Guide to Rebuilding Your Business Post-Pandemic

For most of us, there’s this growing sensation that COVID is over, and although objectively, this isn’t true, the worst is behind us. So as the world gets back to “business as usual,” we put together a guide to rebuilding your business post-pandemic to help you hit the ground running!

For small business owners, the worst is certainly not over. 92% of small businesses have said they experienced adverse effects from the pandemic. In contrast, just 5% stated they didn’t experience any effect. 

That’s a scary reality.

What makes it more terrifying is that small businesses generate 44% of economic activity in the USA. 

So given the bleak reality and the absolute necessity of your small business as a contributor to the economy, how can you rebuild your business post-pandemic? We’re going to explore this next. 

(1) Assess your financial situation 

The first thing you should do is take a good look at your business finances to get a decent idea of where you were and where you’re currently at. 

Start by updating your financial statements. Do you have any outstanding debts or unsettled accounts? Any personal financial obligations?

Once that’s done, also check the cash flow statements. Compare your cash flow or profit & loss statement to the previous year's.

This will help you get a clear idea of where the declines lie (if any). 

It'll also give you an idea of which business operations took the biggest hits. While you may have "pulled on" while in survival mode, this would be an excellent time to weed out processes you can do without, especially if they’re draining your cash flow.

Alternatively, think about changing your business model. For example, if your business model depended on shared spaces or personal interactions that customers might be wary of post-pandemic, you may want to consider a pivot.

(2) Rebuild your workforce

If you had to downsize your workforce during the pandemic, you might want to think about how you’ll rebuild and get back to your former size (if that’s beneficial). Or you may want to let go of a few employees, merge some roles and create new processes with fewer employees.

The pandemic also led to a huge rush of innovation. Apps cropped up for workflow management, accounting, payments, work-from-home, and even AI like ChatGPT. Life is very different from what it was in January 2020. So look around and see what apps and devices can help you optimize your workforce.

(3) Adapt to the digital era 

This is a great way to combat small business bankruptcies after COVID.

70% of the United States population shop on the Internet, and we can (safely) anticipate that this will only increase with time.

So while you may have gotten by just fine with foot traffic alone, it may be time to reconsider how you do business. There’s also a good chance that your competitors have already adapted. 

And as a small business owner, I’m sure you already have a good idea about how important it is to adapt and deal with change.

(Who Moved My Cheese, anyone?)

But of course, we understand that you may be unable to do all your business online.

However, even putting a portion of your services online or adding a new related form of online services or goods can put you in good stead for the future.

And don’t forget about online advertising!

Factor online marketing into your marketing budget.

(4) Evaluate financing options

So, there are quite a few options for getting financing or financial assistance, particularly if you’re still quite “strapped” due to the effects of the pandemic.

You could consider any of the following:

• Contact your bank to inquire about loan options, such as small business loans.
• Contact online lenders or credit unions to see what’s available.
• See if you can get a business credit card.
• Look into merchant cash advances (MCAs). This is when you get a lump sum for some of your future revenue.  
• Evaluate other forms of getting lump sums, such as accounts receivable financing, where you sell your outstanding accounts receivable to a financing institution at a discounted rate. 
• Check if you’re eligible for government loans. Government entities like the US Small Business Administration (SBA) offer loans for small businesses.

As you can see, there are quite a few choices. Determining what works best for you according to your financial situation and business plan is essential.

(5) Create a clear plan

So now that you’ve got a good idea of (1) your financial circumstances, (2) the direction you might need to take (a possible digital adaptation?), and your (3) options for funding, it’s time to put it all together.

Clearly map answers to the following questions:

• What are your restructuring plans?
• How can you maximize your operating budget?
• Do you need to take a personal “pay cut”?
• What actions are the most important (do you need to secure funds before anything else)?
• How will you track your progress?

Answering the above will put you in good stead for the future. 

(6) Getting trademark protection 

Okay, I know what you’re thinking: “How does this relate to rebuilding my business?”

Well, here’s the thing, knowing how to trademark a name, conducting a trademark search, and taking steps to do so can do wonders for the protection of your business. Unauthorized use of your trademark can severely damage your reputation and your brand.

And it's not just trademarks. You need a solid intellectual property strategy that covers trademarks, copyrights, and patents.

It would be a good idea to get in touch with a trademark attorney to help you do an IP audit and identify assets or flag any potential problems such as:

• Do you have any original works that can get a copyright?
• Are any processes or products eligible for a patent?
• Are you at risk of fraud or counterfeit products?
• Do you have any trademarks you can make money from?

Protecting your IP assets will also protect your business operations and brand in the long run.

Rebuilding your business post-pandemic

There’s no point in sugarcoating it. This isn’t going to be an easy task.

But the post-pandemic world has also opened up a host of new opportunities. You can set up remote business models, hire employees remotely worldwide, use new technology like AI and the Metaverse to your advantage, and much more.

All these opportunities are open to you when you rebuild your business. Once you’ve got your house in order, you may be able to rebuild in ways and directions you never imagined before. After all, one thing that sets small business owners apart from the crowd is an entrepreneurial, never-say-die mindset!