How can businesses bounce back after COVID?

How can businesses bounce back after COVID?

There’s no denying that the COVID-19 pandemic has had a huge detrimental effect on businesses across the world. Many businesses in the UK may be wondering how you can start to rebuild your business once things start to resume back to normal, whatever ‘normal’ may be. For you and your business normal may mean your employees working 9-5 during the week in a packed office or it may mean working at full capacity but remotely. Whatever your plan for after the pandemic, Refused Car Finance have put together some handy tips on how your business can bounce back after the pandemic.

 

Take advantage of handouts

If you haven’t taken advantage of any of the UK government support for businesses then why not? Many businesses can claim Furlough payment for their employees from the government which allows employers to claim 80% pay from the government for selected employees. This way you can keep that employee in a job, but they can’t actively work or make any money for your business while on furlough. There are also Loans, tax relief and cash grants available for businesses. Many local authorities are offering grants for small businesses to get work completed such as help with IT related issues, website reviews and more.

 

Review your outgoings

For many businesses, COVID meant that they had to cut back on costs in order to save money. But depending on your sector it could mean that you increased your costs on advertising such as Facebook, Google Ads etc. Before you start to build your business back up, you should review all your company outgoings and learn how to take better care of your finances as a small business. What didn’t work before the pandemic and what has taken off during? See where your current cashflow is coming from and ask yourself, what do your customers like buying from you, have you seen a rise in new customers or how can you support your existing customers?

 

Take advantage of customer loyalty

Many businesses have seen an increase in new customers when they have shifted to online or contactless deliveries, depending on your industry. Or if you’ve seen a dip in your customers, how can you look after your current customer base? Many businesses have offered discounts, money off or delayed payments for loyal customers during hard times. You could also offer lower subscriptions for new potential customers.

 

Adapt to the new normal

For many businesses, the shift has turned to remote a digital working. You could take advantage of a government grant to improve your website and increase conversions. Or industries which are unsure of when they can retune can turn their hand to something else. For example, chefs who have started recipe blogs or hot to videos online. Staying relevant and unforgettable can really help when things go back to normal.

 

Look after your employees

It has been a hard time for everyone and many of your employees may be feeling afraid and insecure about their jobs. The pandemic has also been one of the biggest impacts on mental health for many people. Provide a safe and understanding place for employees to discuss their mental and physical wellbeing. You could appoint a company point of contact to answer any questions or listen to concerns. You can also offer online and specialised workshops in stress or work management. Boosting morale and looking after the well-being of your employees is key to a motivated and productive company. Make sure you have clear and easy communication between employers and employees.

 

Make a plan

Once you’ve considered all options on how you can help your business to thrive you should get it down in an action plan. Liaise with your team leaders and managers and also include your employees, listen to their feedback about the new way of working. Then come up with an action plan and stick to it! You should also include a plan for any future crisis. The pandemic may seem like a one-time event, but you should have a plan on how to manage your small business correctly next time.

Susannah Griffin
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