There are a million reasons why you might be looking to reboot your business. In general, 50% of new businesses end up failing within the first year. And over the last couple years, things got even more difficult.
The COVID-19 global pandemic made a huge impact on businesses, both big and small, around the world. Companies had to be put on hold or shut down completely.
As we start to look to the future, we see a glimmer of hope. There are new alternatives out there to help your company thrive, even after the turmoils of the pandemic.
If you’re ready to reboot your business, keep on reading.
1. Determine if Rebooting is Right for You
This might seem counterintuitive, but it’s crucial to understand that the world before the pandemic is not the same as it is now or will be in the future.
More technological advances have been made that have changed how companies interact with employees and their customers. Purchasing decisions and behaviors have completely changed. How people are choosing to invest their money, time, and resources is no longer built upon the same ideals.
Before deciding that you’re rebooting your business, go in with a plan to see if it’s right for your company.
Do a SWOT analysis in the current market to learn about your strengths, weaknesses, opportunities, and threats. What may have been true back in 2019 is certainly not going to be the same in 2022.
2. Reanalyze Your Sales and Marketing Tactics
As we said, a lot has changed over the last few years. How you determine the right path for rebooting your company starts with analyzing your marketing and sales tactics. These are your primary forms to make a profit and need to be addressed like you’re starting from the very beginning.
You can’t assume your previous customers will immediately come back. You have to rebuild your brand awareness to initiate interest from new customers.
3. Check-In with Previous Vendors
Remember all those people you once worked with to make your company flow seamlessly? You’re going to need to touch base with them again. They already know your company and they have had to go through some major changes since the pandemic.
They’re going to be more than willing to work with you, given they have the capacity.
Don’t forget to reassure them that you’ll be more than willing to let others know who were the ones that helped you get your business back up and running.
4. Decide on When to Reboot
Rebooting your business isn’t just about taking flight as soon as possible. There needs to be a strategic timeline when you open your company back up to the public. You’ll need to take everything in small steps.
Step one: focus on virtual connection with all critical leaders within the company. As you work together to formulate a proper plan of action, you can start to implement the virtual gathering of your employees.
Not until your office is completely safe should you ask or permit employees to return to work. Remember, nothing is quite “normal” just yet.
Take things one small step at a time. You have to be willing to have patience and wait out some of the residual effects of the pandemic that are still lingering.
5. Be Honest with the Public
As you work towards rebuilding the awareness of your company, it’s important to be open and honest with the public.
An article by Forbes stated that the governor of New York put out a statement saying that they would reopen but “with a plan, with a smart plan, because if you do it wrong it can backfire.”
This was exactly what the public needed during this time of uncertainty. They needed vulnerability while knowing there was a plan to be precautious while moving forward.
Don’t be afraid to be honest about some of the struggles you’ve had while restarting your business. Then, follow up with plans you intend to take to make the necessary changes. It builds a level of trust with your customers that will give them a reason to come back to you.
Rebooting your business isn’t as easy as posting something to social media and telling the world you’re back in action. It requires a strategic plan with a thorough evaluation of your business.
Remember, what worked before might not be applicable in today’s climate. Focus on honesty, strategy, and collaboration.