Many businesses small and large across the state have found themselves closing their doors over the past few months. During unusual times like the current pandemic, it may be best for certain types of companies to temporarily shut down, whether that comes as a governmental mandate or a personal choice. If you are one of the thousands of business owners in Colorado who has had to close up shop for the time being, you’re probably wondering how to make the most out of this time, to give your business a fighting chance of surviving this.
While we are currently talking about this pandemic, there are other reasons why a business may need to temporarily close. Seasonal shifts in revenue, financial restructuring, property damage, rebrandings or reopenings, personal loss or family emergencies, and many more occurrences affect small companies regularly. No matter what challenge you are facing, there are a few things you can keep in mind, to help you make it through.
Here are a few ideas of how best to use your time and energy while your business is shut down:
1. Consider a facelift
If you have the talent and inclination, now can be a nice time to do some rebranding or give your company a freshening up. You could redesign logos or color schemes, redecorate your storefront or restaurant, brush up your mailers or other marketing materials, and lots more. Take some time to get new product photos or update your website too.
2. Be honest with employees
A company-wide shutdown affects everyone, but especially your workforce. Hourly employees, temporary employees, and those without benefits are often hit hardest in times like these. Do your best to keep the lines of communication open, don’t make promises you can’t keep, and advocate for their needs when possible for things like emergency relief funding.
3. Update your files and records
It might not sound like fun, but during a shutdown is a great time to catch up on the administrative and accounting duties you may have been putting off. Update old files, reorganize records, digitize your paperwork, and shore up your bookkeeping. Make sure you are streamlined and ready to go when you reopen.
4. Connect with your community
Just because your business may be temporarily closed, it doesn’t mean you should disappear altogether. Your fans, customers, and potential customers are still out there and would love to hear from you. Stay active on social media, send newsletters or mailings as usual, and get creative on how you can connect with your community.
Need personalized guidance on how to ride out a temporary shut down? Reach out to us at S.J. Wick & Associates to learn more!