The pandemic has changed the world forever, and it has greatly reminded us that we all are interdependent on each other. We all saw the inevitable impact, as it affected every region, institution, domestic lives, and whatnot. Speaking of which, the global business industry also went through a massive shift, as countless businesses experienced unrecoverable losses and had to shut down. Particularly small businesses around the world experienced tough times as well, they had to shut down their segments, reduce scale and scope operations in order to survive.

As we’re living in the post-pandemic times now, being a business owner, it is crucial for you to break down the steps on how to grow and advance your small business. In this blog, we’ll talk about the learning experiences of small businesses resurfacing from the pandemic. All the information will greatly help you adapt to a new normal, how to grapple with the challenges, and take measured steps to venture into a post-pandemic era stronger than ever.

Step 1: Survive

You need to find ways to reduce the adverse effects, apply new operating methods, and reinvent your business work ethics to excel in the new age. Commit to yourself that you’ll keep your business afloat in uncertain times.

• Empower Your Workforce

When companies shifted to work from home for the first time, many employees insinuated that they won’t be able to work effectively and this will decrease their productivity. However, with the right technology and training, companies and employees managed to achieve the same level of productivity throughout the lockdown.

In the present times, all business owners must enable their workforce to work in any circumstances by equipping them with the essential resources, such as functional gadgets, stable internet connections, and all other things like that. You must enable them to work seamlessly in remote situations providing adequate training if things get to WFH setting again. Empower them in every way possible so your business can meet the pre-pandemic productivity standards again.

• Have Alternatives For The Critical Staff

There might be times when your workers are unable to perform their jobs, in a case like this you must have a plan in place about the distribution of responsibilities, tasks, and decision-making among the existing staff. And not to forget, you must offer help and resources to your employees who are sick or working remotely. Prioritize taking care of your employees, they’re the true asset of your organization.

• Explore & Obtain New Credit Lines

As the usual sources are scarce, businesses should look for new lines of credit in these times. Government loans, grants, and central bank bond purchases are accessible nowadays that can help keep your operations on track.

• Boost Liquidity

Everywhere, the situation is so uncertain, as global markets have become volatile, and the cost of financing has greatly shot up. It’s become so challenging to keep your business financially afloat. Being a responsible business owner, you must take all steps to protect and manage the liquidity of your business. You must go through all the current financing options available to you, discover all the factors affecting your business and search for all the solutions and waivers with financers.

• Collaborate With Suppliers

It is possible that some of your supply chain partners must be struggling and may require your persistent assistance. As your business depends upon significant supplies, you must help your suppliers by prepaying them or providing them with a series of credits.

Step 2: Reopen

Reopening your workplace and welcoming your employees must feel incredible, but you must prepare beforehand to face the new challenges in maintaining a safer environment for all. Your employees are your most valuable asset and you must go above and beyond your limit to create a healthy environment for them.

• Phasing

It is a wise step to let your employees come back to the workplace in shifts, instead of all at once. This will make everyone comply with the rules of social distancing and diminish the risk of exposure.

• Sanitizing

Make sure sanitizers are placed at the multiple spots in your office, this will of course remind your employees to use them. Regular cleaning of the floors and all the surfaces will also help reduce the chance of any outbreak and create a healthy environment to work in.

• Training

old training sessions for your managers and supervisors on the essential of workplace safety. These necessities include risk assessment and hazard apprehension, along with the physical and mental effects of the pandemic.

• Communication With The Stakeholders

In the present challenging times, it is necessary to maintain regular communication with all your stakeholders. Inform them about all the recent developments taking place inside the organization. Also, communicate to your regulators and investors about all the steps you’re adopting to deal with the situation and what have been the performance targets lately.

• Operational Improvement & The Risk Management

Analyze which areas of your business need improvements to increase productivity. Look for all the opportunities that are accessible to you at this time, and maximize them for efficiency. From assets to procurement to pricing, assess where you can make the improvements. Moreover, look out for the potential risks and eliminate them with effective strategies that work the best.

• Supplier & Customer Letdown

It is possible during these times, your suppliers and customers might not be able to follow through with their said commitments resulting in a shortage of supplies or receivables. Try to have alternatives for suppliers and keep track of all your payments to offset any resulting effects on your business.

• Cyberattacks

It goes without saying that all the work virtualization has made businesses greatly vulnerable to cyberattacks. Things like ransomware, data theft can occur unpredictably causing great damage to your business. It is a wise choice to invest in cybersecurity and take all the useful measures, and stay vigilant all the time.

To help you out, we’re listing down some of the official resources that tirelessly help businesses in need:

1. Financial Resources

Here are some financial schemes to help you out:

• COVID – 19 Small Business Loan and Grant Programs
• COVID – 19 U.S. and Canadian Financial Assistance Resources
• Cisco Capital Small Business Financing
• Financial Resources for Women and Minority Business Owners Affected by COVID – 19

2. Government Resources

• U.S. Small Business Administration
• National Small Business Association
• Canada: Women of Influence
• Canada Constant Contact

3. Industry Resources

Large corporations are also chipping in to assist their smaller counterparts in the following ways.

• Stand for Small
• Open We Stand
• Cisco COVID – 19 Resources

Step 3: Thrive

At this point, our future remains unclear, no one can exactly tell when the pandemic will be completely over. However, small business owners must plan for the future so that they can grapple with the unpredictable situation. Here are the few steps you can take to achieve your business agility again.

• Form Stronger  Supply Chains

Since the occurrence of the pandemic surge, the significance of building resilient supply chains has surfaced with a bigger magnitude than ever before. As a business owner, it is your utmost responsibility to look out for all the existing and potential bottlenecks in the supply chain and prepare yourself in advance. In addition, to ensure a robust supply chain it is highly recommended to include efficient automation, moving all the operations to one’s home country or the nearest region.

• Frame Your Business Continuity Plan

Take your time into planning a continuity plan, as it is crucial for your business. Indeed, there are conditions that you cannot fight against; such as burst water pipes, extreme weather, lockdown restrictions or anything like that. Speaking of which, your business continuity plan must include all the details on how to protect and maintain your processes, assets, employees, customers, and any other feature that might be affected.

• Develop New Products & Services

There’s a massive shift in the consumers’ demand regarding products and services since the onset of the pandemic surge. To meet the ever-growing demands of your customers, it is crucial for you to develop new products or services to improvise the older ones. See what is required to cater to the present market segment, this will allow you to uncover major business opportunities. Just keep in mind that, having a variety of your products or services will give you an edge over your competitors who are just offering a single product or service.

• Cultivate Customer Base

Keep striving to grow your customer base, expand your marketing strategies,  strengthen your social media presence, see what else can be done. Businesses suffer huge losses if they’re depending upon a single customer base, so you better work upon gaining more customers while retaining the older ones.

• Grow Internationally

It’s the right time to grow your business in the international market. We assure you that by doing so you’d unlock many new business opportunities, generate additional revenues, along with growing your existing customer base. This will also allow you to balance out your loss in one country with the profit generation in another.

In a world forever changed by the pandemic, you must keep up with the latest technology and trends to create a way forward for your business and workforce. Prioritize your employee’s safety and take stock of the resources available to you in the form of finance, technology, administrative, industrial, and legal assets and plan your next steps. Have a contingency plan in order in case things don’t go the way they were planned. Leverage the power of social media and upskill yourself and your employees to function more productively post-pandemic.

It is high time that we take productive measures to create a safer, better, and healthier environment for all of us. We wish you all the best in growing your small business in this post-pandemic world and anticipate hearing your incredible success story in the near future.