We’re living in unprecedented times, and while the last year has presented challenges to many businesses, we can also use it as an opportunity to hit the reset button. Maybe you’ve been away from your business for a short amount of time–or longer–due to circumstances beyond your control. This blog post by Mark R Graham is here to help small businesses get back on their feet after setbacks they have experienced due to long absences.
Mark R Graham On How To Restart A Small Business After An Absence
Restarting a small business after an absence can be a daunting task, says Mark R Graham. It is important to create a plan and take things one step at a time. With the right strategies in place, any small business can successfully restart from an extended period of inactivity.
The first step in restarting any small business is to assess the current situation. In addition to surveying the market for competition, it is important to review contracts, taxes, liability issues, insurance policies, and financials. Gathering all relevant information upfront will enable an accurate assessment and help identify areas that need improvement or focus. Once the overview is complete, set realistic goals and objectives based on what has been discovered during the assessment process.
Next, begin generating new leads and customers. Creative marketing strategies can be used to reach a larger audience and build brand recognition, such as social media campaigns, email outreach, and advertising in local publications. Additionally, maintain contact with current customers by providing updates on the restarting business’s services and offerings.
It is also important, as per Mark R Graham, to assess staff needs when re-establishing a small business. Before committing to any hires, consider if existing employees have the skillset needed for the new operations or if there are gaps that need filling. If it is determined that additional staff members are required for the company’s success, explore options like hiring freelancers or using outside vendors to fill any staffing gaps quickly and economically.
Finally, stay organized and ensure the company is compliant with all applicable laws and regulations. Since returning to business operations can bring new liabilities and weaknesses, it is important to review existing contracts and create updated policies that mitigate risk. An organized system for recording finances, taxes, and legal documents will help keep operations up to date and minimize potential issues.
Mark R Graham’s Concluding Thoughts
Small businesses are an integral part of the economy, says Mark R Graham. According to the U.S. Small Business Administration, there were nearly 30 million small businesses in America as of 2019 – providing more than half of all private sector jobs in the country. Despite this growth, many small businesses struggle when they return after a period of absence, as re-establishing a successful operation often requires additional resources like personnel or equipment that may not be available immediately or may be outside of their budget. Fortunately, with the right strategies and preparation in place, any small business can restart operations and achieve success.