Whether or not to reopen your business as restrictions are lifted is a choice that only you can make for your small business.
One thing is certain: doing business in a post-pandemic world is just different!
The goal right now should be all about how you come out the other side of this crisis a smarter, stronger and more prepared business than ever before.
The key is to keep things simple. It is a time, like no other, that calls for leadership to:
- Focus on speed vs. precision
- Make smart trade-offs that shape your ‘new normal’
- Adapt boldly
- Communicate with your team and your customers
- Maintain quality and safety above all else!
We don’t know what that next step looks like for your business, but SCORE mentors are prepared to help you dig into the “BIG Questions” that will lead to your reopening plan:
- What sales are needed to break even?
- Do you have a sense of your most likely cash flow forecast?
- How will you maintain a safe environment for your employees, customers and others?
- Is this the right time to pivot your business model to stay competitive?
- How will you market your reopening to build demand?
Check out this new e-guide from SCORE, Reopening Toolkit for Small Business. Work through the process to assess your current state, account for cash and costs, plan your reopening and communicate to employees, customers and suppliers.
Depending on your product or service, you may be able to operate in a different business model than before such as e-commerce, curb side or home delivery or partner with another organization to expand your market reach and revenues.
Look for ways to diversify your offering that are useful to your current customers and new ones.
Do you have a talent that allows you to share your skill in an online “Master Class”?
Consider limited edition products or unique services that create demand.
Flawlessly execute your ideas and ensure that your brand experience, your service and quality are as good or better than before the pandemic crisis.
Spend the time now to analyze your cash in and cash out for the next five months, and monitor progress every month.
Prioritize your supplier relationships. This could be a good time to evaluate other vendors.
Negotiate terms with your banks, landlords and creditors that help you to navigate the reopening and recovery period while maintaining long-term relationships.
Above all, keep the conversation going with your employees. Share the facts with them.
Update on the decisions you are making to keep the business on track. Talk together about your cleaning protocols, guidelines for customer engagements, training needs, flexible work hours and changes to operations.
The best ideas often come from the people on the front line.
YOU DON’T HAVE TO DO THIS ALONE!
SCORE is here to help business owners and their teams think through the critical steps that can be taken now to help their business survive and prosper. Connect with your SCORE Mentor here in Chester or Delaware Counties to work together on your reopening plan.
SCORE provides free professional guidance and offers live and recorded online educational programs to help small businesses achieve their goals.
Small business owners are resilient and can power through this crisis, with SCORE by their side!
Check out the SCORE e-guide, Reopening Toolkit for Small Business and Nonprofits.
If you need to schedule a mentoring session for the first time, request a remote video meeting here.
You may also be interested in these recorded SCORE webinars:
Guidance from Pennsylvania: