Restarting Your Business After a Pandemic

It is a learning process for everyone to restart their business during and after the pandemic. Tough decisions have been made over savings, payments, employee safety, and how to better serve your customers. This blog post will help you organize your thoughts and plan your actions. Put your business in a position to withstand any future downturns.

after a pandemic

Business Relationships

Evaluate your business’s relationships with its customers. Keep strong relationships with customers that continue to purchase from your business. Research what current and future customers need from your business and find ways that you can help fill those needs. These can change over time because of finances or preferences.

Supply chains were severely impacted by COVID-19. Keep strong relationships with vendors you continued working with, and other vendors that you had to stop working with either temporarily or permanently. Consider what makes your business operate at its best. 

Focus on the community that keeps your business going. Explain and show them exactly how your business is continuing to take precautions to prevent the spread of germs. This transparency should be used in the future. Give back to the community in ways that help them, while fitting your business’s mission. Last, show your appreciation to the surrounding community, vendors, mentors, and workers.

Consider New Techniques and Technology

You might have already changed the way your business operates. Continue brainstorming more efficient techniques or technology that your business can implement during and after the pandemic. Touchless technology or a new process on cash collections are ideas to consider. This will keep your business fresh and up-to-date.

Create an Emergency Plan

The best way to get your business through a tough time is by having a plan set up. If your business did not have to use an emergency plan during the current pandemic, it is a great idea to have one in case of another emergency. Set up a list of tasks that your business needs to better position it. 

Consider adding these to your “task list.”

  • Operational costs that must be covered
  • Where the business can save money
  • How to deliver your business/service to customers
  • Prioritize employees
  • Staying transparent

PL Consulting Is There For You

During the pandemic, changes and tough decisions were made quickly. You and your business must be open and prepared to change with the world around you. 

PL Consulting has assisted many businesses during tough times in applying for the CARES Act, bookkeeping services, and taxes to name a few things. We can help your business get on the right track and stay prepared for any future downturns. 

We customize our services to each of our clients and their business plans. We understand that each one of your ideas is unique to your business. Our one-on-one interactions are a valuable resource for both your team and ours. 

If you have questions or would like to set up an appointment, call us at 410-764-3731 or book a time with us at https://calendly.com/michaelplc.

6 Tips For Managing a Small Business’s Finances

 

Managing every aspect of a small business is time-consuming and requires tons of research. You may have to go through the trial-and-error process, but you will eventually find a way that works for your business. One major part of running a business is keeping track of finances. Small mistakes can cost the business time and money. These are some of our professional tips for managing your business’s finances.

 

Overestimate Your Expenses

Many of us have recently seen that each month is unpredictable. Identify trends to the best of your ability, even though there is uncertainty. Thus, overestimating your expenses is helpful. Planning to spend extra money will not hurt your company because the unused money can be put right back into next year’s budget.

 

Find a Trusted Mentor

Build a relationship with someone that fits your financing needs. This person should be knowledgeable and experienced. A mentor is important because the internet does not always have all the answers to your questions. If you are having trouble finding a mentor, ask your surrounding network if they know someone that is reliable. 

 

Revise Your Budget

Consistently revise your budget throughout the year. Again, everything is unpredictable and you need to adjust your budget to trends that are occurring. As your business grows, pay attention to your priorities. This helps you make smart financial decisions and allow your business to thrive.

 

Incorporate Time

Time gets overlooked sometimes when planning finances. Include the time and money that is incurred by your employees when they are on the clock. Consider big projects that need to be done, holidays and sales, or other times that your business is usually busy. 

 

Set Goals

Setting small goals will help enforce the right behavior that you need to help with financing. These small goals might not be noticeable at first, but in the long run they will make a major difference in your business. These goals can gradually be increased as you accomplish them.

 

Hire a Bookkeeper

Consider hiring a bookkeeper to take over the mundane financing tasks. A trustworthy bookkeeper will keep things running on the back end of your business. This will open up your availability so you can focus on what you love doing as a business owner. 

 

How PL Consulting Can Help You

Business financing is not always an easy task. PL Consulting hopes that these tips make it easier to understand and manage. 

 

We offer a diverse range of bookkeeping and budgeting services. We are here as your business’s go-to resource when you have questions. We customize our services to each of our clients and their business plans. 

 

If you have questions about managing a successful small business, call us at 410.764.3731 or book an appointment through https://calendly.com/michaelplc.