Rebuilding Your Business After a Crisis

As a small business owner, you spend a great deal of time planning and setting goals for your company year after year. You try to take into account different factors that can affect your business and plan accordingly.

Unfortunately, unexpected issues can affect your business without any advance warning. Whether it is a situation such as a natural disaster, a pandemic or even health issues, things can crop up without us knowing how it will affect our business.

This year we’ve all been affected by the COVID-19 virus. Every business has felt some sort of challenge as a result of this pandemic.

So, what do you do to recover and rebuild your business after being hit by a crisis? Here are some ideas on how to put the pieces back together:

Develop a Recover Plan

Much like a business plan, a recovery plan will help you build a roadmap that should take you from the aftermath of a crisis, all the way back to solid footing by spelling out the steps to get you back to where you were before the crisis happened.

  • First, determine the areas where you need the help and support. For example, customer service, legal, or financial, and identify the resources needed and get in contact with them.
  • Next, develop your recovery plan in detail and write it all out until you have an actionable plan on paper. This will include all of the known details you have planned to get the business back on solid footing.
  • Finally, once you have started rebuilding your business and your revenue is flowing again, go back over your recovery plan. If you took on any debt during this time or during the rebuilding process, try to pay it off as soon as you can.

There are many types of support available to aid you in your business recovery. Government assistance is available through Disaster Assist (including the Disaster Recovery Payment/Disaster Recovery Allowance). For business support, you can contact Australian Small Business and Family Enterprise Ombudsman. For mental health support, contact Beyond Blue.

Comprehensive Business Insurance Coverage

Protecting your overall business is critical. Every company needs to be properly insured to cover all that you have built. Comprehensive business insurance should be established to focus on each aspect of your company, to protect it, move it forward, and make it successful.

This type of coverage provides a safeguard for unexpected events. Additionally, a full comprehensive protection plan can provide Business Interruption cover and loss of income. Should you need to temporarily close your doors due to an event covered by your policy, this cover will ensure you still have a business when it is over.

BizCover has access to a network of insurance companies and can quickly provide you free, multiple quotes so you can compare policies without the need to ring around or visit multiple websites. Within minutes you will have options to choose from and can obtain coverage immediately. Get your online quote now!

Obtaining several quotes from different insurance companies will allow you to see not only the different coverage levels but also the cost of each policy. BizCover can make this process easier and faster.

Don’t Be Afraid to Ask for Help

Everyone has been affected in one way or another by COVID-19. Each type of business has been touched in some capacity and in most cases, is willing to help you where they can. Whether it’s your vendors, customers, landlords, or suppliers, they could probably use your help.

Find Support Through Sales and Creativity

You will find that those who wish to help you through a crisis and the rebuilding of your business may not know the best way to support you. If you’re still in a position to sell your products or services, this would be an ideal way for supporters to help you increase your revenue and cash flow. When asked, thank them and let them know that you are still in business and let them know that you can still provide the products or services available before the crisis hit.

Another way to help you rebuild is to get creative with your sales. If you find that there are challenges ahead of you to get back to business as usual, look for ways that you can still offer products or services that your customers will find value in. Or, maybe you can find an alternative way to get your existing products to your customer but delivered in a new way.

Take Care of Yourself

While rebuilding a business can be quite stressful, make sure you are taking good care of yourself. Find ways to make sure you are eating right, getting enough rest and setting boundaries for work time.

Take Small Steps

Do what you can, no matter how small the step. If you find you are unable to get things done in one area of the business, focus on another step that can be taken. Just keep moving forward in any way possible.

No one anticipates having to go through a large business crisis and have to rebuild your company as a result of it. Use the opportunity to take a good overall look at your business and see if there are ways to improve your products or services, your target market, your operational processes, how you go to market and any other areas to improve your business.