Recovering from a business loss is not always the easiest thing to do.
Following the civil unrest that shook the country in the past few weeks, businesses have experienced some loss in sales, property, and even customers.
In these times, you need all the business support you can get as you rebuild.
We truly believe we can rebuild together and in this article, we will show you some steps we think you should take to rebuild your business.
1. Take an Inventory of the Loss Suffered
Whilst this may be a difficult thing to do, it is important to take a proper inventory of everything you’ve lost as this will help you know the resources you have left and what needs to be rebuilt.
It will also help you make strategic decisions going forward.
2. Be Informed
In times like these, where many businesses have faced setbacks, there are people and organizations who are looking for ways to help out.
These people or organizations might offer grants, loans, free services, or some sort of discount to make rebuilding easier.
It is key to keep your ears open for such opportunities. We made a blog post on this, go ahead and check it out.
3. Communicate with your Customers
It is important to keep your customers in the loop of what is going on with your business so that they can be informed and so that you can manage their expectations.
You can communicate any loss you’ve suffered by reaching out to your customers through newsletters, social media, or telephone conversations.
4. Get Legal
This is so important if you want people to take your business seriously.
When putting in for a grant or business support in these times, one major thing some organizations wish to ascertain is whether you have a legally registered business.
5. Become Better at Record-Keeping
If you run a brick and mortar store, this crisis should make you a better record-keeper.
Keep an inventory of all your goods and products and their worth, keep an inventory of your customers, and have proper financial records.
Are you a service provider with physical presence? Keep a record of all company equipment and assets present in the office.
Keeping a record of these ensures you have ever-ready documentation of the company’s assets as a supporting document in the event of theft, loss, or damage.
6. Invest in Insurance
This goes without saying, with the recent happenings, many business owners wish they had insured their stores and equipment sooner. Well, it’s not too late, people.
Get insured and ensure to read the fine print to make sure it covers your vulnerabilities.
We have loads of brilliant lawyers to help you read the fine print on your documents. Engage them here.
When all is said and done, the goal is to keep your business thriving. Dot your i’s and cross your t’s with these tips above even as you find your footing in these times.