SUCCESS DESPITE THE UPHEAVAL As daunting as it seemed for businesses in the early days of the pandemic, many ended 2021 in the black — and then some. Weed says Service CU, despite everything, had record volume and growth this past year. Many others — such as Bob Coco, owner of Newfound RV Park and Campground (see story on page 8), and John and Mary Kendzierski, owners of the Inn at Ellis River (see story on page 6) — have also successfully navigated the pandemic. That’s not to say there aren’t still dangers ahead. As the explosion of the Omicron variant has demonstrated, this isn’t likely to go away anytime soon. “Unfortunately,” Weed says, “we’re going to have to become accustomed to living with the virus.” Businesses have been through tough periods before — oil embargoes, recessions, a neardepression and soaring interest rates, among them. But, Rosse says, “The unsettling part of this is you have no idea how bad it will get and how long it will last. It’s never knowing what you’re going to find tomorrow when you open the front door. … The pandemic and the effect on businesses is a watershed event, a turning point, and it’s going to cause some shakeout in the general business community.” But the threat can be mitigated, Weed says, with the help of trusted partners who understand and can help. “Bring in those trusted partners and have that conversation to adapt, succeed and continue to grow.” n
Your Checklist for Rebounding in a Post-COVID World
Budget Discipline
£ Do you have a monthly budget plan that you stick to?
£ Do you review and modify your budget plan, understanding budgets are living things that need to adapt to your circumstances?
£ Do you utilize an accountant or an accounting software package where you can leverage a cash flow model?
Keep Plenty of Reserves
£ Do you have 6 months or more of reserves to support normal business operations in case of emergency?
£ Have you worked with a lender to select the best account type for your particular reserve needs?
£ Aside from your reserves for emergency times, do you have savings to be able to expand, buy new equipment or move into different real estate?
Embrace the Digital World
£ Can your customers find you online? £ Do you have a user-friendly and engaging website? £ Do you have social media pages on more than one platform?
£ If appropriate for your business, can your customers reach you digitally by email or website messaging?
£ If you are an appointment- or reservation-based business, can your customers book or reserve time online?
£ Do you reach out digitally to your customers? E-newsletters? Email loyalty promotions or coupons?
£ If you have merchandise to sell, is your merchandise available to order or shop for online?
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