With any type of disaster that impacts the economy, business owners and managers need to have a recovery plan. There have been a variety of federal disaster recovery loans and grants available throughout the COVID pandemic. While funding is important for a business to survive an economic downturn, it isn’t the only thing business owners need to create a successful business recovery plan.
The Impact of COVID
One of the biggest effects of the pandemic is, of course, the financial impact. However, for many small businesses, it has forever changed the way they do business. From virtual meetings and delivery service to curbside pick up and an increased eCommerce, COVID accelerated the evolution of traditional business practices. While the disaster relief funding was crucial to halt the financial hemorrhage and sustain small businesses through the worst of the pandemic, that was only half the battle. Now is the time to reimagine your business and put the necessary components into place to make that vision a reality.
Your Business Recovery Plan – Embracing Change
Recovery isn’t just about reopening your business. It’s about meeting the needs of your customers in a new way and that means new business processes. During the height of the pandemic, business owners had to think on their feet and instantaneously put new business practices into motion. Now that they’ve had a little time to catch their breath, business owners need to flesh out those practices that resulted from the knee-jerk reaction to the pandemic. They need to make sure they have the right procedures and equipment in place as well as a staff properly trained to carry out those new business practices. In many ways, it will be like opening a new business rather than reopening the old one.
Planning for a Sustainable Future
Thanks to the restraints of the pandemic, what we thought was the future of business operations is here now. The aftershock of COVID will no doubt impact our lives and businesses for quite some time, some of it permanently. A crucial part of your business recovery plan is to create a new business strategy based on how your business operates today and in the future – not how it operated before the pandemic.
Consumers have become accustomed to the safety and convenience of curbside pickup, shopping online, and having their purchases delivered right to their door. And while there are a few things we miss about going to the office, employers and employees alike are enjoying the perks of working remotely. However, all of these new business operations require changes that may require more funds than the federal loans and grants can provide. Their purpose was to sustain businesses but didn’t leave much room for post-pandemic growth. With traditional business loans difficult to get in the current economic climate, how can you cover the expense of making the changes necessary to thrive?
Financing Your Business Recovery Plan
Even if you are qualified for one of the various federal disaster relief grants such as the PPP or EIDL, so are thousands of other small businesses. The wait for funding could be very long and in some cases, your application could even be denied. So where do you get the funding you need now to put your business recovery plan into action?
Alternative financing can be the perfect way to cover the costs of putting your business recovery plan into action. CFG Merchant Solutions offers a variety of funding options and we never stop funding. Whether it’s a merchant cash advance, invoice factoring, equipment financing, or any of our other funding options, we will guide you in choosing the perfect solution for your individual business needs. Our team brings to the table more than 60 years of institutional investment banking experience in the credit, commercial finance, and capital markets. Contact us or apply online today.