Quarter 4 COVID-19 Business Update — *FREE* Pre-Recorded Webinar
With COVID closures coming to an end in most states, you might be wondering about opening your business again after COVID. This period of time has been extremely hard for all business owners, but we hope that your business opening back up will be the light at the end of the tunnel. In this post, we will discuss practical things to think about for opening your business again COVID-19 closure.
Embrace the lessons you learned during COVID
If your business shifted or pivoted to accommodate closures, find ways to implement those services even after opening up again. One way that Phoenix fitness studios shifted during this time was by offering online classes. Why should that stop now that you can open your doors again? Regular 9-5 offices sent their employees to work from home. If it worked, why not offer that as a solution for employees who worked better at home?
Many businesses experienced a ton of growth during this time, but not the kind of growth they expected. We learned to work in new ways and found unique ways to bring in extra streams of income. Honor your progress and learning by implementing these solutions in your business even after you can fully open up again. This might even result in an entire shift in your company culture — embrace it!
Keep seeking out financial relief if you need it, even after opening your business again after COVID
There were many forms of aid offered to business owners during COVID-19. Whether it was a paycheck protection loan, a payroll tax credit, or something else, you can still look into these options after you open up.
In the same way, if you did receive aid like the Paycheck Protection Loan, keep looking into ways you can maximize those funds. There are certain requirements to make sure that your loan will be forgiven, so keep that in mind as you spend. You can read this blog post to learn more about the Paycheck Protection Program.
Rework your company budget and finances
You are very likely to walk into a very different financial situation as you work on opening your business again after COVID. We suggest creating a realistic template of how your business will look moving forward by creating a new budget and projecting future income. Additionally, creating a template and budget like this will allow you to see through your finances so you can cut unnecessary costs.
Quickbooks Online offers a free budgeting tool that will make this process even easier. Through this process, you might find that some of the services you needed before are no longer needed.
Create a habit of keeping a strong awareness of your expenses
Opening your business again after COVID will allow you a clean slate of sorts. Starting on a blank page will allow you to start new habits that will only help you in the long run. Whether you are in a pandemic or not, it is important to keep a strong awareness of your expenses at all times.
Using budgeting tools and having your accounting organized so it is easy to understand are two great ways to ensure that you are always aware of your expenses.
Look for extra “back up” revenue streams
As stated before, you probably shifted your business in some way to maintain some sort of income during the pandemic. Opening your business again after COVID doesn’t mean those shifts need to stop. The biggest problem businesses experienced during closures was the lack of cash flow. The best thing you can do for your business to maintain cash flow is to have multiple revenue streams.
“Multiple revenue streams” just means that you are making money in more than one way. For fitness instructors, you are offering classes in person and online. You might also offer PDF exercise plans. For influencers, you have affiliate marketing, sponsorships, and ad revenue. There are ways to do this in any industry and it is important that you find it and do it. It will only benefit you to diversify your income.
If you feel nervous about what it’ll be like opening up your business again after COVID, we hope this was helpful to settle some nerves. It is a brand new world with new challenges and expectations. We know you’ll rise to the occasion as you have already.
This post was written in partnership with Adam Campillo – his passion for helping business owners is always encouraging and inspiring. If you’d like to have a chat with Adam about how you can successfully open up your Phoenix business again, please reach out and ask for Adam!