Hayek Insurance Blog
Many business owners, whether big or small, have been through the troubled waters of this pandemic. Some of them lost their business, but most are still doing their best to recover. Everyone must commend their resilience and tenacity as they have gone through great lengths and expenses to keep their business alive while juggling personal and professional challenges.
Some business owners kindly shared their pieces of advice on how to recover your business after COVID-19.
Step 1: Plan Ahead
It's essential to plan as it assures you to find a more comprehensive solution when the unexpected comes.
Step 2: Understand Your Cash Flow
A critical part of business survival is stabilizing your cash flow. To do this, you need to look for financial solutions that give you a faster way to get paid, an easier way to pay your bills and to see and control your cash flow into the future ultimately.
Step 3: Secure Health and Security
Prepare to respond adequately to take care of your people. First, identify the health and safety practices you must take to prevent further transmission.
Second, consider working remotely by doing your best to implement other solutions to maintain a portion of revenues while keeping employees and customers safe. You can start selling online, or you can quickly launch a delivery service.
Make sure you have a contingency plan in case one of your workers gets infected. Consider their quarantine period and if someone can take their place. You might also create different work teams to minimize the risk of your entire crew being forced to isolate.
Step 4: Reach Out
Communicate not only with your workers but also with your suppliers and customers. Schedule regular updates and optimize technology to send messages to your workers and suppliers. Confirm to your customers that orders are still on track. Negotiate with your suppliers regarding timely delivery of supplies, deferred payments, and the health and safety of suppliers.
Step 5: Evaluate Capacity and Resources
You will need to change your health and safety practices, align the workforce to demand projections, and find recurring operating expenses that can be suspended in the short term.
Step 6: Acknowledge Loss and Lessons
Think back on the past year, figure out what you can do better next time, and develop risk mitigation strategies for the future.
At Hayek Insurance, we do our best to ensure that our clients are well-protected with affordable and comprehensive policies. We make sure to go the extra mile to help you with your needs. To learn more about how we can help you, please contact our agency at (805) 496-8835 or Click Here to request a free quote.