Business Unusual: Riding Out The Pandemic
4 easy steps to manage your business and prime your business plan for growth
By Sai Kishore
We are living in a time of unprecedented change. In just a few weeks, the Coronavirus pandemic spread like wildfire shutting business and throwing laid best business plans in complete disarray.
State and local governments have launched programs to support businesses. And business owners are figuring out innovative ways to stay afloat.
It can be hard, and you need all the support you can for your business.
Here are 4 things you can do to keep your business plans ready for growth, when all this is over.
Firstly, stay updated: There’s a ton of information out there and it is easy to get swamped. But following trusted news sources will help you adjust and prepare for what lies ahead. Here are a few resources you’ll find useful, in addition to your local news outlet.
- U.S. Chamber of Commerce’s coronavirus toolkit, resources for small businesses;
- The employee retention tax credit guide,
- The CARES Act relief for independent contractors here,
- Paycheck protection loan guide
- State-by-state reopening guide.
- SBA resources for business funding.
Secondly, look for alternatives: It is a great time to innovate and figure out ways to innovate your business. Can my employees work from home? Would moving marketing activities online help? Will my customers respond to online marketing?
Krystle Lockman, owner of Axe and Arrow, a NJ-based brewer did just and the results were surprising. She moved marketing activities online and quickly pivoted to takeouts. “We just bought 2,500 growlers,” Krystle Lockman, owner told Marketwatch. As a result, clients bought more “Mug Club memberships”, actually paying in advance of the purchase.
Thirdly, reconnect with clients and communicate: We are all in this together, and a lot of us are hurting right now. As you work on pivoting your business, it’s important to share updates with your staff, suppliers and clients — who will appreciate you reaching out and remember you for doing so, once all of this is over.
Business for Mad River Distillers, a Warren, VT-based brewer was hit hard. As demand fell owner John Egan pivoted away from his business plan, to making hand sanitizers and giving them way for free. Pretty soon, hundreds of people lined up around the block for sanitizers, MarketWatch reports.
“People are looking for local stuff that has a story behind it, some character,” says Egan, adding “Hopefully those things will still matter when we come out of this.”
Lastly, revisit business plans: As you’re getting a handle on demand, cash flow you might want to consider looking at your business plans with a longer term view. Some helpful questions you can ask include: Do I need to diversify my business? Would disruption of work insurance have helped?
At Synvest Capital, we know you started a business to fulfill your dreams, not for the joy of paperwork. As experts who have helped thousands of business owners succeed, we are here to help you succeed.
Sai Kishore is the Managing Partner at Synvest Capital. A seasoned executive and an entrepreneur Sai has more than 15 years of experience helping businesses succeed in the US, UK and Singapore. He has served on numerous advisory boards and has guided many businesses from concept all the way to IPO. Email [email protected]