Scott Crockett, CEO of Everest Business Funding, discusses how business owners can adjust to the 'new normal' and rebuild after the COVID-19 pandemic.
Doral, FL, June 21, 2021 (GLOBE NEWSWIRE) -- The COVID-19 pandemic has had a significant impact on businesses across the country. Big or small, start-up or established, local, regional or national, every business in every industry was impacted in some way.
A survey conducted by the National Federation of Independent Business early on in the pandemic found that 92% of all small business owners said they experienced negative consequences from the pandemic. As the pandemic dragged on, those effects compounded, and medium- and large-size businesses were affected negatively, too.
With the pandemic easing its grip on the nation and with states removing pandemic-related restrictions, companies are eager to rebuild their businesses. But, how can that be done?
As an expert in business and finance with over 20 years of experience, Scott Crockett — CEO of Everest Business Funding — knows firsthand that rebuilding a company after a crisis requires not only focused team effort but also additional funding.
He suggests that the first step is to assess the damage the pandemic caused. How deeply was the business affected financially? What is the company's financial position now, and what are the pressing needs?
The second step is taking a fresh look at the business plan. This is an area where the pandemic may have had a significant long-term effect.
Does the business plan need to adjust in the short-, medium- and long-term? Does the "new normal" of post-pandemic life force a shift in the overall business plan?
At this stage, business owners should assess the products and services they provide and how they provide them. Grocery stores, for example, had to quickly shift from only in-person shopping to offering delivery options as well, and that isn't likely to disappear anytime soon.
The third step is seeing what investments the business will need to survive under this new, or altered, business plan. These investments may require money the company doesn't have on hand due to the pandemic.
Business owners should seek funding that helps them rebuild. While federal aid programs such as the Paycheck Protection Program are no longer available, the Small Business Administration offers other low-interest loans through the 7(a) program.
Business owners should also get creative about funding options, including looking into alternate funding options depending on the need.
Once the business plan and necessary investments have been sorted out, business owners should establish a realistic timeframe for the rebuilding. It should include multiple stages with individual benchmarks.
Short-term goals can include securing funding, rehiring workers, restocking inventory, and evening re-opening, if the business is shuttered.
It's crucial to set medium- and long-term goals, too, to keep the business on the right track toward recovery.
The final step is setting up contingency plans in case another crisis arises. The COVID-19 pandemic caught everyone off guard. Those businesses that were able to weather the storm were the ones that had fallback funding, contingency plans, and/or were quick to shift operations.
Don't get caught off guard again. Have a plan in place for how you can weather the next storm.
About Scott Crockett
Scott Crockett is the founder and CEO of Everest Business Funding. He is a seasoned professional with 20 years of experience in the finance industry. Mr. Crockett’s track record includes raising more than $250 million in capital and creating thousands of jobs. Scott has founded, built, and managed several finance companies in the consumer and commercial finance sectors.