How to Re-Energize Your Business After the Pandemic

While only a few months ago it may not have seemed possible, most states are now lifting mask and social distancing mandates, meaning life where you live and elsewhere in the nation is slowly but surely returning to normal. However, the COVID-19 pandemic took quite a toll on businesses, yours included. Therefore, while you're optimistic about the future, you know you have plenty of work ahead of you to re-energize your business. Since the ball is in your court now, it's time to be proactive and start thinking about what it will take to get your business back to pre-pandemic levels in terms of customers, sales, and profits. If you're ready to kick COVID-19 to the curb and get your business going once again, here are some effective ways to make it happen.

Secure Working Capital

Although you may have relied on the Paycheck Protection Program loans to help your business survive during the pandemic, it's still important you secure the working capital you will need post-pandemic. To do so, you can work with your favorite lender to secure a loan, open a line of credit, or even use some credit cards if necessary to rebuild your inventory, pay for advertising and other crucial expenses.

Have Your Business Fully-Staffed

If you had a great team of employees whom you had to lay off during the pandemic, reassemble your “Dream Team” as fast as possible. While some people may have moved on to other jobs by now, it is possible that many of your staff have been eagerly awaiting a call from you, inviting them to come back to work. Even if you lost a few employees, many others are now actively searching for jobs. By offering some incentives such as a sign-on bonus, perks such as gift cards, or flexible schedules with a solid starting wage, you should have little trouble getting fully-staffed within a reasonable period of time.

Reclaim Your Customers

No matter what type of business you own, chances are your customers are more eager than ever to walk back through your doors. However, if you just sit back and assume this will happen, you may be in for a rude awakening. Since your competitors are also wanting as many customers as possible, you have to do all you can to make sure it is your business that customers ultimately select for various products or services. To do so, be very aggressive with your marketing efforts. A great way to do so is by staying active on social media, where you can use your company's Facebook, Twitter, Instagram, and other platforms to inform customers of special deals, your grand reopening and other enticing tidbits of information.

Have a Full Inventory

When you have a grand reopening for your customers, the last thing you want is for them to walk in and find store shelves that are empty. Therefore, you need to make rebuilding your inventory a major priority as quickly as possible. Though there are some supply chain problems that currently exist with various types of products, most experts agree there is still plenty of inventory available for most businesses. Along with getting back in touch with some of your most reliable vendors, make sure you have the money needed to purchase what you need. If necessary, use a line of credit or even a merchant cash advance to have everything in place upon reopening.

Diversify Your Products and Services

If there has been any silver lining in the pandemic, it has been the fact that you and others realized things can be done in different ways. Because of this, you may be able to re-energize your business by choosing to diversify the products and services you offer to your customers. For example, if you didn’t previously offer delivery services prior to the pandemic but found it was very popular with customers, consider continuing the service after you reopen. Depending upon the nature of your business, you may want to consider making house calls to provide certain services, or instead continue offering live-streamed classes or consultations to customers.

Identify Key Business Opportunities

With so many businesses having closed for good due to the pandemic, this may be your chance to identify and capitalize on some unforeseen opportunities. For example, if you had been considering relocating your business or perhaps opening another location, there may be some prime pieces of commercial real estate available now that otherwise would not have been on the market. If so, you can arrange for financing and find yourself turning what was only a dream into reality.

Give Back to Your Community

Even in the worst of times during the pandemic, you likely still had many customers who did all they could to help you stay in business. If so, you need to remember this and be willing to give back to your community now that things are returning to normal. There are many ways to do this. For example, you can host a live music event, which is something people have been longing for over the past year. Also, you can work with a local charity to support a food drive, host a pet adoption day or other event that will help others in your community. By showing a willingness to give back, your customers will remember your efforts and be even more committed to remaining loyal to you and your business for decades to come.

Since time is money in the business world, this is no time to procrastinate. Whether you are getting some signs made for your grand reopening, deciding which new products or services you will be offering your customers, or hiring new employees and getting them trained, it won't be long before all of your hard work pays off in a big way.