— Written By Jamie Warner en Español / em Português
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The Small Business Center at Montgomery Community College is offering a Virtual Recovery Business Summit with Sessions that will focus on:
Assessing Financial Damages
In order to pivot your business towards recovery you need a plan. Begin with a financial assessment by determining how deeply your business has been financially affected. If you received financial support, what does that look like now and will you need more through additional resources? This session will explore these issues as well as the big question of how to incorporate costs back into your business that you may have had to cut in survival mode.
Revisiting Your Business Plan
Coming out of COVID-19 and this business environment may mean another way of looking at your business. You will need to rebuild quickly and begin bringing in cash, as well as be aware of resources that can help you figure out how to do that. You should evaluate your business strengths and weaknesses to ensure you remain competitive. Setting goals, pivoting and finding new customers will all be important. Revisiting your business plan will help you look at these issues and determine if you can return and recover effectively.
Developing a Timeline for Rebuilding
After COVID-19 and shut-downs, it’s natural to want to do everything at once when you are able to open up and resume business. You need a timeline to prioritize the most important items first. Be sure to set a timeline for everything from securing funding to hiring back employees. There will be so many things to think about, you’ll need a solid plan in order to make sure nothing gets overlooked. Doing the right activities at the right time will help you reopen and rebuild your business.
Setting up Your Contingency Plan
There’s a good chance you may have never thought of a contingency plan before COVID-19 hit, and now you realize how important this type of planning can be. What did you learn from this experience and what should you be doing in the future to be prepared for any future disasters or unexpected shut-downs? Building a Contingency Plan may feel like a waste of time given you hope you never have to use it, but as you’ve seen during this pandemic, if and when it’s needed, it’s critical and timeliness is everything! Learn more about what an effective Plan B looks like and where you can find support to help.
