All across the US, small businesses are still reeling from the effects of Covid-19. Clinton storefronts have begun to reopen, after months of being shuttered. While all businesses and restaurants are now allowed to reopen at 100 percent capacity, many of them are contemplating how best they can move forward in the current climate. Footfall in US stores is down, customer hesitation is rife, and small business owners are frantically trying to cut business costs. In fact, 88 percent of small business owners in Mississippi have seen their business be negatively impacted by Covid-19 – with some revenues down as much as 60 percent. As businesses in Clinton shift into recovery mode, it is important to consider what the future may look like. By focusing on their finances, people, and product delivery, businesses can begin to rebuild and move their business forward in a post-pandemic market.
Relieve Pressure On Your Finances With Relief Payments And Aid
With only 5 percent of small business owners experiencing no effects from the pandemic, many Clinton business owners will be feeling the financial squeeze as they reopen. Before business owners can begin rebuilding their business after the pandemic, they must have a clear idea of how severely they were financially affected. Start with taking a look at your forecasted and actual financial statements, updating them to reflect your business performance in the last year.
Once you know how your business cash flow has been affected, you can begin to narrow down the kind of financial resources you need to revive your business. A good example is the laying off of workers. It is estimated that more than 250,000 people in Mississippi lost their jobs during the crisis. While it was necessary at the time to keep costs down, companies are recruiting to get their operations going again. Also, take a look at state-provided grants and aid that can help you plug any financial holes while you rebuild. Lawmakers approved $300 million for small businesses in the aftermath of Covid-19. If you plan on rehiring employees, you may also qualify for new employer tax credits to keep the cost down. However, to qualify for most grants or government incentives like the tax credits, businesses need to ensure that they meet all mandated state and federal requirements, including the possession of workers comp for any Mississippi business with five or more regularly employed workers.
Refocus And Reallocate Your Resources On Your Digital Presence
Another major change due to the pandemic has been the acceleration of the digital world. While online shopping and branding were becoming increasingly important before Covid-19, the pandemic accelerated its growth by at least six years. With this change, it is the perfect time to rebrand, rebuild or create your business presence online. 70-80 percent of people search online before visiting or purchasing an item.
The best place to start is by creating a business website with eCommerce selling capabilities. More businesses like Kroger and Home Depot in Clinton are also exploring the feasibility of online click and pickup business models. So far, it has been very successful. Finally, you may have to adjust your business budget and redirect your funds to focus on digital spending, such as setting up a website or running digital ad campaigns. If you have loyal local customers, let them know that they can easily shop with your store online. The chances are, they are already doing it with other stores.
Connect With Your Customers, Particularly Locally
While the way people shop may have changed, the demand for goods and services has not. Staying connected to your customers means you can keep them updated on your reopening times and new ordering options like click and pickup. For businesses in Clinton, it is also recommended that they place extra emphasis on staying connected with their local customers. Many experts predict that shoppers will support local post-pandemic even more than before. Communities will rally to support locally owned small businesses, and this is the perfect time to capitalize on that. Keep your customers updated via your business website, social media page, or a simple customer email.
Last but not least, remember to amend your contingency plans. The road to recovery after the pandemic will be long and filled with uncertainty. You want to be prepared for whatever comes your way so your business can continue its path to rebuilding.