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Rebuilding Your New Jersey Small Business After the Pandemic

On Behalf of Veitengruber Law | Jun 17,2021

New Jersey small businesses are the backbone of our communities. Restrictions due to coronavirus and subsequent shutdowns has left a lot of NJ small businesses worse for wear in 2021. If you are a small business owner, you are likely looking towards the recovery process and making a plan for your new normal. Here are five things to think about for getting your small business back on track.

1.    Determine the Financial Damage

Before you take any steps toward recovery, you need to know the impact the coronavirus shutdown and financial unrest had on your business. Spend some time updating financial statements, including your profit loss and cash flow statements. In comparing these numbers to where you were before the pandemic, you should be able to see how coronavirus has affected your small business. Consider also the financial impact to other areas of your business, including cost cuts to employees or advertising as well as lost business.

2.    Revamp Your Business Plan

Despite things getting back to "normal," this new normal may look drastically different in a post-coronavirus world. This is a great reason to take a second look at your business plan and make some necessary changes. This will include analyzing how your specific industry has been impacted and the ways in which that industry has adjusted to these changes, as well as how your business specifically will need to adjust logistically. For example, if your business relies on in-store shopping and foot traffic, you may want to consider developing a delivery service or an online platform.

3.    Take a Second Look at Your Budget

Recovery may require your business to spend money before it makes money. This means identifying areas you need to spend money to get your business operational again and cutting things that aren't absolutely necessary. Hiring and training new employees, restocking your inventory, or even starting a marketing campaign to renew interest in your business may take precedence while you are in recovery mode. Keeping your budget lean will allow you to invest in business opportunities as they come along in the future.

4.    Create a Workable Timeline for Recovery

If you go into recovery mode trying to do too much at once, you will likely get burned out. Creating a timeline and prioritizing actions can help you organize your efforts so that you see results. While in recovery mode, you should take the time to check your progress against your finances to see where your actions are making a difference.

5.    Plan for the Next Crisis

We know that the last thing you want to think about right now is the possibility of this kind of thing happening again. But if this pandemic has taught us anything it is that we need to be prepared for the worst. As you rebuild your business, pay attention to what you could have prepared for better now that you have hindsight. Create a contingency plan to weather the next storm. This will look different from business to business. Maybe you need a way to allow employees to work from home, or focus on cutting down debts and building liquid cash. Some out of the box thinking can protect your business from future problems.

The best way to move forward with your small business recovery is to take it one day at a time. This is a very stressful moment in your career as a small business owner, but the way you handle the recovery can define this moment as a success.

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Phone: (609) 542-2339

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