5/2/22, 11:59 AM
Rebuilding Your Small Business After Financial Crisis | John David Hartigan | Business
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Rebuilding Your Small Business After Financial Crisis by John David Hartigan | May 2, 2022 | John David Hartigan
Unfortunately, there is no way for a business owner to predict everything. Crises can strike at any moment. It’s up to the savvy entrepreneur to figure a way through whatever is currently happening. The last two years have proven this. Companies that adapted to the times were the ones that survived, while those that failed to adjust floundered. Contrary to popular belief, even a small business can recover after a financial crisis. Just take a look around. How many small businesses are coming back after surviving the worst of the pandemic? Here are some tips on how to rebuild your small business following a financial crisis. Assessment
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5/2/22, 11:59 AM
Rebuilding Your Small Business After Financial Crisis | John David Hartigan | Business
The first step in the rebuilding process is assessment. Take a close look at your business – especially the finances. To fix the damage that has been done, one must first understand its depth. Remember to consider your target audience (potential customers) during this process. Has the target audience changed at all? One can always look to the competition to glean information. Redefine Next, it is time to redefine the business plan. As mentioned above, businesses that learned to adapt are the ones that survived and thrived. Learn from this lesson, and be willing to make changes to your business. When redefining the business plan, consider all the above research. What worked for your business? What was a flop? And most importantly: what makes your business different? Use this data to help formulate a new business plan. Make Contingencies They say that we learn more from our mistakes than our success. Take that lesson to heart. Look at your most recent crisis and learn from it. What worked in terms of keeping the business alive? What could have been done differently? Now that you better understand what your business looks like during a crisis, it is time to plan ahead. Create a contingency plan or two. This will better prepare your business for future emergencies. Funding Finally, don’t be afraid to look into different funding options. Even a fully up and operational business may need additional funds from time to time. This is especially true following a financial crisis. There are many funding opportunities available, especially for small businesses. For example, several recovery initiatives are available for small businesses following the pandemic. The Paycheck Protection Program and the American Rescue Plan are but two examples.
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5/2/22, 11:59 AM
Rebuilding Your Small Business After Financial Crisis | John David Hartigan | Business
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