The COVID-19 pandemic has dramatically changed the economic landscape. But two years on, small businesses are cautiously optimistic and making plans for a post-pandemic future.
As the latest surge wanes and consumer demand continues to rise, let’s look at eight areas your small business should focus on.
1. Identify where you really bring value
Consumer needs and expectations changed significantly during the pandemic. At the same time, new digital experiences and sales practices have altered how businesses engage with customers. Think about your products and services, your messaging, and delivery modes. Do they still align with consumer expectations and bring value? The pandemic has taught businesses to be agile and flexible, and that mindset is unlikely to diminish.
2. Rethink how and where work will get done
Flexibility will also be the cornerstone of how and where work is done. Do you return to a fully on-premise model, adopt a hybrid model, or allow employees to work remotely on a full-time basis?
A hybrid model may offer the best of both worlds — giving your staff the flexibility they’ve come to appreciate and demand, while ensuring oversight over performance. Whatever you choose, technology will continue to play a crucial role. Look into increasing your investment in digital transformation so that your business has the tools it needs to ensure a productive and collaborative work environment and seamless customer interactions.
3. Provide both physical and digital experiences to your customers
Consumer experiences and expectations have evolved, and customer satisfaction is now core to the buying experience. But as businesses have shifted to hybrid retail models — selling both in physical stores and online — figuring out how to maintain customer satisfaction will be key.
Beyond convenience, operating online offers opportunities to reach a broader customer base. But even during the pandemic when many stores were closed and supplies were limited, three out of four purchases were made in physical stores. If your small business operates online and off, consider how you can evolve this multi-modal approach and continue to deliver exceptional customer experiences.
4. Focus on employee retention
“The Great Resignation” has impacted businesses large and small and “Help Wanted” signs have become the new normal on the doors of almost every establishment. But as small business owners know, it can take much longer to hire and onboard employees than it does for someone to hand in their two weeks’ notice. The solution is to find ways to bolster employee retention while being prepared to ramp up recruitment.
According to SHRM's Employee Job Satisfaction and Engagement research report, employees identified these five factors as the leading contributors to job satisfaction:
- Respectful treatment of all employees at all levels
- Compensation/pay
- Trust between employees and senior management
- Job security
- Opportunities to use their skills and abilities at work
None of these strategies will happen overnight, but don’t leave them for another day. Talk to your employees one-on-one about job satisfaction, what opportunities they are seeking in your employment, their career plans, and so on. Then develop an employee retention plan that realistically addresses their needs and concerns. At the same time, share your business plans and goals with your employees, clearly explaining their role in the shared success of your business.
5. Recognize and address employee burnout
Burnout is a key contributing factor to “The Great Resignation”. Listen to employees and use anonymous surveys to gain feedback to uncover how widespread burnout is. Use these insights to develop mitigation strategies, such as more flexible work arrangements, improved work-life balance, and practices that improve their emotional well-being. When you demonstrate that you care about employees, you also boost retention and referrals.
6. Stay on top of COVID policies
As federal and state government intervention in pandemic work practices hit their limits, small businesses are largely left on their own to determine COVID policies and best practices, such as vaccine mandates, mask requirements, and capacity limits. If your budget permits, consider upgrading your ventilation system. This is widely considered by health experts to be one of the most important investments a business can make to improve air quality.
Whatever you decide, be consistent and enforce your policy – there can be no grey areas.
You can also check out resources provided by OSHA and local government websites.
7. Be prepared
No one could have predicted the COVID-19 pandemic and how quickly small businesses would feel the impact. But disasters can happen at any time, including fire, flood, earthquakes, and hurricanes. Being prepared to weather these periods, and particularly the change they bring about, requires a proactive approach. This doesn’t mean your business should be preoccupied with what may be over the horizon. But think about how you can move beyond reacting to external forces and become more resilient and agile.
8. Start a new business
According to the White House, the broader economic recovery has helped spur a surge in entrepreneurship. Americans are applying to start new businesses at a record rate, up about 30% compared to before the pandemic.
Whether you’re looking to start a new business in addition to your current one, or hoping to become a first-time business owner, now is an opportune time to take the leap.
Start with the basics:
- Have a business plan. A well-thought-out plan can guide your strategy, identify risks, and help you secure funding to expand and grow your enterprise.
- Network: Attend in-person meetings and local business events to build relationships and learn from your peers. Leverage online networking and build your profile on Twitter, Facebook, and LinkedIn.
- Look into what business structure is best for you. Do you want to form an LLC, a corporation, or a sole proprietorship? Each company type has certain advantages and disadvantages when it comes to taxes, business liability, financing, and more.
Learn more from BizFilings
BizFilings is dedicated to helping a business stay compliant so you can focus on doing what you love. For more information, check out our state guides for LLCs and corporations.
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