Today, the economy and our businesses are slowing down. We all have to adapt various measures of distancing and teleworking. No one knows when, and in what order many sectors of the economy and society will resume. We don’t know whether the functioning will be normal or rough but in any case, you need to think about restarting a shutdown business. Whether it be in two, four, or eight weeks. It is a useful exercise to be ready when the time comes, but also not to “get lost” in the confines and the current vagueness. Here are five essential techniques for restarting your shutdown business to manage the current situation and prepare for the restart in a context that will remain special. Here some techniques for restarting a shutdown business after the pandemic:
The essential techniques for restarting your shutdown business
1. Analyze the public aid available and other perspectives
One of the keys to overcoming the current context is to use public or private aid. It will benefit the self-employed and also SMEs can benefit. The banking sector implemented measures to allow you to cope with this situation. In a certain number of cases, you can postpone the reimbursement of investment loans. Keep yourself informed. Public aid may evolve depending on the duration of confinement.
2. Update your financial forecasts and expectations
In connection with step 1, you should review your forecasts for the current year. This extrapolation should lead you to take measures to guarantee and preserve the health of your business. It will often involve reducing costs and expenses. For example, lowering expenses like reducing certain charges or, unfortunately, resorting to unemployment and economic unemployment in some instances. But in certain specific cases, you may have an interest in anticipating an investment to restart on better foundations. Knowing where you are going is an essential measure to pilot your business. It will also be a mark of credibility.
3. Manage what was late or postponed until the next day
Many freelancers finally got to use these few weeks to manage various administrative, marketing backlogs, works, etc. In this case, restarting after having caught up with this delay will constitute significant progress for you and your business.
4. Establish a recovery plan
Start by building a monitoring tool to identify what was not working or what is not working well and plan improvement objectives. Above all, experiment with innovative techniques or approaches to create a new relationship of trust with your customers, whether it be individuals or professionals. Since the beginning of the crisis, we have observed many companies without realizing they have developed new techniques to serve their customers. The main thing will be to revive yourself in a positive frame of mind and with the least “confidence” capital.
5. Take care of yourself
The managers’ “health capital” is the company’s first intangible asset. As business owners, they are always exposed. The general public is still not aware that an entrepreneur lives with stress all the time. With this new crisis, the difficulties are amplified: more fear and uncertainty. The leaders of small businesses who say they have their noses in the handlebars are multiplying! Thus, it seems to us that the situation is worrying. Sleep and rest are a guarantee of performance, which should be consumed without moderation in the days and weeks to come. Do not hesitate to move, get some fresh air and sunshine, and renew social relationships with loved ones. Also, respect the safety instructions, of course! The current situation is an opportunity for this, even if that doesn’t reduce the problems. At the very least, it helps to gain the upper hand and feel better!
