
The initial days of the COVID-19 pandemic were detrimental to small businesses. In late March, it was reported that a staggering 92% of small businesses had suffered negative side effects from the unfolding crisis. In comparison, only 5% hadn’t experienced any effect, while a minute 3% found their business had benefited from the ongoing catastrophe.
Over time, things like the Paycheck Protection Program and work-from-home tech have helped ameliorate some of the negative effects to a degree, with the long-term damage varying dramatically by industry.
However, with no end to the pandemic in sight, entrepreneurs in all business sectors need to stop waiting for delayed government aid or a return to the past. Instead, they must discover their own solutions to their current problems as they look to the months ahead. Here are a few suggestions for different ways that small business owners of all kinds can proactively and effectively tackle the current crisis head-on.
Take the time to calmly assess
As a business owner, the first thing you must do is calmly reflect on the situation that you’re facing. Remember, no entrepreneur goes into business genuinely expecting to experience calm waters throughout their professional adventures.
Running a business requires grit, tenacity and innovation – whether you’re dealing with a workplace confrontation, a temporary money shortage … or a pandemic.
Start your recovery process by calmly and objectively evaluating what it will take for your business to survive and then thrive going forward. When asked, for instance, nearly nine out of 10 business owners have reported that COVID-19 has affected how their business operates.
If your business is in this majority, assess the cost and sustainability of these changes. Is your supply chain strained or overpriced due to shortages? Are your employees struggling with work-from-home situations or spending all of their time cleaning and sanitizing a commercial space? You can’t recover from a setback as big as a pandemic without first gauging both the past and the continuing damage.
Understand the difference between “normalcy” and “new normal”
Many business owners and customers alike are trying to survive the current situation in an attempt to just “get back to normal.” While there’s no doubt that a state of normalcy will eventually return, as a business owner it’s important to understand that this may not be the “good ol’ days” you’re used to.
With things like social distancing, wearing masks and remote work all becoming entrenched factors of society, the future of what is “normal” may look very different from the past.
This can feel overwhelming at first, but entrepreneurs must consider this factor if they want to genuinely recover and find success in the months and years ahead.
If you want to operate a brick-and-mortar business like a restaurant or storefront, for instance, it may become “normal” to set up your shop with social distancing and sanitation protocols permanently in place. You may need to hire an employee (or at least task an existing employee) to serve as your coronavirus protocol czar. You may even want to entirely outsource cleaning and sanitation protocols to a professional service that can ensure your establishment remains pandemic-proof.
Another example of adapting to the new normal is the concept of long-term remote work. While many employees thrive in a work-from-home situation, it’s critical that – as their employer – you take steps to ensure that they’re remaining both productive and mentally healthy as they work in isolation.
Consider adjustments and pivots
Along with modifying your operations for the new normal, it’s also crucial to take steps to vaccinate your business against both the ongoing pandemic and any future ones. You can do this in a variety of ways, such as:
- Creating and maintaining a business continuity plan for when a disaster strikes
- Training employees and managers to work effectively in a remote setting
- Embracing technology tools to enhance productivity and efficiency
- Finding ways to hold remote employees accountable for real work without micromanaging them
Along with setting up ways to pandemic-proof your future operations, it’s worth exploring other potential business alternatives that you can steer your enterprise into in the event of a genuine catastrophe for your current operation. If you’re a beer manufacturer who finds that demand for your product plummets due to a future pandemic, for instance, you may want to be ready to quickly pivot into producing something else such as hand sanitizer or masks until demand picks up again.
Lean on data for strategy
Finally, if you haven’t integrated data into your business strategy yet, now is the time to do so. This doesn’t simply mean installing Google Analytics into your e-commerce store, either. Truly embracing analytics in your business strategy requires two things:
- Setting up the tools to collect very large quantities of information
- Either hiring someone or learning how to apply your analytical findings and turn them into strategic recommendations
This process of data collection, analysis and application can involve anything from online visitor traffic and SEO research to utilizing COVID-19 business resources. No matter what the source of the data, gathering and utilizing information should be a central part of your business decision-making going forward.
Recovering and conquering during COVID-19
Business owners from all walks of life are well aware of the risks involved in launching and running an enterprise. The important step in beginning to recover is for business owners to assess their situation and begin to create a plan for the future. This will allow them to overcome their current challenges, survive the next few months and ultimately be positioned to thrive as the new normal is established.
Beau Peters is a freelance writer from the Pacific Northwest with a passion for purpose-driven business content.
