STEP 2 : RELAUNCH & REBUILD
Relaunch – How will you navigate the “new normal”?
There is no question that rebuilding your business will take time, effort, and likely money. Now is the time to start reimagining the future of your business, and to begin to strategize a path forward. Many businesses are working hard to pivot their businesses and capitalize on the new normal.
ADAPT & REBUILD YOUR BUSINESS
Below we’ve created a questionnaire that will guide as you navigate the unique challenges of rebuilding your business and operating during a pandemic. You will be able to email this assessment to yourself or your business advisor. It can help guide you as you move forward.
Relaunch & Rebuild
After you’ve reviewed and assessed the most important areas of your business, you can take the necessary next steps with more confidence. There is no question that operating and rebuilding your business during a pandemic will be very different. It will take considerable innovation, time, effort, and likely money.
Moving Forward Confidently
We’ve compiled some helpful information to consider as you navigate and capitalize on the “new normal”. As always, never hesitate to reach out to a Maine SBDC business advisor for one-on-one assistance.
As you likely know, rebooting your business to operate in this “new normal” is going to take time, effort, and likely money. We’ve compiled some things you should be considering as you redefine your business and the way it works in the age of a pandemic:
- Safety First: The State of Maine has compiled lists to help guide you. Visit your list from time to time as they do change.
- Reboot slowly in phases while monitoring risk level, seeking feedback from customers and making continuous improvements.
- Implement new hygiene requirements (masks, single-use utensils, gloves)
- Redesign workspaces with the 6-foot physical distancing protocol in place
- Communicate with suppliers and make sure they don’t have any shortfalls
- Identify what services to offer, how frequently to offer them, how many staff are needed to meet demand
- Clear written policies are essential for employees and customers. Add specific policies and procedures for employees. Talk with your attorney if you have further concerns related to liability.
More health and safety guidance can be found here.
Your customers need you to provide them a safe transactional experience. They need you to help them navigate doing business in the age of pandemic.
Below are some helpful tips and guidance:
- Determine and ensure that there is a demand for your service among your existing customer base or target customers
- Use tactical pricing. Don’t give your services away or discount your services without understanding your costs.
- Focus on building brand loyalty by demonstrating high ethical standards, like the use of PPE and constant communication
- Help core clients with a pragmatic approach: offer payment extensions if possible, make exceptions for customers in a strategic way
- Update your customers regularly on the status of your business
- Contact with stakeholders, partners, customers, suppliers, friends, family, press, etc.
- Utilize social media and digital marketing outlets
- Remember, your customers and employees are looking to you to let them know how you are going to keep them safe.
Additional marketing and sales guidance can be found here.
How long can your business operate at current capacity and with current cash? Financial projections can help you answer these questions!
Things you should consider:
- How much cash does your business need to get through the next 6 months or year?
- Have you planned for multiple scenarios or what-if situations
- Are you pricing properly to ensure you continue to make a profit?
- Are there new costs associated with running your business in this ‘new normal’?
- How do these costs impact the financial well-being of your business?
- Will you be able to continue to pay expenses and are there some that can be cut?
- Will you need additional funding to continue operating?
All of these questions are vital to sustaining your business. More information on financial planning can be found here.