5 Tips for Getting back to Business
The challenges of reopening your business
With many companies recently reopening their doors and many about to in the near future, we want to share a few ideas that help you reopen your business and how to get through the challenges of running your business in the midst of a global pandemic.
1. Cutting costs
Review your costs carefully and be sure to cut your costs wisely. Any costs you choose to cut will, in turn, cut your ability to generate revenue and keep your business going. Do not cut costs on your customer service, marketing, and most importantly, on the quality of your product or service.
2. Bring your employees back
Having your employees return to work, even part-time, will bring the business back to life. They can find a job anywhere, but they've chosen to work with you, and you've chosen to work with them, you have an investment in each other and your company. Remember that they want to be there and you want them there!
Also, not bringing your employees back can cost you extra, you may still be paying extended healthcare costs or other benefits for them.
3. Reinvest in your business model
It's probably the last thing you want to do right now but it's also the thing that's most likely to keep you in business! Ask yourself the following questions to rework and reinvest in your business:
- What should your business model be when you come out of this?
- Is your current business model viable during a global pandemic? If not, how can you adjust it to run your business until things are normal again?
- Are there ways to put all your expertise into a stronger revenue stream?
- What do you sell? Is there still a need for this?
- How do you sell it? Reevaluate your marketing and customer service
- How do you deliver your product to your buyers? Is there a way to provide your product while maintaining social distancing or no-contact?
4. Consider new vendors
Just because your business has opened does not mean that all your vendors have. You may need to look at new vendors who offer safer options to provide your products and service. You also have plenty of reason to shop around for the best-priced vendors at this time.
5. Take advantage of local programs
There are plenty of Federal, Provincial, and Local programs available to assist businesses in reopening. Speak to your Landlord and discuss a rental discount, ask your Electrical provider if there's a discount offered to businesses. Do your research and see what's available to you, there is no shame in taking a helping during a crisis!
JP Real Estate is rooting for you and your business to return and be better than ever!
If you have any questions or concerns regarding the reopening of your business, the current economy, real estate market, or anything else, please reach out to us at your convenience.
We look forward to connecting you with greatness!