Knowledge Center
How to Fuel Your Small Business’ Post-Pandemic Rebound
running-a-business | Read Time: 3 minutes
By Anthony Ryan | Published: May 2021
The past year has seen dramatic change for many small businesses, from operations and personnel needs to customer preferences around purchasing and delivery of products and services.
While some businesses have thrived and experienced growth during this period of change, others are faced with overcoming financial losses as we emerge from the pandemic.
The “new normal” post-COVID-19 is still developing, giving small business owners time to develop and begin executing a strategic plan to recharge their business’ batteries and begin recouping lost revenues caused by changing customer behaviors and safety restrictions that affected their operations or ability to stay consistently open.
Consider the following options when evaluating your small business and what steps you need to take to be profitable in a new business environment.
Review What Has Worked – And What Hasn’t
A fall 2020 WSFS Bank Business Survey revealed that 88% of businesses made changes to how they operated due to COVID-19. As restrictions have eased in the ensuing months, small business owners have continued to adapt and pivot to keep up with changing customer wants and needs.
While some businesses thrived on the new operating models, others used the changes in how they operate to stay afloat.
Now is a great time to assess what worked and is sustainable for long term growth, and what was more of a short-term adjustment to keep revenues coming in but may not be enough to bridge the financial gap moving forward.
Raise More Capital to Drive Growth
The U.S. Small Business Administration (SBA) introduced the Paycheck Protection Program (PPP) in 2020 to help businesses keep employees on the payroll and cover other expenses during periods of the pandemic, but now that PPP is ending, consider contacting your SBA-preferred lender to evaluate government-backed loan options.
The Federal government continues to announce programs supporting small businesses as well, so keep yourself informed of what is available and how these initiatives could help your business.
This is also a great time to contact your business’ bank to look at favorable loan options to infuse money and investment into your business, whether you need more operating capital, new equipment or are considering purchasing property for your business that can also open up new revenue streams.
If you uncovered new opportunities for sustained growth, this is also a great time to work with your banker to develop a plan to help accelerate that growth.
Cultivate New Relationships and Build on Existing Partnerships
During the pandemic, many small business owners joined forces to provide customers with the products and services they needed, when they needed them, under unusual circumstances.
In some cases, those circumstances have become the “new usual.”
Consumer and B2B customers alike are now accustomed to a new way to engage with businesses and these habits will likely continue to some degree well into the future.
If you partnered with other local businesses to deliver one another’s products and services in mutually beneficial ways before or during the pandemic, consider discussing new ways to take those relationships even further, driving revenues and profits you and your partner businesses.
Take some of your key learnings to cultivate new relationships as well. Collaboration with new partners can open new revenue streams, efficiencies and drive a renewed entrepreneurial spirit among all involved.
Take a proactive approach to these steps and others that are specific to your industry to infuse new ideas, revenue streams and cash flow options into your small business. While recovering from financial losses due to the pandemic may take time, establishing a clear, sustainable path can lead to long term growth and success.
About the Author – Anthony Ryan
Anthony Ryan joined WSFS in 2011, bringing with him 30 years of Retail and Small Business Banking experience. With WSFS, Anthony served as a Small Business Relationship Manager and Team Leader prior to his current role as the Director of Small Business Lending. Anthony can be reached at aryan@wsfsbank.com.
Related Articles
Approach Your Small Business’ Lending Options With an Eye On Cash Flow, Growth and Preparedness
When we emerge from the COVID-19 pandemic, many small business owners will have gone a full year or more trying to secure or continue loan programs designed to help them survive during incredibly stressful times and circumstances.
Read More
Give Your Small Business the Home it Deserves
During the life span of their business, every small business owner faces decisions about where to open a physical location, whether to stay there long term, and if they own the building, what improvements to make and how to finance them.
Read More
Using Credit to Access Capital for Your Small Business
When entrepreneurs reach a point in their businesses where they need additional cash flow, they often look to credit. While credit is a good resource for a new small business venture, it’s important to use it wisely, much like personal credit. In fact, an owner’s personal credit history can affect their ability to get credit for their business too. This is especially true for startups and sole proprietorships. In the early stages of building your business, your personal budget and credit can be a factor in your business’ finances.
Read More
In a Post-pandemic Economy, Small Business Leaders Will Need New Strategies for Success
The new normal. It’s a phrase we’ve been hearing for nearly a year, generally referring to how we must adapt and adjust to changing safety protocols, shopping habits, work and school environments and more as we navigate our daily lives in a pandemic.
Read More
Managing Your Small Business’ Relationships – Tips For 2021 and Beyond
When small business leaders look back on 2020, many will see recurring themes of change, resiliency and the importance of relationships as they adapted to an unpredictable operating environment.
Read More