COVID has created a difficult environment for businesses since 2020. Indeed, the decline in UK Gross Domestic Product went from +1.4 per cent in 2019 to -9.8 per cent in 2020 – far worse than the global financial crisis of 2009. Industries are starting to recover, although this is expected to be a long and difficult process. Read on to find out how you can rebuild your business as quickly as possible.
Evaluate your financial situation
When you’re rebuilding your business, you need to calmly evaluate your financial situation. It’s vital that you precisely understand the position you’re in. This involves acknowledging your losses and getting your finances in order so that you can make your next move. When you apply for external funding or assistance, you’ll need to have a clear picture of your financial situation.
Is extra funding needed?
Extra funding can help you rebuild following the pandemic. It can be a daunting feeling to apply for external funding, but it can help get your business back off the ground. One excellent option is to apply for a recovery loan scheme to immediately bolster your cashflow as you look to rebuild your business.
Adjust your business plan
As we emerge from the pandemic, it’s also worth adjusting your business plan. After all, the business environment has completely changed. This could mean that you now pivot your business towards selling products or services online. You should also use this opportunity to evaluate your company’s strengths and weaknesses, before working on becoming more rounded.
Revamping products or services
Another option is to revamp your products or services. By adding new products or redesigning them for new uses, you might suddenly find that you can attract new customers. And it’s a similar story for services: by changing the service you offer customers, you can open yourself up to new markets.
Hiring professional help
Sometimes you need specialist expertise to help rebuild your business. In this situation you have two options: you can either hire permanent specialists to help push your business forward, or you can enlist the help of consultants.
Carrying out fresh market research can help you adjust to the new business landscape too. Customers’ expectations of businesses are now changing. Indeed, consumers are now becoming more health-conscious, while also trying to limit their impact on the environment. By pivoting your business toward having a low carbon footprint you can position yourself to rebuild strongly.
The pandemic has had a dramatic effect on businesses. But there are routes toward rebuilding your business. By carrying out market research, hiring professional help and revamping products through external funding, you should be all set for a steady recovery.