Tips for Getting Your Business Back on Track Despite COVID-19
As COVID-19 restrictions begin to lift around the U.S., business owners are reevaluating how they can get their businesses back on track.
COVID-19 caused a global health crisis and took a toll on economies worldwide. As McKinsey reveals, entrepreneurs were particularly hard-hit and many small businesses were forced to close. If you're a small business owner struggling to get back on your feet in the wake of the pandemic, it's time to pivot. Adapting to the new reality will allow you to find renewed success as the world transitions to the post-pandemic “new normal.”
Seize the opportunity to tackle pesky administrative tasks.
Odds are your day-to-day business has slowed down due to COVID-19. Before taking steps to ramp up business again, take advantage of this calmer moment to address admin items that may be on your to-do list. Examples include getting any outstanding tax paperwork done, catching up on expenses and invoices, and implementing new payroll software.
Consider reconfiguring your business model.
If you haven't already done so, you can also use this calmer period to formally register your business with your state. This allows you to establish a legal entity like a limited liability company or corporation. You might also consider alternative models, such as employee-owned business models. The Minnesota Center for Employee Ownership, MNCEO, provides guidance on how to transition to this model.
Upgrade your online presence.
If you haven't yet established an online presence for your business, this is the time to take care of it. Forbes reveals that COVID-19 increased internet usage by 70% in the first part of 2020. As people continue to rely increasingly on the internet, you want to ensure your business is well-represented with a stellar website, social media profiles, and a blog.
Seek out new opportunities to connect with customers.
In addition to increasing your online engagement, look for more innovative ways to connect with customers. Yotpo offers some great ideas. For example, you might implement new communication channels, like video chat. You can also host virtual events to nurture a community or develop a mobile app, which you can use to implement a loyalty program.
Turn to external experts to help you implement new technology and software.
Change isn't always easy, especially when it comes to implementing cutting-edge technology and software tools. From web design to mobile app development, there are remote professionals who can help you with all of the above tasks. Check out these resources:
The pandemic caused many businesses to move operations online. If you want to offer an eCommerce option to your customers, consider setting up a Shopify account. You might wonder, “how to find a Shopify expert near me?” Professionals who can help you set up your online storefront are easily searchable in Upwork and similar job boards.
Convinced that your business could benefit from a mobile app? There's no need to develop one yourself. Entrepreneur offers a step-by-step guide to finding the perfect developer.
If you want to expand your online presence by blogging, the thought of writing your own content may be intimidating. You can outsource this task, too. Brafton explains the benefits of hiring a ghostwriter and reveals how the process works.
A chatbot is one innovative way to enhance customer communication and engagement. Chatbots Magazine provides a list of resources that can help you create a chatbot for your business. Of course, you can also hire a pro using a tool like Upwork.
Payroll can be a time-consuming task for many small business owners. If you decide to implement new payroll software as part of your revamp, The Balance has a guide on how to do it.
The COVID-19 pandemic has forced many businesses to innovate in order to survive. If you are ready to implement changes like those described above, you may find greater success going forward.
If you think your entrepreneurial endeavor could benefit from an employee ownership model, The Minnesota Employee Ownership Center (MNCEO) can help. Reach out for a free consultation.
Lastly, thank you to Julie Morris, Freelance Writer, for this well-outlined article.