The thumbnail version:
- You need to get ready for post-COVID
- There are 6 specific things you need to take care of
The full version:
Ben Richmond, an Entrepreneur Leadership Network Contributor, recently had some sage advice for small business owners looking ahead to rebounding after the COVID-19 situation subsides.
He listed six ways to ensure that your shop is as prepared as possible to take the necessary actions when the time comes.
- Determine what your shop’s cash flow needs are going to be. Plan to preserve cash until at least June.
- If you have to secure financing before June, build a truthful but impressive case for lenders. Demonstrate your success before COVID and how you plan to return to those levels of business post-COVID.
- Anticipate inventory levels. This is not just to return to what you were doing before COVID, but also for opportunities that you may want to pivot to after COVID. For instance, think about the travel and accommodation industry gearing up again.
- Prepare to hire. Identify candidates. Stay on this issue and time hiring carefully.
- Continue to monitor safety precautions for when you gear up again. We are all going to have to be cautious for some time until COVID is well and truly beaten.
- Look for good financial advice from good accountants and financial advisors.
Take these measures to give your shop the best possible chance of coming out of this thing successfully.