{"id":3566,"date":"2020-07-31T19:55:28","date_gmt":"2020-07-31T19:55:28","guid":{"rendered":"https:\/\/synder.com\/news\/?p=3566"},"modified":"2025-02-03T13:59:42","modified_gmt":"2025-02-03T13:59:42","slug":"5-actionable-steps-to-business-recovery-for-smbs","status":"publish","type":"post","link":"https:\/\/synder.com\/blog\/5-actionable-steps-to-business-recovery-for-smbs\/","title":{"rendered":"5 actionable steps to business recovery for SMBs"},"content":{"rendered":"\n

The world is changing fast, at the snap of your fingers. This summer, instead of surfing in Bali, we\u2019re sliding across the floor in our home slippers. COVID-19, being a humanitarian and societal crisis, has brought significant losses for SMBs. Gartner\u2019s recent Business Continuity Survey <\/a>shows that only 12% of organizations are highly prepared for the challenges of coronavirus. Sounds scary, you know? <\/p>\n\n\n\n

My goal today is to share five actionable tips for SMBs on how to turn massive challenges into meaningful change and give a helping hand to the owners of wounded businesses.<\/p>\n\n\n\n

What should SMBs do?<\/strong><\/h2>\n\n\n\n

1. Assess the damage<\/strong><\/h2>\n\n\n\n

Before acting, you need to understand how deeply your business has been affected. If you haven\u2019t updated your financial statements recently, it\u2019s necessary to do that now. You need to have a clear view of your finances and see the flaws in understanding your next step in recovery.<\/p>\n\n\n\n

It would be useful to see an accountant<\/a>. Professional help is a reasonable investment in business development for several reasons. An expert could provide business owners with important insights and give valuable financial advice. An accountant will save time and help you avoid mistakes in making business decisions. Hiring an accountant brings you more in revenue and savings than you end up paying.<\/p>\n\n\n\n

2. Develop a business recovery plan<\/strong><\/h2>\n\n\n\n

When you have assessed the current situation, it\u2019s time to build a plan. Most experienced executives perfectly understand the importance of outlining a business recovery plan template to ensure their businesses\u2019 survival when an unexpected challenge comes.  <\/p>\n\n\n\n

A business recovery plan is a step-by-step guide to help a company get through difficult times. There\u2019s no single approach to it, but here are some common recommendations for effective planning:<\/p>\n\n\n\n

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  • Consider both inside and outside factors that can influence business stability and continuity;<\/li>\n\n\n\n
  • Look at the ways to reduce operational costs and increase alternate sources of cash flow;<\/li>\n\n\n\n
  • Build up some liquid cash reserve;<\/li>\n\n\n\n
  • Prioritize key business functions and processes;<\/li>\n\n\n\n
  • Consider alternative business development options;<\/li>\n\n\n\n
  • Elaborate specific steps that you\u2019ll take to implement your ideas;<\/li>\n\n\n\n
  • Set the realistic time frames for your business to recover;<\/li>\n\n\n\n
  • Don’t forget to keep track of your progress;<\/li>\n\n\n\n
  • Always keep Plan B, C, and even D at hand.<\/li>\n<\/ul>\n\n\n\n

    The more unconventional thinking you can prepare for the worst-case scenario, the better. <\/p>\n\n\n\n

    3. Review your business plan<\/strong><\/h2>\n\n\n\n

    Things that worked before COVID-19 may not be working as efficiently today. So it’s time for taking a second look at your business plan. The main idea is to find ways how your business can adapt to the new reality. For example, if you had only an offline shop, you may need to create a business account on Instagram to focus on online sales.<\/p>\n\n\n\n

    Look at the trends of your industry to find opportunities. Review your business goals, analyze your business\u2019s strengths and weaknesses, then try to find new ways of your business growth. <\/p>\n\n\n\n