid-sized businesses. As more bills are being passed through the House and Senate, there could be a handful of programs to explore when doors open back up again from COVID-19.
Regardless of what your financial picture looked like before the crisis, it’s important to take second and understand everything from a bird’s eye view. Reconciling your books, which can include reorganizing how you view your cashflow can be helpful in understanding a more clear path to recovery. It’s easier to understand your money when you can prioritize how it’s spent, which was a big lesson for a lot of small businesses during this tumultuous time.