08/16/2021
Are we back to normal yet? A guide to determine what pandemic measures work for you and your budget
The past year has seen countless small businesses pushed to the limit due to the pandemic and while too many have not survived, others have been nimble enough to modify the way they operate and not only survived but thrived.
Lots of small businesses starting to feel more optimistic about their chances in 2021 with restrictions being lifted and Vaccines available to everyone. To help small business owners with some of the next steps in your business after the pandemic, an action plan should be in place to evaluate the COVID-era operations. Below are four simple steps that can help you formulate a plan.
Step 1 – Create a Cost/Benefit Analysis
Evaluate any pre and post covid cost containment policies you may have put into place and compare them dollar-for-dollar.
The trick to doing this correctly is to separate out the cost of the transition itself so you can examine the relative merits of your pre-and-post-pandemic operational methods. A good place to start is to compare your business's Q4 2019 results with Q4 2020.
Step 2 – Conduct Customer Surveys
For every change that benefited for your business, you must compare what impact it had on your clientele. That's because you need to be certain that your customers will be willing to continue patronizing your business if you choose not to conduct business the way it was pre-pandemic.
Depending on your industry, you will find your customers all have different Opinions on going back to operating as you did before the pandemic. Depending on that percentage and how they feel, you will be able to evaluate what works for your pocket and business to come. But if the changes were for the better and the majority of them seem comfortable that's a good sign that you should consider keeping them.
Step 3 – Consider Non-Monetary Impacts
Think of the non-monetary costs of making your operational changes permanent. For example, Have you had to let go long-time employees or furloughed those who would be against returning to work if you don't resume pre-pandemic?
If you may think this is a possible factor, then you want to consider their best interest before making drastic permanent operational changes.
Step 4 – Examine Growth Prospects
How does your choice affect your business's long-term growth prospects? You're going to have to revisit your original business plan to see if your is still relevant to your new modes of operation.
It may turn out that your business would benefit to going back to its pre-pandemic model because its growth path would be clearer. Altering the way your business functions is like starting a whole new business. The rare nature of the pandemic may have given you a different view of your business's prospects for success when things return to normal.
At ASF, we don’t require lengthy applications, detailed financials, or a long wait to get an answer. We understand that you have a company to run, new business to rustle up, and customers to take care of. Our financial solutions are specifically designed for small business, providing short and lon...
