Five Considerations for Your Covid-19 Recovery Plan

Five Considerations for Your Covid-19 Recovery Plan

Five Considerations for Your Covid-19 Recovery Plan 1000 667 Deidra Roberts

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:

Know what federal programs are available.

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.

Reconcile your books before you (re)open.

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.

Ultimately, the biggest consideration for most is the ROI in comparison to the experience they want for their customers.

See what revenue streams you want to continue.

The silver lining for a lot of businesses during coronavirus was developing new revenue streams. Restaurants that weren’t doing takeout anymore suddenly saw massive increases in volume and sales, as well as retail operations opening themselves up to delivery. These independent grassroots efforts enabled these businesses to keep thriving, which are leaving many to ask what revenue streams they want to continue in recovery. Ultimately, the biggest consideration for most is the ROI in comparison to the experience they want for their customers. Make a list of what new methods you’ve developed over the past couple of months, honing in on what you feel like has been an overall positive improvement for your business.

Start a rainy day fund as soon as you can.

Regardless if you have savings on hand or not, it’s important to start building that cash reserve as soon as possible. When talking about finances, having a pool of savings is practically more important for businesses than it is for individuals, ensuring paychecks don’t bounce and money can move without much disruption. Savings can also start to help prepare for the next emergency, giving you peace of mind for the long road ahead.

Be open to strategizing new solutions.

Often sports revolve around being copycat leagues, which mirrors very closely to how solutions work in the business world. Even if you’re not able (or currently choosing not to participate in solutions like delivery or contactless pickup), taking what you can learn from these practices and how they might apply to your business is a worthwhile consideration. Times like these can often open up to the potential of defining new normals, where business practices and habits may change. For your company, that might mean making some changes to accommodate.

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Handling your finances as if they were our own.

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