COVID-19 has damaged global economies and many business owners are struggling to stay afloat. Different industries have different recovery outlooks as economies return to a sense of normalcy. There are several post-COVID-19 changes that will ripple through the workplace. Any business owner considering re-opening for business needs to have some form of strategy in place.
Think about what business position you hope to achieve post-pandemic, starting with an evaluation of your current market position. Be able to answer: 1) what’s your main goal, 2) are you hoping to survive the pandemic or something more, and 3) can you shut down totally, or is it necessary to open some of the time? The answers should help you devise a strategy to achieve your goals. As a business owner, you need to plan your way through the post-pandemic time. This is especially true when you have team members to lead and need confidence in moving forward.
Assess the Financial Damage
The first step any business owner should take towards rebuilding post-COVID-19 is to assess the financial damage. Update your financial statements and compare them to the previous year to get an accurate view of how hard-hit your business is. Look at the hards numbers — sales, profits, and cash flow — and look at the other ways in which your business has suffered.
Most small business owners use merchant services from third-party financial institutions to accept and process credit card payments. Merchant service providers serve as a middle man between financial institutions and an individual or business wanting to send or receive funds for the purchase of goods or services. Merchant service providers make it possible for businesses and individuals to accept credit cards, debit cards, and other types of electronic payments.
Member-Alert-to-Control-High-Risk or Terminated Merchant File (TMF) is a database created by MasterCard Worldwide that tracks terminated merchant files. This database allows acquiring banks to screen for high-risk merchant applicants. One of the most common reasons a merchant account appears on a MATCH list or TMF is due to excessive chargebacks.
A place on the TMF list makes running a business difficult because high-risk merchant accounts face difficulties getting credit card processor privileges, especially an online business. When a merchant appears on the MATCH list, so does the business name, principal, and business partners, meaning all are banned from opening new merchant accounts.
Global Legal Law Firm works with a variety of potential merchants and credit card associations to help high-risk merchant accounts handle credit cards. The only way to determine the legitimacy of merchant issues is to work with card associations directly. Whether appearing on the MATCH list because of fraudulent activity, identity theft, violation of standards, or excessive chargebacks, their team of experts can work with your previous processor to get you removed from the TMF.
Redefine your business model.
Be prepared to redefine your business model. Consumer spending habits have changed any many customers are no longer making the same non-essential purchases. Your consumers’ buyer behavior will likely change and they will re-think how they make purchases. As a business owner, you need to consider how your customers are responding to the pandemic and how you can redefine your business model. Think about how your current business model will handle the economic environment, whether you need to revamp things to reach the next level, or whether you can survive on the current business model.
The best way to let your existing and potential customers know that you are still in business is to update your marketing effort. The Branded Company can take your marketing efforts to the next level with budget-friendly printed promotional products. Their team of experts can help you find the perfect promotional items that will stretch your marketing budget. A great way to achieve constant brand recognition is the use of printed promotional bags.
Their promotional tote bags are perfect for custom screen printing and a great way to advertise your brand logo. Their collection of custom tote bags includes eco-friendly tote bags, reusable bags for shopping, printed jute bags, and durable backpacks and messenger bags. No matter what type of business you run, finding the right way to improve your marketing efforts is essential to successfully re-opening post-COVID-19.
Update your budget to reflect new spending needs.
You may need to order new inventory, invest in marketing, and train new or rehired employees. It’s essential to have a clear idea of how to budget, what to budget for, and what you can cut out of the budget. Operating on as lean a budget as possible is the best way to be ready for future growth opportunities. You must be willing to make sacrifices as a business owner to get your business back on track. Depending on your personal financial obligations, you may consider deferring paying yourself a salary.
Given the health-focus of consumers around the world, it’s a good idea to ensure you can offer clients purified water products. Safe drinking water is necessary for a healthy lifestyle, which is why Canadian Springs provides a comprehensive selection of bottled water and other beverages. The premier bottled water suppliers in Canada deliver quality water products perfect for office water coolers. Whether you need bottled spring water or multi-gallon bottles for your cooler, the water supplier can meet your drinking water needs.
The Priorities of Business Leaders
Business owners need to keep three key priorities in mind when considering re-opening post-COVID-19. Any efforts that you take towards reopening should be reversible and scalable. Be prepared to navigate future uncertainties without warning. Mitigate immediate challenges by providing team members with a safe work environment and keeping open lines of communication for transparency. Building a successful future means leaving old ways behind and focusing on new opportunities for growth and success.
One thing business owners have learned from COVID-19 is the need to be adaptable and flexible in the face of uncertainty. Be prepared for change and unforeseen circumstances by creating a backup plan that easy’s to implement when the need to adapt arises.