Tips for Small Business Recovery After COVID-19

It is currently almost two years into the COVID pandemic, and already it is clear that business will never be the same. Close to half of all businesses were compelled to close temporarily to slow the spread of the virus, and many continue to operate at lower capacity to keep employees and customers safe. According to one survey, roughly 1.8 percent of small businesses permanently shut down as a result of the pandemic — and that number could climb if the crisis drags on.

Many businesses are looking to settle into a new normal, but before they can plan for the future, they need to recover from the past. Here are a few business strategies for small business leaders looking for help recovering from the COVID-19 crisis.

Determine the Current Status of the Business

Some small businesses have survived the pandemic unscathed, but many have suffered a variety of losses and setbacks. Shifting consumer expectations, muted demand, supply chain disruptions, operational challenges and other issues can cause lasting damage to a small business. However, not all small businesses have endured the same hardships, so recovery won’t look the same for every company.

Business leaders need to evaluate the current status of their operation. To start, it might be useful to conduct market research to better understand the behavior of target consumers and the health of industry competitors. This information can help put data on past and current sales into perspective.

Next, business leaders should spend time assessing the strength of their workforce. A widespread employee exodus is sending shockwaves through American employers, who are suddenly lacking the talent they need for peak productivity. Small businesses should measure the quantity and quality of their staff to determine if changes are necessary for talent attraction and retention.

Continue to Protect the Health and Safety of Employees and Customers

COVID transmission rates are waning, and most places have lifted the strictest social distancing restrictions — but the pandemic isn’t exactly over. Especially as new variants of the virus appear and spread, small businesses need to be cognizant of the lingering threats to both on-site employees and customers who physically visit small business premises.

Businesses can look to recommended practices from the CDC and OSHA to guide their efforts for safety and security. Both agencies strongly recommend vaccination for all employees, which will slow transmission and thwart the emergence of additional COVID variants. As of this writing, both agencies also recommend indoor mask use for employees and customers, regardless of vaccination status.

Businesses need to commit to a regular cleaning schedule, disinfecting at least once per day to remove any traces of virus around a business’s facilities. High-touch areas, like door knobs, carts and keyboards, should be cleaned with soap and water more frequently, and it might be useful for businesses to make sanitizing products readily available to employees and customers. Retail spaces and other businesses with high traffic could choose to limit the occupancy of their premises to maintain physical distance between customers and curb transmission. Likewise, business offices should continue to allow certain employees to work remotely, which can improve morale by assuaging individual fears about contracting the virus.

Adapt Business Models With Digital Transformation

COVID didn’t spark a revolution in digital transformation, but it did radically accelerate ongoing trends. Many small businesses failed because they were ill-equipped with the digital architecture to maintain customer engagement amidst lockdowns. Long after lockdowns have ceased, consumers continue to prefer digital services, such as creative marketing, which make interacting with companies more convenient. What’s more, an increasingly remote work force requires digital tools to remain productive in the post-COVID world.

Thus, small business leaders need to make digital business strategy the top priority. No longer can small businesses maintain the bare minimum of digital systems or drag their feet on implementing necessary digital updates. It is possible to integrate a digital framework and develop effective digital processes at a rapid pace, and the sooner small businesses make the digital transformation leap, the better.

To quickly adapt and keep up with the latest technology trends, consider looking for IT management services that provide a team of experts and specialists to help you stay up to date with digital advancements and create innovative strategies for the long-term success of your business. By doing so, you can develop and maintain a comprehensive approach that allows you to compete in the same market as larger organizations.

Adjust Labor Practices to Keep Top Talent

The Great Resignation is occurring for several reasons, but when ex-employees are surveyed, most cite dissatisfaction with their previous employer’s workplace culture. When workplaces are unable to recognize and empower the staff, the staff won’t feel loyal to their organization, and they will leave, looking for better alternatives. Thanks to COVID, there are more opportunities than ever for workers to freelance, consult or even launch their own businesses, so it is more feasible for talented employees to craft their own ideal workplace rather than suffer unreasonable practices at a small business.

Thus, small businesses need to make employment as appealing as possible. A progressive workplace culture committed to social and environmental sustainability and that can guarantee a positive work-life balance is more likely to attract top talent, which will give small businesses a competitive advantage in their market. Corporate culture is created from the top, so small business leaders need to develop a strategy for creating and maintaining an environment that allows talented employees to thrive. Some actionable tips for developing an attractive workplace include:

• Talk to employees. Small business leaders have more opportunity for direct contact with their workforce, and they should take advantage of that contact to better understand what their workers like about their jobs, what challenges they face and how their positions could be improved.
• Offer development opportunities. Workers should have plenty of chances to gain the knowledge, skills and network contacts to improve. Small business leaders should look for ways to offer varied learning experiences to demonstrate their investment in their staff.
• Schedule compassionately. Few employees live to work. Small businesses need to be respectful of their workers’ time and energy levels to prevent burnout. Offering plenty of paid time off, to cover vacations as well as mental and physical illness, is a good first step.

The U.S. economy runs on small businesses, but most small businesses have struggled to ride the economic waves during the pandemic. As the COVID crisis wanes, leaders must take steps to strengthen and secure their small businesses.