How to Bounce Back from a Business Hardship
There’s no sugar-coating it: the coronavirus pandemic has ravaged the economy, sending businesses around the world into a total tailspin. With many government agencies urging people to shelter in place, business owners have had little-to-no choice but to temporarily close their doors, severely restrict operations, or migrate to a completely remote setting.
Within a few short months, your brilliant business idea may now be nearing the edge of financial ruin—but you don’t need to simply accept this fate. There steps you can take to stop the bleeding and bounce back from a business hardship, whether it’s due to COVID-19 or a just a small startup oversight. Here’s how.
- First and foremost, compartmentalize and clear your mind.
Stress impedes your ability to think clearly and be productive at work, so if your mind is racing with anxious thoughts and fear of failure, step one is to get your headspace in check.
Try to compartmentalize your problems, separating the things you can control versus those that are out of your hands. For example, you might not have a say in coronavirus business closures, so there’s no sense in complaining about it, but you can choose how to evolve and adapt rather than waiving the white flag.
Everyone has their own way of managing stress. Some even turn to Cannabidoil products. CBD gummies are a great way to relax without feeling too impaired. Maybe it’s time to dust off those Nikes and break a sweat, then return feeling level-headed, motivated, and ready to get to work.
- Revisit the budget and cut all unnecessary costs.
Once you can see things more clearly, you should take another look at your business budget. Your financial projection from Q4 last year has definitely changed by now, so you’ll need to adjust your spending accordingly.
Expense management software should become your new best friend; use it to avoid overspending and identify areas of operation that are consuming way too much money. If rent costs an arm and a leg on top of the utility bill, maybe you can transition to a remote workforce built on an ecommerce platform like Shopify, for instance. Find these opportunities, then capitalize on them.
- Find alternatives friendlier to your bottom line.
Usually, marketing and advertising are the first things slashed on a frugal budget—but you can’t shut them down altogether if you want to acquire enough growth to keep you in business.
Your online presence is important for business, so ditch the paid ad campaigns and bolster your visibility with cost-effective search engine optimization (SEO). You can easily start a blog in your spare time and fill it with content containing relevant keywords that drive traffic to your site, free of charge.
You should also make sure your company has glowing reviews online, especially if you’re experiencing hardship due to an event that transpired. If you come across any disgruntled comments, politely reply with an attempt to remedy the situation.
Ultimately, you won’t be able to bounce back unless you earn revenue through sales, so find affordable ways to continue marketing your company even while recovering the ground you lost.
- Embrace the digital transformation.
As you overhaul your business model and start outsourcing tasks to online services, like virtual HR, the change can feel a little disorienting. But there are a number of financial benefits behind digital transformation that can help you save money without impeding business.
A few examples include the ability to improve the customer experience, increase transparency, and obtain data-driven insights for better success.
- Speak to your lenders and creditors.
If your business is experiencing financial strain, you can also talk to your lenders or creditors and tell them about the hardship you face. Many loan providers understand the current economic impact caused by the COVID-19 pandemic and are offering interest-free deferment.
The conversation might be intimidating, but it could buy you some critical time to get your affairs in order without penalty of postponed repayment.
Grab your shovel—it’s time to start digging your small business out of debt and getting back on track to achieve your goals, this year and beyond.
August 5th, 2020
July 30th, 2020
July 27th, 2020
July 27th, 2020
July 15th, 2020