As the government begins to ease the coronavirus restrictions, small businesses are (or certainly should be!) considering what recovery looks like. And how to navigate and plan for this next stage.

What have we learned?

It is tempting to consider this as a one-time thing. A blip, the likes of which we will never see again. And while we may not see another pandemic in our lifetime, businesses should acknowledge the long-term changes – and opportunities for change – created by COVID-19. The opportunity to develop stronger, more flexible future-facing strategies.

We know things are likely to be different even after restrictions are lifted. For starters, it seems likely there will be social distancing practices and crowd limits that continue long after this is “over”.

So, what else might be different? And how might you adapt and change your business to focus on these areas of change? Are there other products or services that you can offer? Is there a different way to offer your services or get your products to customers?

What is the market saying?

Being flexible is more important than ever. Analyse how your industry has been affected by the pandemic and respond to that.

When looking at competitors and the industry as a whole, pay attention to any trends AND any interesting anomalies. Focus on opportunities. Finding a need that your business can fulfil will help you to not only reclaim, but to expand your customer base going forward.

If you have been able to pivot and remain operational during this time, think about whether you might continue to offer services on an alternative basis… or even grow this part of your business. Again, it’s all about learning from the experience, looking for opportunities and proactively planning to make those part of your success.

Consider and prioritise

Here are a few things to focus on right now, to get your business ready to restart:

• What funding might you need to get the business up and running again? Where can you get that from? Consider all government grants and funding options before considering debt.
• What do you need to budget for initially? Purchasing inventory? Re-hiring staff? Increasing advertising and marketing?
• Have a clear re-start timeline: Prioritising your many competing tasks on a physical timeline is crucial. Without a timeline it’s easy to be distracted by things that are actually not that urgent in the initial stages.
• Track your progress: This may involve reviewing the business weekly to see what’s working and where changes may need to be made. Don’t kneejerk… but being flexible is key.

Apply the learnings, make a plan, be a better business

This pandemic may be a once-in-a-lifetime event, however, business disruption is actually a possibility we should all be ready for. Particularly as small business owners.

OK, this has been a big disruption. But if we ensure we take the time to learn from this, we will be better prepared for the next crisis – whether that is external or from within the business.

Now is the time to make new plans; to apply the learnings from this time. Consider how you can be more productive or more innovative, as well as better prepared. Having the right business plan in place improves your chance of not just surviving, but thriving.

If you’d like any help or support to plan for success, please reach out to us. We’d love to help.