There’s no getting around it. The COVID pandemic has forever changed the way we do business. Even when all the vaccines have been administered, restrictions have been lifted and the threat of the disease has been put to rest, what we consider normal will be different. This especially true for retailers, restaurants, companies that rely on technology, and more. While many small businesses have been focused on surviving the economic impact of the pandemic, now is the time to plan for post-COVID business recovery. This will involve taking the stopgap measures business owners implemented on the fly and determine how to integrate them to revise their current business model. They will need to develop a new strategy for conducting and marketing their business. Here are some of the common business recovery challenges business owners are dealing with.
Entering into the eCommerce Marketplace
You may have only dabbled in eCommerce before the pandemic or maybe you were strictly a brick and mortar business. Moving forward, eCommerce sales could become a major source of your revenue. Everything from luxuries to essentials can be found online. What began as a way for consumers to safely purchase goods during the height of the pandemic, has become a matter of convenience for many.
With online shopping, consumers aren’t spending time driving from store to store to get the items they need. Many businesses that have physical locations make it possible to see if the item is available at a nearby store, eliminating wasted trips if you need it in a hurry. Entering the eCommerce marketplace provides consumers with access to your business 24/7 from anywhere. The importance of eCommerce should not be underestimated when developing your business recovery strategy.
Digital and Social Marketing
Digital and social media marketing are crucial for post-COVID business recovery even if your business only has a physical location. A website and strong online presence are no longer optional if you want consumers to find you – they’re a necessity. Showing up on page one of a Google search or ads and positive reviews on Facebook can be the difference between standing out from your competitors or getting lost in the crowd.
However, getting to the first page of a Google search won’t happen just because you have a website or eCommerce store. Much like in the advertising world of Mad Men, digital and social media marketing takes research, analysis, and a bit of creative genius to develop a strategy to reach the consumers interested in your products or services. Unless a business owner has a lot of extra time to tackle their own marketing efforts, they may need to hire a professional agency to handle it for them.
Supervising a Remote Workforce
When the pandemic first hit, employees that could work from home were allowed to without much thought given to supervision or the security of the intellectual property. It wasn’t long before both employers and their employees began to realize the benefits of a remote workforce. Businesses were able to reduce or eliminate the overhead of a physical office space. Employees spent less time commuting, discovered a better work/life balance and the majority became more productive.
However, as the remote workforce becomes more the norm, supervision, communication, and security all become issues that need to be addressed. Remote productivity, online conferencing, and intellectual property security all require specific technology. Understanding what is needed and implementing the right solution may be outside a business owner’s wheelhouse. Unless you have some IT experience, hiring a business It specialist to consult with and implement the proper solutions will become necessary to strengthen and secure your remote workforce.
Curbside Pickup and Delivery
When it comes to post-COVID business recovery, streamlining curbside pickup and delivery is essential for many retailers and restaurants. While some have successfully implemented these practices, many businesses still have work to do. The convenience factor of these services is going to continue to be important to consumers, even after COVID.
Curbside pickup and delivery will require a shift in the workforce that includes more in-store shoppers filling orders, staff dedicated to facilitating these services as well as the appropriate number of delivery vehicles. Delivery also opens up a business to additional liability issues requiring increased insurance expenses.
Funding Business Recovery Expenses
In many cases, developing an effective business recovery strategy will take more capital than businesses can afford without negatively impacting their cash flow. Traditional bank loans are going to be extremely difficult to secure. So, how do you cover the cost of a successful business recovery strategy?
CapFlow Funding Group may be able to provide the perfect solution. We offer merchant cash advances and invoice factoring and are dedicated to providing the short-term working capital you need to remain competitive in the post-COVID marketplace.
Our merchant cash advances can be a great option for retailers ready to dive into the online marketplace and for B2B businesses invoice factoring can be the perfect solution. We also work with trusted partners to provide other alternative financing options that may be better suited to our clients’ business needs. We service many different industries with a variety of funding needs. Our goal is to find the best funding solution for your business. Contact us today and find out how a merchant cash advance or invoice factoring can fuel your business recovery strategy.