The impact of COVID-19 on business has been devastating. Companies have had to lay off employees and shut down operations, resulting in lost revenue and a lack of customer demand. If you are among those whose business was impacted by the pandemic, you may be wondering what you can do to get back up and running again. This article will provide helpful tips for restoring your business after the shutdown.
How to Rebuild Business Post Pandemic?
You need to remember that not all business owners have the luxury of taking time off and waiting for their businesses to come back. You may be one of those people who are forced to return to work in a matter of weeks. You’ll have to learn how to focus on your employees’ well-being first, then move on toward rebuilding your business and community.
Once those two things are in order, it’s time for personal rebuilding. This means taking care of yourself physically to take care of others; it also means healing any wounds within yourself so that they don’t hold you back from moving forward with your life (and business). Finally, there will be plenty more work ahead as we rebuild our world after Covid-19—but don’t let this stop us from looking ahead toward what’s next!
File for Employee Retention Tax Credit (ERTC)
The Employee Retention Tax Credit (ERTC) was created to help businesses retain their employees in the wake of a disaster. Until October 1, 2021, the IRS has given firms to file for the ERTC tax credit if they were affected by the recent shutdown.
You might be wondering how I will gain from it now that I’ve missed the deadline. You are lucky that you can still apply for a retroactive ERTC reimbursement. File Form 941-X, Adjusted Employer’s Quarterly Federal Tax Return or Claim for Refund. The deadline is three years from the date of your initial submission.
Suppose your business was impacted by Covid-19’s disruption and is eligible for this benefit. In that case, it’s worth applying for as soon as possible—especially since there is no limit on how much you can receive back!
Apply for the Paycheck Protection Program
You can apply for the Paycheck Protection Program by visiting [the website] or calling [the number].
The program is open to employees who were employed in a position that required them to receive a paycheck between January 1, 2019, and June 4, 2020. You’ll need to prove that you worked during this period by showing your employer’s name and address and your Social Security number.
If approved, you could be eligible for a one-time payment of up to $1,000 per affected employee. If you qualify but aren’t sure whether or not you do because of all the confusion surrounding the Covid-19 shutdown and recovery efforts, there will be an option available on the application form where applicants can provide more information about their employment history during this period.
Take Advantage of Economic Impact Disaster Loan
You can get an Economic Impact Disaster Loan from the Small Business Administration (SBA). The SBA loan must be used to cover business expenses during the shutdown and cannot be used to pay existing debts.
The loan is interest-free, with repayment terms of up to 20 years, depending on your circumstance. Loans can also be used for open or closed businesses during the pandemic and those that were open or closed at the time of closure.
Donate to Charities
Donating is an excellent way to give back to the community and help your business in the long run. You will be doing good deeds, but you’ll also be improving your reputation among customers and community members. Your business is a part of what makes this country great, so we all must work together as a team!
Focus on Employee Well-Being
While your business is shut down and out of commission, it’s essential to keep your employees in mind. They are the heart of the organization and will be working hard to get things back on track so that you can reopen for business again.
Have you ever been let go from a job? How did it feel? I imagine that feeling was not great, but now you can do something about it. If an employee is going through an unfortunate situation like this, be sure to reach out and offer help, whether giving their family money or providing them with temporary housing. At the same time, they are looking for new employment outside the Covid-19 shutdown area.
This shows that as an employer, you care about your employees and want them to succeed professionally and personally. In addition, if one of your employees has been let go because Covid-19 infected them during work hours (or even after), make sure they know they won’t be penalized or sued if they decide not to visit doctors due to fear of getting sick again!
Rely on Online Resources
Business owners can rely on online resources to get information, connect with other businesses, and find products and services. Many companies have set up websites that list their services in the wake of the Covid-19 shutdown.
These sites are an excellent way for business owners to access information about their industry—which products are popular, which payment methods are preferred by customers, what kind of equipment is needed for a particular job—and for clients to find businesses with similar needs.
As an example, someone who owns an accounting business may want to know more about how other accountants handle tax returns after Covid-19 shut down; this person could use Google search results or LinkedIn groups related to accounting to connect with accounting experts in his area who might be able to answer his questions.
Invest in Digital Marketing
Digital marketing is the single most effective way to get your business back on its feet following the Covid-19 shutdown, and it’s more affordable than ever before. Digital marketing has been around for decades, but it wasn’t until recent years that its potential was fully realized. Since then, digital marketing has seen explosive growth—and for a good reason: it works!
With the help of platforms like Facebook and Instagram ads, you can reach millions of people with just a few clicks of your mouse or taps on your phone screen. You don’t have to spend thousands per month or even hundreds per month; you can achieve impressive results even if you only invest a few dollars per day (or even less). And because social media is so user-friendly and intuitive these days, anyone can use these powerful tools at any level of technical proficiency.
Create a Plan for Next Economic Downturn
The next time there’s a pandemic, an economic downturn, or an economic crisis, you’ll be prepared. The best way to be ready for these things is to create a plan for them. You need to be able to see what your business will look like during these times and have procedures in place so that you can get back on track as quickly as possible when they occur.
Conclusion
Now is the time to understand what is essential to your business and dig deep into your available resources. You can’t control what happens in your community, but you can react in a way that will be most beneficial for your business.
Don’t be afraid to reach out to those around you who might be able to point you in the right direction. Also, don’t be reluctant to help people, whether through donations or by creating jobs, because doing so will boost your company’s reputation in the long term.
A positive brand image leads to increased customer inflow, which leads to more sales and income. Best wishes!
